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SUBSEQUENT EVENT
6 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENT

NOTE 13 – SUBSEQUENT EVENT

 

The Company evaluated subsequent events through the date that the accompanying condensed consolidated financial statements were issued, and has determined that no material subsequent events exist through the date of this filing that require adjustment to or disclosure in the condensed consolidated financial statements, other than as disclosed below.

 

On January 3, 2025, Justice Operating Company, LLC, a subsidiary of Portsmouth received a Notice of Termination (the “Notice) from the senior loan special servicer, LNR Partners and on January 14, 2025, Justice Mezzanine Company, LLC, a subsidiary of Portsmouth, received a Notice of Default from the mezzanine lender, CRED Reit Holdco LLC. On January 10, 2025, the Companies filed the required Form 8-K with the Securities and Exchange Commission. On January 21, 2025, the Company entered into a non-binding term-sheet with PRIME Finance and with CRED Reit Holdco LLC, to refinance Portsmouth’s senior and mezzanine loans.