XML 34 R20.htm IDEA: XBRL DOCUMENT
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.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration