v3.26.1
Borrowings
 3 Months Ended
Mar. 31, 2026
Borrowings [Abstract]  
Borrowings Note 13 – Borrowings

Our Company’s borrowings at March 31, 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 March 31, 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 

$

27,672 

7.93%

7.93%

Bank of America Credit Facility (US)

September 18, 2026

6,025 

6,025 

6,025 

11.75%

11.75%

Cinemas 1, 2, 3 Term Loan (US)

October 1, 2026

19,749 

19,749 

19,696 

9.46%

9.46%

Minetta & Orpheum Theatres Loan (US)

June 1, 2026

6,434 

6,434 

6,430 

7.00%

7.00%

Union Square Financing (US) (2)

November 6, 2026

49,000 

46,141 

45,821 

10.83%

10.83%

Nationwide Theaters Corp. (US) (3)

September 30, 2035

13,648 

13,648 

7,728 

4.75%

12.66%

Denominated in foreign currency ("FC") (4)

NAB Corporate Term Loan (AU)

July 31, 2030

64,641 

64,641 

64,361 

5.51%

5.51%

$

187,410

$

184,551

$

177,733

(1)Net of deferred financing costs amounting to $0.9 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 $5.9 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 March 31, 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) (3)

November 6, 2026

49,000 

46,641 

46,184 

10.87%

10.87%

Nationwide Theaters Corp. (US) (4)

September 30, 2035

13,648 

13,648 

7,648 

4.75%

12.66%

Denominated in foreign currency ("FC") (2)

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 (4).

(2)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.

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

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

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

March 31,

December 31,

Balance Sheet Caption (Dollars in thousands)

2026

2025

Debt - current portion

$

35,513

$

35,999

Debt - long-term portion

114,548

114,350

Subordinated debt - long-term portion

27,672

27,617

Total borrowings

$

177,733

$

177,966

Trust Preferred Securities

Our $27.7 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 $6.4 million loan with Santander Bank is secured by our Minetta and Orpheum Theatres. It carries an interest rate of 7.0%, matures on June 1, 2026, and various paydowns throughout the year and a final repayment on $6.2 million upon maturity. We are in discussions to refinance this facility.

Bank of America Credit Facility

Our $6.0 million Bank of America facility matures on September 18, 2026, having extended the maturity date on July 3, 2025, to May 18, 2026, and on December 29, 2025, to September 18, 2026. Interest is charged at 2.5% 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 determine to 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, executed in 2021 with Emerald Creek Capital, 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 and property tax reserve fund. On April 23, 2024, we executed the first twelve month extension on this loan, taking the maturity to May 6, 2025.

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. The extension provided for principal payments of $500,000 on or before such maturity dates. 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)

As of March 31, 2025, our Revolving Corporate Markets Loan Facility with National Australia Bank (“NAB”) matured on July 31, 2026. It consisted 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%. We also held an additional AU$20.0 million bridge facility which was repaid on May 21, 2025.

 

On April 2, 2025, we executed an amendment that among other things, increased the bank guarantee facility from AU$3.0 million to AU$4.0 million.

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