According to Camp Margaritaville's 2025 Franchise Disclosure Document, the balance at December 31, 2021, was a deficit of $(106,130,260). This figure represents the company's financial position at the close of 2021. It's important to note that this balance is a consolidated figure, reflecting the financial status of Margaritaville Holdings LLC and its subsidiaries.

This balance is a starting point for understanding the equity changes over the subsequent years. The FDD shows how various factors, such as equity adjustments, contributions, redemptions, equity issuance costs, class interests, and net income, impacted the equity balance in the following years. For example, contributions of $155,455,945 and redemptions/distributions paid of $(158,034,914) significantly influenced the equity balance in 2022.

Prospective franchisees should consider this historical financial data in the context of the overall financial health and trajectory of Camp Margaritaville. Understanding the factors that have influenced the equity balance can provide insights into the company's financial management and potential future performance. Reviewing these figures in conjunction with other financial statements and disclosures within the FDD is crucial for making an informed investment decision.