14,061 | | Resort Royalties | 7,774,029 | | Home Sales & Timeshare Revenue | 9,504,333 | | Consumer Products Royalties | 999,846 | | Other Revenue | 2,393,276 | | Total Revenues | 23,869,522 | | Operating Expenses | | | Cost of retail and merchandise sales | 315,257 | | Selling, general & administrative | 15,804,710 | | Depreciation & Amortization | 504,133 | | Total operating expenses | 16,624,100 | | Income (loss) from operations | 7,245,422 | | Other Income | | | Interest Income | 215,521 | | Interest Expense | (3,235,352) | | Brand Company net income (loss) from continuing operations before income taxes | 4,225,591 | | Income taxes | 154,982 | | Brand Company net income (loss) from continuing operations | 4,070,609 | | Prior Shareholder costs | | | Selling, general & administrative | 52 | | Net Income (loss) incl. Prior shareholders | 4,070,557 $ | | Brand Company EBITDA | 7,749,555 $ | | EBITDA incl. Prior shareholders | 7,749,503 $ |

C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S A N D S U P P L E M E N T A R Y I N F O R M A T I O N

Margaritaville Holdings LLC Years Ended December 31, 2024 and 2023 With Report of Independent Auditors

Consolidated Financial Statements and Supplementary Information

Years Ended December 31, 2024 and 2023

Contents

Report of Independent Auditors

The Partners Margaritaville Holdings LLC

Opinion

We have audited the consolidated financial statements of Margaritaville Holdings LLC and its subsidiaries (collectively, the Company), which comprise the consolidated balance sheets as of December 31, 2024 and 2023, and the related consolidated statements of operations, changes in partners' deficit, and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively referred to as the financial statements).

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the financial statements are available to be issued.

Source: Item 23 — RECEIPTS (FDD pages 72–406)