Borrowings

6 Months Ended

Jun. 30, 2026

Borrowings [Abstract]

Borrowings

Note 13 – Borrowings

Our Company’s borrowings at June 30, 2026 and December 31, 2025, net of deferred financing costs and including the impact of interest rate derivatives on effective interest rates, are summarized below:

		As of June 30, 2026
(Dollars in thousands)		Maturity Date	Contractual ‎Facility		Balance, ‎Gross		Balance, ‎Net(1)		Stated ‎Interest Rate	Effective ‎Interest ‎Rate
Denominated in USD
Trust Preferred Securities (US)		April 30, 2027	$	27,913	$	27,913	$	27,728	7.93%	7.93%
Bank of America Credit Facility (US)		December 21, 2026		5,425		5,425		5,421	11.75%	11.75%
Cinemas 1, 2, 3 Term Loan (US)		October 1, 2026		19,665		19,665		19,638	9.46%	9.46%
Minetta & Orpheum Theatres Loan (US)		June 1, 2026		6,234		6,234		6,194	7.00%	7.00%
Union Square Financing (US)	(2)	November 6, 2026		49,000		46,141		45,958	10.84%	10.84%
Nationwide Theaters Corp. (US)	(3)	September 30, 2035		13,648		13,648		7,810	4.75%	12.66%
Denominated in foreign currency ("FC")	(4)
NAB Corporate Term Loan (AU)		July 31, 2030		64,031		64,031		63,766	6.00%	6.00%
			$	185,916	$	183,057	$	176,515

(1)Net of deferred financing costs amounting to $706,000 and debt discounts (3).

(2)This loan has an option to extend to up to May 2027. This option is within our control and we intend to exercise it.

(3)This debt is carried net of debt discounts of $5.8 million.

(4)The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of June 30, 2026.

		As of December 31, 2025
(Dollars in thousands)		Maturity Date	Contractual ‎Facility		Balance, ‎Gross		Balance, ‎Net(1)		Stated ‎Interest ‎Rate	Effective ‎Interest ‎Rate
Denominated in USD
Trust Preferred Securities (US)		April 30, 2027	$	27,913	$	27,913	$	27,617	8.10%	8.10%
Bank of America Credit Facility (US)		September 18, 2026		6,200		6,200		6,200	10.75%	10.75%
Cinemas 1, 2, 3 Term Loan (US)		October 1, 2026		19,841		19,841		19,766	9.46%	9.46%
Minetta & Orpheum Theatres Loan (US)		June 1, 2026		6,829		6,829		6,819	7.00%	7.00%
Union Square Financing (US)	(2)	November 6, 2026		49,000		46,641		46,184	10.87%	10.87%
Nationwide Theaters Corp. (US)	(3)	September 30, 2035		13,648		13,648		7,648	4.75%	12.66%
Denominated in foreign currency ("FC")	(4)
NAB Corporate Term Loan (AU)		July 31, 2030		64,019		64,019		63,732	5.25%	5.25%
Total			$	187,450	$	185,091	$	177,966

(1)Net of deferred financing costs amounting to $1.1 million and debt discounts (3).

(2)This loan has an option to extend for one year, which is within our control and we intend to exercise.

(3)This debt is carried net of debt discounts of $6.0 million.

(4)The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollars based on exchange rates as of December 31, 2025.

Our loan arrangements are presented, net of the deferred financing costs, on the face of our consolidated balance sheet as follows:

	June 30,		December 31,
Balance Sheet Caption (Dollars in thousands)	2026		2025
Debt - current portion	$	80,228	$	35,999
Debt - long-term portion		68,559		114,350
Subordinated debt - current portion		27,728		—
Subordinated debt - long-term portion		—		27,617
Total borrowings	$	176,515	$	177,966

Trust Preferred Securities

Our $27.9 million Trust Preferred Securities loan matures on April 30, 2027. Interest is charged quarterly at 4.0% above SOFR. Interest payments for this loan are required every three months, with the face value of the loan payable on maturity.

Minetta and Orpheum Theatres Loan

Our $6.2 million loan with Santander Bank matured on June 1, 2026. It is secured by our Minetta and Orpheum Theatres and carries an interest rate of 7.0%. The loan requires various paydowns throughout the year and a final repayment on $6.2 million upon maturity. While the facility matured on June 1, 2026, payments based on the same terms continue while we complete a refinance this facility. In August 2026 we extended the maturity of this loan to October 1, 2026, and we expect to complete a refinancing of this facility in the third quarter of 2026.

Bank of America Credit Facility

Our $5.4 million Bank of America facility matures on December 21, 2026, having extended the maturity date on December 29, 2025, to September 18, 2026, and on June 12, 2026, to December 21, 2026. Interest is charged at 3.5% above the Bank of America Prime rate, which itself has a floor of 1.0%. Payment-in-kind interest at a rate of 0.5% commenced on January 1, 2024, and continued until December 31, 2024, increasing to 1.5% on January 1, 2025, until the facility is repaid in full. This loan is subject to mandatory prepayment out of a portion of the net proceeds realized by us in the event that we sell certain specified assets.

Cinemas 1,2,3 Term Loan

Our $19.7 million Cinemas 1,2,3 Term Loan with Valley National Bank matures on October 1, 2026. It carries an interest rate of 5.5% above monthly SOFR, with a floor of 7.50%.

On February 26, 2025, we exercised the last of our extension options on this loan, extending the maturity to October 1, 2025. On November 13, 2025, we extended the maturity of this loan to its current maturity date of October 1, 2026.

Union Square Financing

Our $49.0 million loan facility with Emerald Creek Capital, matures on November 6, 2026. It is secured by our 44 Union Square property and certain limited guarantees. It bears a variable interest rate of term SOFR plus 6.9% and includes provisions for a prepaid interest reserve fund.

On May 2, 2025, we extended the maturity date of this loan to November 6, 2026, with one option to extend further to May 6, 2027, which we intend to exercise. The extension provides for a principal payment of $500,000 on or before the maturity date. This modification and a subsequent repayment reduced the facility limit from $55.0 million to $49.0 million.

Nationwide Theaters Corp.

At the time of our acquisition of Sutton Hill Associates (“SHA”) on December 19, 2025, SHA held $13.6 million of notes payable to Nationwide Theaters Corp. The notes are due in full on September 30, 2035, with interest of 4.75% per annum paid on a quarterly basis. Acquired as part of the Sutton Hill Acquisition, we carry this debt at its calculated fair value of $7.6 million as of acquisition date, with an effective interest rate of 12.66% accreting to its face value over time of $13.6 million.

Debt denominated in foreign currencies

Australian NAB Corporate Term Loan (AU)

Our $64.0 million Revolving Corporate Markets Loan Facility with National Australia Bank (“NAB”) matures on July 31, 2030. It consists of (i) an AU$100.0 million Corporate Loan facility at 1.75% above BBSY, of which AU $60.0 million was revolving and AU$40.0 million was core and (ii) a Bank Guarantee Facility of AU$3.0 million at a rate of 1.9% per annum. AU$50.0 million of the Corporate Loan Facility remains subject to an Interest Rate Collar which has a floor of 4.18% and a cap of 4.78%.

November 12, 2025, we extended the maturity of this loan to its current maturity date of July 31, 2030.