v3.26.1
Revenues
 6 Months Ended
Jun. 30, 2026
Revenues.  
Revenues

8.

Revenues

Revenues from contracts with customers (excluding lease-related revenues) are recognized when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.

The following presents the Company’s revenues disaggregated by revenue source:

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Three months ended June 30, 

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Six months ended June 30, 

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in thousands

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2026

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2025

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2026

  ​ ​ ​

2025

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Revenues from contracts with customers

 

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Recognized at a point in time or over time

 

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Hospitality revenue

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$

7,020

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$

15,177

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$

12,128

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22,912

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Entertainment revenue

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19,639

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19,908

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24,137

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24,117

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Other revenue

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578

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484

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927

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820

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Total

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27,237

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35,569

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37,192

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47,849

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Rental and lease-related revenues

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Rental revenue

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7,053

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4,232

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9,835

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8,021

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Total revenues

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$

34,290

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$

39,801

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$

47,027

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$

55,870

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During the three months ended June 30, 2026, one customer accounted for 10% of the Company’s total revenue. No single customer accounted for 10% or more of the Company’s total revenue during the three and six months ended June 30, 2025, or the six months ended June 30, 2026.

Contract Assets and Liabilities

Contract assets are the Company’s right to consideration in exchange for goods or services that have been transferred to a customer, excluding any amounts presented as a receivable. Contract liabilities are the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration.

There were no contract assets for the periods presented. The contract liabilities primarily relate to deferred Aviators and Seaport concert series ticket sales and sponsorship revenues. The beginning and ending balances of contract liabilities and significant activity during the periods presented are as follows:

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Contract

in thousands

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Liabilities

Balance at December 31, 2024

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$

3,946

Consideration earned during the period

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(21,137)

Consideration received during the period

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32,451

Balance at June 30, 2025

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$

15,260

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Balance at December 31, 2025

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$

5,378

Consideration earned during the period

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(21,075)

Consideration received during the period

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24,358

Balance at June 30, 2026

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$

8,661

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Remaining Unsatisfied Performance Obligations

The Company’s remaining unsatisfied performance obligations represent a measure of the total dollar value of work to be performed on contracts executed and in progress. These performance obligations primarily relate to the 2026 concert series, 2026 baseball season, and performance under various sponsorship agreements. The aggregate amount of the transaction price allocated to the Company’s remaining unsatisfied performance obligations from contracts with customers as of June 30, 2026 is $66.8 million. The Company expects to recognize this amount as revenue over the following periods:

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Less than 1

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3 years and

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in thousands

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year

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1-2 years

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thereafter

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Total

Total remaining unsatisfied performance obligations

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$

16,546

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$

6,238

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44,003

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$

66,787

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The Company’s remaining performance obligations are adjusted to reflect any known contract cancellations, revisions to customer agreements, and deferrals, as appropriate.