MANAGEMENT AGREEMENTS	12 Months Ended
Jun. 30, 2026
Management Agreements
MANAGEMENT AGREEMENTS	NOTE 10 – MANAGEMENT AGREEMENTS Justice Operating Company, LLC (“Operating”) has a hotel management agreement (“HMA”) with Aimbridge Hospitality (“Aimbridge”) to manage the Hotel, including its parking garage. The HMA commenced on February 3, 2017 and has an initial 10 ten-year term ending in February 2027, with up to five successive one-year renewal periods, subject to the terms of the agreement. Aimbridge receives a base management fee equal to 1.70% of total Hotel revenue. The HMA originally provided for an annual incentive fee based on increases in Gross Operating Profit. In connection with a subsequent amendment to the incentive-fee provisions, the parties established $15,257,301, representing the Hotel’s 2017 EBITDA, as the performance baseline for future incentive-fee eligibility. Future incentive fees, if any, are determined in accordance with the amended HMA. Base management fees were $944,000 and $783,000 for the years ended June 30, 2026 and 2025, respectively. No incentive fees were incurred in either year. Hotel operating expenses reflect key-money amortization of $250,000 each year. During fiscal 2025, Aimbridge waived $1,030,134 of previously recorded incentive fees related to prior periods, resulting in a corresponding reduction in Hotel operating expenses for the year ended June 30, 2025. The waiver was a nonrecurring item and did not affect fiscal 2026 operating results. See Note 8 – Related Party and Other Financing Transactions for information regarding the Aimbridge key-money arrangement and Note 15 – Commitments and Contingencies for additional obligations under the HMA.

MANAGEMENT AGREEMENTS

12 Months Ended

Jun. 30, 2026

NOTE 10 – MANAGEMENT AGREEMENTS

Justice Operating Company, LLC (“Operating”) has a hotel management agreement (“HMA”) with Aimbridge Hospitality (“Aimbridge”) to manage the Hotel, including its parking garage. The HMA commenced on February 3, 2017 and has an initial 10 ten-year term ending in February 2027, with up to five successive one-year renewal periods, subject to the terms of the agreement. Aimbridge receives a base management fee equal to 1.70% of total Hotel revenue.

The HMA originally provided for an annual incentive fee based on increases in Gross Operating Profit. In connection with a subsequent amendment to the incentive-fee provisions, the parties established $15,257,301, representing the Hotel’s 2017 EBITDA, as the performance baseline for future incentive-fee eligibility. Future incentive fees, if any, are determined in accordance with the amended HMA.

Base management fees were $944,000 and $783,000 for the years ended June 30, 2026 and 2025, respectively. No incentive fees were incurred in either year. Hotel operating expenses reflect key-money amortization of $250,000 each year.

During fiscal 2025, Aimbridge waived $1,030,134 of previously recorded incentive fees related to prior periods, resulting in a corresponding reduction in Hotel operating expenses for the year ended June 30, 2025. The waiver was a nonrecurring item and did not affect fiscal 2026 operating results.

See Note 8 – Related Party and Other Financing Transactions for information regarding the Aimbridge key-money arrangement and Note 15 – Commitments and Contingencies for additional obligations under the HMA.