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  "documentTitle": "2026 02 Investor Presentation",
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      "text": "Increased Unsecured Borrowing Capacity",
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      "text": "Reduced Future Dilution via Capped Calls",
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      "text": "Accretive Buybacks at Deep Discount",
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      "text": "On February 11, 2026, the Company raised $450 million... $360 million was used to replace its existing 2027 term loan... $90 million remains available... retired $40 million balance on Margaritaville mortgage.",
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      "text": "On September 18, 2025, Pebblebrook issued $400 million of 1.625% Convertible Notes due 2030... Entered into capped call transactions... Repurchased ~4.3 million common shares...",
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      "text": "Debt refinancing: $400 million",
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      "text": "Q1 2026: Term Loan Extension and Debt Paydown",
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      "text": "Q3 2025: 2030 1.625% Convertible Notes Financing",
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      "kind": "source-note",
      "text": "(1) Effective All-In Equity Conversion Price reflects the total number of shares issuable upon conversion...",
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      "text": "Recent Financing Highlights",
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