Company is offering me additional salary instead of PTO

Currently interviewing with a company that is offering me a base $150k salary but the recruiter explained that they do not offer any PTO.

Instead the company takes 26 days of PTO and adds that to my overall salary that I would be paid instead.

So my actual salary would be 166k but no PTO, I would also get 7 days of sick leave each year as well.

Is there anything I am missing with this offer?

The recruiter said that the company does offer unlimited unpaid time off and I can take it anytime I want with manager approval.

It seems kind of weird to me, but technically it works out the same as just getting PTO paid out.