[Item 23: RECEIPTS]

See accompanying notes.

Notes to Consolidated Financial Statements

December 31, 2024

1. Description of the Company

Margaritaville Holdings LLC (the Company) was formed on September 5, 1997, under the laws of the state of Delaware. Affairs of the Company are governed by its Operating Agreement (the Operating Agreement). The Company has issued 10,000 total interests designated as "Class A Interests" and 538 interests designated as "Class B Interests," and is authorized to issue up to 1,860 total interests designated as "Class C Interests." The Company has a Governing Board that is composed of appointees from the three largest A interest holders. Class B and C Interests are nonvoting. No Member shall be liable for the debts or any other obligations or liabilities of the Company solely by reason of being a Member. The Company shall be indefinite in duration, subject to the provisions for termination in the Operating Agreement.

Company income and losses are allocated in accordance with the Operating Agreement. The Company licenses its intellectual property, themed after the lifestyle of Jimmy Buffett, to a collection of resorts, residential communities, and various consumer product companies. The resort portfolio includes hotels, casinos, campgrounds, and cruise ships. The Company also licenses or operates a chain of restaurants and retail stores. There are Margaritaville venues in the United States, Mexico, Canada, the Caribbean, and Central America.

2. Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned and controlled subsidiaries, Margaritaville Enterprises, LLC; Margaritaville of Myrtle Beach, LLC; and Margaritaville Las Vegas, LLC. Margaritaville Enterprises, LLC comprises 74 subsidiaries. All significant intercompany transactions have been eliminated in consolidation.

The Company has investments in unconsolidated entities. Equity securities without a readily determinable fair value are recorded at cost less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Refer to Note 5 for further explanation of these investments in unconsolidated entities.

Notes to Consolidated Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)

Fiscal Year-End

The Company reports results of operations on a calendar year basis.

Revenue Recognition

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