v3.26.3
Segment Information (Tables)
9 Months Ended
Sep. 30, 2026
Segment Information  
Schedule of disaggregates revenue by segment and by source

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Three months ended

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Nine months ended

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September 30, 

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September 30, 

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  ​ ​ ​

2026

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2025

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2026

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2025

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amounts in thousands

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Baseball:

 

  ​

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Baseball event

 

$

189,277

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176,335

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374,026

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357,567

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Media related

 

 

76,106

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79,227

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151,478

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164,586

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Retail and licensing

 

 

19,531

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15,580

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48,650

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40,226

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Other

 

 

10,626

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13,220

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43,569

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37,923

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Total Baseball

 

 

295,540

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284,362

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617,723

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600,302

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Mixed-Use Development

 

 

29,089

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27,176

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84,032

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70,887

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Total revenue

 

$

324,629

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311,538

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701,755

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671,189

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Schedule of revenue and adjusted OIBDA

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Three months ended

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September 30, 2026

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amounts in thousands

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Baseball

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Mixed-Use Development

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Total

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Revenue from external customers

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$

295,540

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$

29,089

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$

324,629

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Less: (1)

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Baseball operating costs

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244,844

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—

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Mixed-Use Development costs

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—

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4,256

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Other segment items (2)

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25,167

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7,258

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Segment Adjusted OIBDA

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25,529

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​

17,575

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$

43,104

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Reconciliation of Adjusted OIBDA

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Corporate and other

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(2,520)

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Stock-based compensation

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(6,967)

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Depreciation and amortization

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(24,950)

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Operating income (loss)

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$

8,667

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Interest expense

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(12,350)

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Share of earnings (losses) of affiliates, net

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17,421

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Realized and unrealized gains (losses) on financial instruments, net

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​

794

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Other, net

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​

1,765

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Earnings (loss) before income taxes

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$

16,297

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(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)Other segment items represent selling, general and administrative costs, excluding stock-based compensation expense and other insignificant items.

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Three months ended

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September 30, 2025

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amounts in thousands

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Baseball

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​

Mixed-Use Development

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Total

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Revenue from external customers

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$

284,362

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$

27,176

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$

311,538

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Less: (1)

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Baseball operating costs

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210,443

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—

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Mixed-Use Development costs

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—

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3,944

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Other segment items (2)

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23,881

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3,452

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Segment Adjusted OIBDA

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​

50,038

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​

19,780

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$

69,818

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Reconciliation of Adjusted OIBDA

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Corporate and other

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(2,663)

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Stock-based compensation

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(4,757)

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Depreciation and amortization

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(23,468)

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Operating income (loss)

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$

38,930

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Interest expense

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(12,285)

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Share of earnings (losses) of affiliates, net

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13,278

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Realized and unrealized gains (losses) on financial instruments, net

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​

194

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Other, net

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1,688

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Earnings (loss) before income taxes

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$

41,805

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(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)Other segment items represent selling, general and administrative costs, excluding stock-based compensation expense and other insignificant items.

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Nine months ended

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September 30, 2026

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amounts in thousands

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Baseball

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Mixed-Use Development

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Total

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Revenue from external customers

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$

617,723

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$

84,032

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$

701,755

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Less: (1)

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Baseball operating costs

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553,502

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—

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Mixed-Use Development costs

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—

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13,067

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Other segment items (2)

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76,755

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15,153

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Segment Adjusted OIBDA

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(12,534)

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55,812

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$

43,278

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Reconciliation of Adjusted OIBDA

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Corporate and other

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(8,462)

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Stock-based compensation

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(20,359)

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Depreciation and amortization

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(65,584)

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Operating income (loss)

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$

(51,127)

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Interest expense

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(35,103)

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Share of earnings (losses) of affiliates, net

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31,856

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Realized and unrealized gains (losses) on financial instruments, net

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2,378

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Other, net

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4,366

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Earnings (loss) before income taxes

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$

(47,630)

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(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)Other segment items represent selling, general and administrative costs, excluding stock-based compensation expense and other insignificant items.

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Nine months ended

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September 30, 2025

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amounts in thousands

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Baseball

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Mixed-Use Development

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Total

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Revenue from external customers

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$

600,302

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$

70,887

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$

671,189

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Less: (1)

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Baseball operating costs

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470,015

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—

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Mixed-Use Development costs

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—

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9,985

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Other segment items (2)

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67,802

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10,669

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Segment Adjusted OIBDA

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62,485

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50,233

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$

112,718

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Reconciliation of Adjusted OIBDA

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Corporate and other

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(8,408)

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Stock-based compensation

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(10,049)

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Depreciation and amortization

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(57,996)

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Operating income (loss)

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$

36,265

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Interest expense

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(34,281)

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Share of earnings (losses) of affiliates, net

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24,213

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Realized and unrealized gains (losses) on financial instruments, net

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(1,083)

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Other, net

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​

4,574

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Earnings (loss) before income taxes

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$

29,688

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(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)Other segment items represent selling, general and administrative costs, excluding stock-based compensation expense and other insignificant items.