Seritage Growth Properties — Form 10-Q

Seritage Growth Properties and affiliates executed two credit facilities with b1Bank on July 24, 2026: (1) a $15M term loan to Seritage SRC Finance LLC secured by three real properties (Texas, Washington, Pennsylvania) with 2-year maturity, interest rate variable but starting at base + spread, origination fee of $112.5K (0.75%), one 12-month extension option, minimum liquidity covenant of $5M quarterly and $10M by Dec 31, 2027, DSCR covenant of 1.15:1; (2) a $25M cash-secured revolving credit facility to Seritage Growth Properties L.P. with $25M minimum balance required in deposit account collateral, 2-year maturity, interest initially 5.50% recalculated annually to 2% plus account yield, one 12-month extension option, minimum liquidity covenant of $5M quarterly. Both loans are cross-guaranteed by Seritage REIT, the Partnership, and subsidiary entities.