These are real excerpts from two sample reports built around Choice Hotels’ second-quarter 2026 filing: a website report and an On-Demand report. Read the passages side by side to see the evidence and interpretation added.
Choice Hotels (CHH) · Q2 2026 Form 10-Q
01
December 31, 2025 → June 30, 2026
Fewer loans. Less risk?
Website reportActual report excerpt · §3
Loan repayments helped reduce the portfolio, but $42.9 million remained on non-accrual status at both year-end and June: Choice had stopped recording interest income on those loans.
On-DemandActual report excerpt · §3
Choice also lends money to hotel developers. Net loans fell to $83.4 million from $107.2 million, helped by $24.6 million of collections against $1.9 million of new lending. But $42.9 million of loans remained on non-accrual status, meaning Choice had stopped recognizing interest income on them. Total past-due loans increased to $48.3 million from $43.3 million. Thus, shrinking the loan book did not resolve the existing problem loans.
What the closer look adds
The website report already identifies the problem loans that remain. On-Demand adds the rise in overdue balances, separating a smaller loan book from an improvement in collection risk.
Higher contract royalty rates helped protect revenue. Choice’s average U.S. rate rose from 5.12% to 5.23% in the second quarter, an increase of 0.11 percentage points. U.S. royalties consequently increased modestly, from $121.3 million to $122.5 million, despite the smaller room base. A higher fee rate benefits Choice, but owners also need enough business from the brand to support that fee.
On-DemandActual report excerpt · §2
The longer comparison tempers the recovery. In its 2025 second-quarter filing, Choice reported a 2.9% decline in domestic RevPAR and U.S. royalties of $121.3 million, down from $125.0 million in the second quarter of 2024. Royalties recovered to $122.5 million in 2026, still below that 2024 amount. Choice updates historical hotel statistics as new franchisee information arrives, so this history is not treated as a precisely comparable index of the same hotels.
What the closer look adds
The website report explains how a higher fee rate supported revenue. On-Demand extends the comparison to 2024, showing the difference between a rebound from last year and a return to the earlier level.
Other costs also mattered. First-half selling and administrative expense rose $10.7 million, including an $8.9 million increase in expected losses on unpaid customer bills. Depreciation and amortization rose $6.5 million, mainly because Choice began spreading the cost of acquired Canadian contracts and additional owned hotels through its income statement. Interest expense rose $4.2 million as borrowing increased.
On-DemandActual report excerpt · §1
The segment accounts locate most of the operating decline in the franchise business. First-half Hotel Franchising & Management operating profit fell to $229.6 million from $261.3 million, including the reimbursement deficit. Corporate & Other, which combines owned hotels with corporate costs, recorded a $65.4 million loss versus $56.7 million. Those amounts reconcile to consolidated operating profit. Because Corporate & Other also includes company overhead, its loss cannot be attributed entirely to the owned hotels.
What the closer look adds
The website report explains which costs rose and why. On-Demand adds segment profits to locate the decline, while explaining why a loss that includes head-office costs cannot all be blamed on the hotels.
Passages are excerpted from two sample reports. Information cutoffs: October 11, 2026 for the website report; August 5, 2026 for On-Demand. Purchased reports are delivered as English PDFs. The questions and analysis vary by company and filing.
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