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v3.25.2

Borrowings | 6 Months Ended
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Jun. 30, 2025
Borrowings [Abstract] |
Borrowings | Note 13 – Borrowings Our Company’s borrowings at June 30, 2025 and December 31, 2024, net of deferred financing costs and including the impact of interest rate derivatives on effective interest rates, are summarized below:
|  | As of June 30, 2025
(Dollars in thousands) |  | Maturity Date |  | Contractual ‎Facility |  | Balance, ‎Gross |  | Balance, ‎Net(1) |  | Stated ‎Interest Rate |  | Effective ‎Interest ‎Rate
Denominated in USD |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minetta & Orpheum Theatres Loan (US)(2) |  | June 1, 2025 |  |  | 7,400 |  |  | 7,400 |  |  | 7,400 |  | 7.00% |  | 7.00%
Bank of America Credit Facility (US) (3) |  | August 18, 2025 |  |  | 7,200 |  |  | 7,200 |  |  | 7,173 |  | 11.50% |  | 11.50%
Cinemas 1, 2, 3 Term Loan (US) |  | October 1, 2025 |  |  | 20,516 |  |  | 20,516 |  |  | 20,516 |  | 9.33% |  | 9.33%
Union Square Financing (US) |  | November 6, 2026 |  |  | 49,000 |  |  | 46,641 |  |  | 45,910 |  | 11.52% |  | 11.52%
Trust Preferred Securities (US) |  | April 30, 2027 |  | $ | 27,913 |  | $ | 27,913 |  | $ | 27,506 |  | 8.54% |  | 8.54%
Denominated in foreign currency ("FC") (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NAB Corporate Term Loan (AU) |  | July 31, 2026 |  |  | 63,761 |  |  | 63,761 |  |  | 63,679 |  | 5.55% |  | 5.55%
|  |  |  | $ | 175,790 |  | $ | 173,431 |  | $ | 172,184 |  |  |  |
(1)Net of deferred financing costs amounting to $1.2 million. (2)This facility was extended after June 30, 2025, and now matures on June 1, 2026. See below for discussion. (3)This facility was extended after June 30, 2025, and now matures on May 18, 2026. See below for discussion. (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, 2025.
|  | As of December 31, 2024
(Dollars in thousands) |  | Maturity Date |  | Contractual ‎Facility |  | Balance, ‎Gross |  | Balance, ‎Net(1) |  | Stated ‎Interest ‎Rate |  | Effective ‎Interest ‎Rate
Denominated in USD |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minetta & Orpheum Theatres Loan (US) |  | June 1, 2025 |  |  | 7,464 |  |  | 7,464 |  |  | 7,446 |  | 7.00% |  | 7.00%
Bank of America Credit Facility (US) |  | August 18, 2025 |  |  | 14,750 |  |  | 14,750 |  |  | 14,699 |  | 10.50% |  | 10.50%
Cinemas 1, 2, 3 Term Loan (US) |  | April 1, 2025 |  |  | 20,682 |  |  | 20,682 |  |  | 20,594 |  | 9.57% |  | 9.57%
Union Square Financing (US) (4) |  | May 6, 2025 |  |  | 55,000 |  |  | 47,141 |  |  | 47,049 |  | 11.78% |  | 11.78%
Trust Preferred Securities (US) |  | April 30, 2027 |  | $ | 27,913 |  | $ | 27,913 |  | $ | 27,394 |  | 8.85% |  | 8.85%
Denominated in foreign currency ("FC") (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NAB Corporate Term Loan (AU) |  | July 31, 2026 |  |  | 61,850 |  |  | 61,850 |  |  | 61,740 |  | 6.12% |  | 6.12%
NAB Bridge Facility (AU) |  | April 30, 2025 |  |  | 12,370 |  |  | 12,370 |  |  | 12,361 |  | 6.16% |  | 6.16%
Westpac Bank Corporate (NZ) (3) |  | March 31, 2025 |  |  | 10,543 |  |  | 10,543 |  |  | 10,543 |  | 6.95% |  | 6.95%
Total |  |  |  | $ | 210,572 |  | $ | 202,713 |  | $ | 201,826 |  |  |  |
(1)Net of deferred financing costs amounting to $0.9 million. (2)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 December 31, 2024. (3)This debt was repaid in full on January 31, 2025. (4)This loan has an option to extend for one year, which is within our control and we intend to exercise. 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) |  | 2025 |  | 2024
Debt - current portion |  | $ | 38,229 |  | $ | 69,193
Debt - long-term portion |  |  | 106,449 |  |  | 105,239
Subordinated debt - long-term portion |  |  | 27,506 |  |  | 27,394
Total borrowings |  | $ | 172,184 |  | $ | 201,826
Bank of America Credit Facility As of December 31, 2023, our Bank of America facility matured on September 4, 2024, following a Q1 2023 loan modification, which, among other things, extended the maturity date from March 1, 2024 to September 4, 2024. We amended this facility on March 27, 2024, to among other terms and conditions, (i) extend the Maturity Date to August 18, 2025, (ii) require a $275,000 principal paydown, (iii) eliminate the minimum liquidity covenant, (iv) reduce the principal amortization amounts and provide a principal holiday period, and (v) require certain paydowns on the sale of certain real estate assets. 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. In October 2024, we amended this facility to defer the monthly principal payments required in October, November and December, to the end of 2024. All deferred payments were made as contracted. Upon the sale of our Wellington Property assets including Courtenay Central, we repaid $6.1 million of this facility on February 5, 2025. Upon the sale of our Cannon Park property, we repaid $1.5 million of this facility. On April 3, 2025, we amended the facility to defer certain scheduled pay downs, which were subsequently paid upon the sale of our Cannon Park property. On July 3, 2025, we extended the maturity date to May 18, 2026. Minetta and Orpheum Theatres Loan On August 1, 2024, we extended the maturity of our $8.0 million loan with Santander Bank, which is secured by our Minetta and Orpheum Theaters. It had previously matured on June 1, 2024, and was extended to June 1, 2025, required monthly principal and interest payments with a balloon payment of $7.7 million on maturity, and carried an interest rate of 7.0%. On July 18, 2025, we extended the maturity of this loan to June 1, 2026, with various paydowns throughout the year, and a final repayment upon maturity. Cinemas 1,2,3 Term Loan Our Cinemas 1,2,3 Term Loan is held by Sutton Hill Properties LLC (“SHP”), a 75% owned subsidiary of RDI. On February 26, 2025, we exercised the last of our extension options on this loan, extending the maturity to October 1, 2025. The loan is with Valley National Bank, which carries an interest rate of 5.0% above monthly SOFR, with a floor of 7.50%. Union Square Financing Our $55.0 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 May 21, 2025, and on or before and February 6, 2026. This modification reduced the facility limit from $55.0 million to $49.0 million. Debt denominated in foreign currencies Westpac Bank Corporate Credit Facility (NZ) We repaid our Westpac Bank Corporate Credit Facility in full on January 31, 2025. Australian NAB Corporate Term Loan (AU) Prior to March 31, 2024, our Revolving Corporate Markets Loan Facility with National Australia Bank (“NAB”) matured on July 31, 2025. 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$5.0 million at a rate of 1.9% per annum. On April 4, 2024, we amended this facility, which now matures on July 31, 2026. As part of the amendment, we obtained an additional AU$20.0 million bridge facility (the “Bridge Loan”), which was repaid on May 21, 2025. We are also required, from March 31, 2025, to make quarterly repayments of AU$1.5 million against the AU$100.0 million Corporate Loan facility, until maturity date, representing permanent reductions in that facility’s ceiling. No other changes were made. 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. Effective June 28, 2024, we entered into an Interest Rate Hedging Agreement with NAB on AU$50.0 million of the Corporate Loan Facility with a termination date of July 31, 2026. The Interest Rate Collar transaction has a floor of 4.18% and a cap of 4.78%.

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