LEASES	9 Months Ended
Sep. 30, 2025
Lessee, Operating Lease, Description [Abstract]
LEASES	LEASES Financing Leases We have operations at several properties that were previously sold and then leased back from the purchasers over a non-cancellable period of 20 years. The leases contain renewal options at lease termination, with three options to renew for 10 additional years each and contain a right of first offer in the event the property owner intends to sell any portion or all of the property to a third party. These rights and obligations constitute continuing involvement, which resulted in failed sale-leaseback (financing) accounting. The financing liabilities have implied interest rates ranging from 5.0% to 7.9% and have expiration dates between May 31, 2030 and February 1, 2047. At the conclusion of the 20-year lease period, the financing liability residual will correspond to the carrying value of the land. During the nine months ended September 30, 2025, we assigned the financing lease of our building at our Mesa, Arizona location to General RV at the closing of the related General RV Sales. As of September 30, 2025, the financing leases of the buildings at our Tucson, Arizona and Tampa, Florida dealerships were reclassified to held for sale. Refer to Note 5 - Dispositions and Assets Held for Sale and Note 15 - Subsequent Events for further information. The finance lease right-of-use assets that are not contemplated to be assumed under the Asset Sales are expected to be abandoned. As a result, we recorded an impairment loss during the three and nine months ended September 30, 2025 of $23.3 million, which is included in impairment charges in our statements of operations and comprehensive loss. Operating Leases We lease property, equipment and billboards throughout the United States primarily under operating leases. The related right-of-use (“ROU”) assets for these operating leases are included in operating lease right-of-use assets. Leases with lease terms of 12 months or less are expensed on a straight-line basis over the lease term and are not recorded in the balance sheets. Most leases include one or more options to renew, with renewal terms that can extend the lease term up to 50 years (some leases include multiple renewal periods). The exercise of lease renewal options is at our sole discretion. In addition, some of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements neither contain any residual value guarantees nor impose any significant restrictions or covenants. During the nine months ended September 30, 2025, we assigned the operating leases of our buildings at our Woodland, Washington; and Sturtevant, Wisconsin locations to Camping World’s subsidiaries at the closing of the related Camping World Sales; we assigned the operating lease of our building at our Longmont, Colorado location to General RV at the closing of the related General RV Sales; and we assigned the operating lease of our building at a former Surprise, Arizona location to Fun Town RV. As of September 30, 2025, the operating leases of the building at our Johnstown, Colorado dealership and the buildings near our St. George, Utah and Knoxville, Tennessee dealerships were reclassified to held for sale. Refer to Note 5 - Dispositions and Assets Held for Sale and Note 15 - Subsequent Events for further information. The operating lease right-of-use assets that are not contemplated to be assumed under the Asset Sales are expected to be abandoned. As a result, we recorded an impairment loss during the three and nine months ended September 30, 2025 of $5.7 million, which is included in impairment charges in our statements of operations and comprehensive loss.
LEASES	LEASES Financing Leases We have operations at several properties that were previously sold and then leased back from the purchasers over a non-cancellable period of 20 years. The leases contain renewal options at lease termination, with three options to renew for 10 additional years each and contain a right of first offer in the event the property owner intends to sell any portion or all of the property to a third party. These rights and obligations constitute continuing involvement, which resulted in failed sale-leaseback (financing) accounting. The financing liabilities have implied interest rates ranging from 5.0% to 7.9% and have expiration dates between May 31, 2030 and February 1, 2047. At the conclusion of the 20-year lease period, the financing liability residual will correspond to the carrying value of the land. During the nine months ended September 30, 2025, we assigned the financing lease of our building at our Mesa, Arizona location to General RV at the closing of the related General RV Sales. As of September 30, 2025, the financing leases of the buildings at our Tucson, Arizona and Tampa, Florida dealerships were reclassified to held for sale. Refer to Note 5 - Dispositions and Assets Held for Sale and Note 15 - Subsequent Events for further information. The finance lease right-of-use assets that are not contemplated to be assumed under the Asset Sales are expected to be abandoned. As a result, we recorded an impairment loss during the three and nine months ended September 30, 2025 of $23.3 million, which is included in impairment charges in our statements of operations and comprehensive loss. Operating Leases We lease property, equipment and billboards throughout the United States primarily under operating leases. The related right-of-use (“ROU”) assets for these operating leases are included in operating lease right-of-use assets. Leases with lease terms of 12 months or less are expensed on a straight-line basis over the lease term and are not recorded in the balance sheets. Most leases include one or more options to renew, with renewal terms that can extend the lease term up to 50 years (some leases include multiple renewal periods). The exercise of lease renewal options is at our sole discretion. In addition, some of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements neither contain any residual value guarantees nor impose any significant restrictions or covenants. During the nine months ended September 30, 2025, we assigned the operating leases of our buildings at our Woodland, Washington; and Sturtevant, Wisconsin locations to Camping World’s subsidiaries at the closing of the related Camping World Sales; we assigned the operating lease of our building at our Longmont, Colorado location to General RV at the closing of the related General RV Sales; and we assigned the operating lease of our building at a former Surprise, Arizona location to Fun Town RV. As of September 30, 2025, the operating leases of the building at our Johnstown, Colorado dealership and the buildings near our St. George, Utah and Knoxville, Tennessee dealerships were reclassified to held for sale. Refer to Note 5 - Dispositions and Assets Held for Sale and Note 15 - Subsequent Events for further information. The operating lease right-of-use assets that are not contemplated to be assumed under the Asset Sales are expected to be abandoned. As a result, we recorded an impairment loss during the three and nine months ended September 30, 2025 of $5.7 million, which is included in impairment charges in our statements of operations and comprehensive loss.

LEASES

9 Months Ended

Sep. 30, 2025

Lessee, Operating Lease, Description [Abstract]

Financing Leases

We have operations at several properties that were previously sold and then leased back from the purchasers over a non-cancellable period of 20 years. The leases contain renewal options at lease termination, with three options to renew for 10 additional years each and contain a right of first offer in the event the property owner intends to sell any portion or all of the property to a third party. These rights and obligations constitute continuing involvement, which resulted in failed sale-leaseback (financing) accounting. The financing liabilities have implied interest rates ranging from 5.0% to 7.9% and have

expiration dates between May 31, 2030 and February 1, 2047. At the conclusion of the 20-year lease period, the financing liability residual will correspond to the carrying value of the land.

During the nine months ended September 30, 2025, we assigned the financing lease of our building at our Mesa, Arizona location to General RV at the closing of the related General RV Sales.

As of September 30, 2025, the financing leases of the buildings at our Tucson, Arizona and Tampa, Florida dealerships were reclassified to held for sale. Refer to Note 5 - Dispositions and Assets Held for Sale and Note 15 - Subsequent Events for further information. The finance lease right-of-use assets that are not contemplated to be assumed under the Asset Sales are expected to be abandoned. As a result, we recorded an impairment loss during the three and nine months ended September 30, 2025 of $23.3 million, which is included in impairment charges in our statements of operations and comprehensive loss.

Operating Leases

We lease property, equipment and billboards throughout the United States primarily under operating leases. The related right-of-use (“ROU”) assets for these operating leases are included in operating lease right-of-use assets. Leases with lease terms of 12 months or less are expensed on a straight-line basis over the lease term and are not recorded in the balance sheets.

Most leases include one or more options to renew, with renewal terms that can extend the lease term up to 50 years (some leases include multiple renewal periods). The exercise of lease renewal options is at our sole discretion. In addition, some of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements neither contain any residual value guarantees nor impose any significant restrictions or covenants.

During the nine months ended September 30, 2025, we assigned the operating leases of our buildings at our Woodland, Washington; and Sturtevant, Wisconsin locations to Camping World’s subsidiaries at the closing of the related Camping World Sales; we assigned the operating lease of our building at our Longmont, Colorado location to General RV at the closing of the related General RV Sales; and we assigned the operating lease of our building at a former Surprise, Arizona location to Fun Town RV.

As of September 30, 2025, the operating leases of the building at our Johnstown, Colorado dealership and the buildings near our St. George, Utah and Knoxville, Tennessee dealerships were reclassified to held for sale. Refer to Note 5 - Dispositions and Assets Held for Sale and Note 15 - Subsequent Events for further information. The operating lease right-of-use assets that are not contemplated to be assumed under the Asset Sales are expected to be abandoned. As a result, we recorded an impairment loss during the three and nine months ended September 30, 2025 of $5.7 million, which is included in impairment charges in our statements of operations and comprehensive loss.

LEASES

Financing Leases

expiration dates between May 31, 2030 and February 1, 2047. At the conclusion of the 20-year lease period, the financing liability residual will correspond to the carrying value of the land.

During the nine months ended September 30, 2025, we assigned the financing lease of our building at our Mesa, Arizona location to General RV at the closing of the related General RV Sales.

Operating Leases