Seritage refinances $50M Berkshire Hathaway loan with $40M b1Bank facilities; declares preferred dividend

Seritage Growth Properties

Repaid $50M existing loan (7% interest, maturing July 31, 2026) with Berkshire Hathaway; no prepayment penalty.
Entered $15M term loan (SOFR+2.75%) and $25M revolving facility (2%+money market rate, currently 3.5%) with b1Bank.
Initial draw of $15M on revolver; $10M remains available. Maturity July 24, 2028 with one-year extension option.
Term loan secured by three properties; revolver collateralized by $25M restricted cash. Minimum liquidity covenants apply.
Declared $0.4375 per share preferred dividend (7.00% Series A), payable Oct 15, 2026 to holders of record Sep 30, 2026.

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