| Segments |
The Company has three business segments that offer different products and services. All operations are within the United States. The Company’s three segments are managed separately as each requires different operating strategies or management expertise. Our chief operating decision maker (“CODM”) is our Chief Executive Officer. Beginning in the first quarter of 2026, the Company changed the measure of segment operating results used by the CODM from Segment Adjusted EBITDA to Segment Operating EBITDA. The CODM uses this information in connection with certain operational decisions, including the approval of annual budgets and capital allocation. The CODM also uses this information when evaluating and authorizing lease agreements and certain commercial contracts. Management believes Segment Operating EBITDA provides a more representative view of core performance by excluding other income (loss), net, gains (losses) on sale of assets, and equity in earnings (losses) from unconsolidated ventures. Prior period segment information has been recast to conform to the current period presentation. The Company defines Operating EBITDA as earnings before interest, taxes, depreciation, amortization, other income (loss), net, provision for impairment, gain (losses) on the sale of assets, equity in earnings (losses) from unconsolidated ventures, general and administrative expenses, and other expenses. The Company’s segments or assets within such segments could change in the future as development of certain properties commences or other operational or management changes occur. The Company’s reportable segments are as follows: | ● | Hospitality – consists of revenues and costs associated with the restaurant and retail businesses in the Tin Building through February 2026, the Cobblestones, and Pier 17 that are owned, either wholly or through joint ventures, and operated by the Company or through license and management agreements. |
| ● | Entertainment – consists of revenues and costs associated with baseball operations of the Aviators and non-baseball events at the Las Vegas Ballpark along with concert and other entertainment revenue generated at the Seaport in New York. |
| ● | Landlord Operations – consists of the Company’s rental operations associated with over 450,000 square feet of properties situated in three primary locations at the Seaport in New York: Pier 17, the Cobblestones, and Tin Building, as well as 250 Water Street through the date of sale. |
Segment operating results are as follows: | | | | | | | | | | | | | | | | Landlord | in thousands | | Hospitality | | Entertainment | | Operations | Three months ended June 30, 2026 | | | | | | | | | | Revenues from external customers | | $ | 7,153 | | $ | 19,639 | | $ | 7,498 | Inter-segment revenues | | | 31 | | | 184 | | | 1,404 | Total segment revenues | | | 7,184 | | | 19,823 | | | 8,902 | Hospitality costs | | | (8,333) | | | — | | | — | Entertainment costs | | | — | | | (16,169) | | | — | Operating costs | | | — | | | — | | | (6,947) | Segment Operating EBITDA | | $ | (1,149) | | $ | 3,654 | | $ | 1,955 | | | | | | | | | | | Three months ended June 30, 2025 | | | | | | | | | | Revenues from external customers | | $ | 15,177 | | | 19,908 | | | 4,716 | Inter-segment revenues | | | 20 | | | 210 | | | 5,055 | Total segment revenues | | | 15,197 | | | 20,118 | | | 9,771 | Hospitality costs | | | (23,079) | | | — | | | — | Entertainment costs | | | — | | | (15,411) | | | — | Operating costs | | | — | | | — | | | (7,739) | Segment Operating EBITDA | | $ | (7,882) | | $ | 4,707 | | $ | 2,032 | | | | | | | | | | | Six months ended June 30, 2026 | | | | | | | | | | Revenues from external customers | | $ | 12,321 | | | 24,137 | | | 10,569 | Inter-segment revenues | | | 110 | | | 184 | | | 3,804 | Total segment revenues | | | 12,431 | | | 24,321 | | | 14,373 | Hospitality costs | | | (21,036) | | | — | | | — | Entertainment costs | | | — | | | (23,459) | | | — | Operating costs | | | — | | | — | | | (13,932) | Segment Operating EBITDA | | $ | (8,605) | | $ | 862 | | $ | 441 | | | | | | | | | | | Six months ended June 30, 2025 | | | | | | | | | | Revenues from external customers | | $ | 22,912 | | | 24,117 | | | 8,841 | Inter-segment revenues | | | 20 | | | 210 | | | 9,730 | Total segment revenues | | | 22,932 | | | 24,327 | | | 18,571 | Hospitality costs | | | (43,507) | | | — | | | — | Entertainment costs | | | — | | | (22,488) | | | — | Operating costs | | | — | | | — | | | (15,818) | Segment Operating EBITDA | | $ | (20,575) | | $ | 1,839 | | $ | 2,753 |
The following table represents the reconciliation of Segment Operating EBITDA to Net loss in the Consolidated Statement of Operations: | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | in thousands | | 2026 | | 2025 | | | 2026 | | 2025 | Hospitality Operating EBITDA | | (1,149) | | (7,882) | | | (8,605) | | (20,575) | Entertainment Operating EBITDA | | 3,654 | | 4,707 | | | 862 | | 1,839 | Landlord Operating EBITDA | | 1,955 | | 2,032 | | | 441 | | 2,753 | Other corporate revenues(1) | | — | | 134 | | | — | | 145 | Other income (loss), net | | (672) | | (126) | | | (2,921) | | (126) | Loss on assets held for sale | | (1,434) | | — | | | (1,434) | | — | Equity in earnings (losses) from unconsolidated ventures | | 306 | | 782 | | | (658) | | 952 | Depreciation and amortization | | (6,818) | | (6,581) | | | (26,931) | | (14,672) | Interest income (expense) | | 689 | | 801 | | | 419 | | 1,795 | Provision for impairment | | — | | — | | | (339) | | — | General and administrative expenses | | (6,639) | | (8,291) | | | (14,695) | | (18,073) | Loss before income taxes | | (10,108) | | (14,424) | | | (53,861) | | (45,962) | Income tax benefit (expense) | | — | | — | | | — | | — | Net loss | $ | (10,108) | | (14,424) | | $ | (53,861) | | (45,962) |
(1) Ancillary management fees earned by the Company The following table represents the reconciliation of segment revenue to Total revenues in the Consolidated Statement of Operations: | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | in thousands | | 2026 | | 2025 | | | 2026 | | 2025 | Revenues from external customers | | 34,290 | | 39,801 | | | 47,027 | | 55,870 | Inter-segment revenues | | 1,619 | | 5,285 | | | 4,098 | | 9,960 | Elimination of inter-segment revenues | | (1,619) | | (5,285) | | | (4,098) | | (9,960) | Total revenues | $ | 34,290 | | 39,801 | | $ | 47,027 | | 55,870 |
The following represents assets by segment and the reconciliation of total segment assets to total assets in the Consolidated Balance Sheets as of: | | | | | | | | | June 30, | | December 31, | in thousands | | 2026 | | 2025 | Hospitality | | $ | 38,304 | | $ | 42,642 | Entertainment | | | 112,971 | | | 113,249 | Landlord Operations | | | 262,495 | | | 405,813 | Total segment assets | | | 413,770 | | | 561,704 | Corporate | | | 129,529 | | | 88,418 | Total assets | | $ | 543,299 | | $ | 650,122 |
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