Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Information

Schedule of disaggregates revenue by segment and by source


		Three months ended					Six months ended
		June 30,					June 30,
		2026			2025		2026		2025

		amounts in thousands
Baseball:
Baseball event		$	161,011		180,349		184,749		181,232
Media related			72,853		81,068		75,372		85,359
Retail and licensing			21,836		18,566		29,119		24,646
Other			20,737		7,336		32,943		24,703
Total Baseball			276,437		287,319		322,183		315,940
Mixed-Use Development			28,682		25,121		54,943		43,711
Total revenue		$	305,119		312,440		377,126		359,651

Schedule of revenue and adjusted OIBDA


		Three months ended
		June 30, 2026
		amounts in thousands
		Baseball				Mixed-Use Development			Total


Revenue from external customers		$	276,437		$	28,682		$	305,119

Less: ⁽¹⁾
Baseball operating costs			252,042			—
Mixed-Use Development costs			—			4,553
Other segment items ⁽²⁾			30,125			3,488
Segment Adjusted OIBDA			(5,730)			20,641		$	14,911

Reconciliation of Adjusted OIBDA
Corporate and other									(3,122)
Stock-based compensation									(6,824)
Depreciation and amortization									(23,508)
Operating income (loss)								$	(18,543)
Interest expense									(11,583)
Share of earnings (losses) of affiliates, net									14,755
Realized and unrealized gains (losses) on financial instruments, net									657
Other, net									1,407
Earnings (loss) before income taxes								$	(13,307)

(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.


		Three months ended
		June 30, 2025
		amounts in thousands
		Baseball				Mixed-Use Development			Total


Revenue from external customers		$	287,319		$	25,121		$	312,440

Less: ⁽¹⁾
Baseball operating costs			210,809			—
Mixed-Use Development costs			—			3,633
Other segment items ⁽²⁾			24,463			3,922
Segment Adjusted OIBDA			52,047			17,566		$	69,613

Reconciliation of Adjusted OIBDA
Corporate and other									(3,909)
Stock-based compensation									(2,646)
Depreciation and amortization									(21,271)
Operating income (loss)								$	41,787
Interest expense									(11,652)
Share of earnings (losses) of affiliates, net									10,613
Realized and unrealized gains (losses) on financial instruments, net									(640)
Other, net									1,673
Earnings (loss) before income taxes								$	41,781

(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.


		Six months ended
		June 30, 2026
		amounts in thousands
		Baseball				Mixed-Use Development			Total


Revenue from external customers		$	322,183		$	54,943		$	377,126

Less: ⁽¹⁾
Baseball operating costs			308,658			—
Mixed-Use Development costs			—			8,811
Other segment items ⁽²⁾			51,588			7,895
Segment Adjusted OIBDA			(38,063)			38,237		$	174

Reconciliation of Adjusted OIBDA
Corporate and other									(5,942)
Stock-based compensation									(13,392)
Depreciation and amortization									(40,634)
Operating income (loss)								$	(59,794)
Interest expense									(22,753)
Share of earnings (losses) of affiliates, net									14,435
Realized and unrealized gains (losses) on financial instruments, net									1,584
Other, net									2,601
Earnings (loss) before income taxes								$	(63,927)

(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.


		Six months ended
		June 30, 2025
		amounts in thousands
		Baseball				Mixed-Use Development			Total


Revenue from external customers		$	315,940		$	43,711		$	359,651

Less: ⁽¹⁾
Baseball operating costs			259,572			—
Mixed-Use Development costs			—			6,041
Other segment items ⁽²⁾			43,921			7,217
Segment Adjusted OIBDA			12,447			30,453		$	42,900

Reconciliation of Adjusted OIBDA
Corporate and other									(5,745)
Stock-based compensation									(5,292)
Depreciation and amortization									(34,528)
Operating income (loss)								$	(2,665)
Interest expense									(21,996)
Share of earnings (losses) of affiliates, net									10,935
Realized and unrealized gains (losses) on financial instruments, net									(1,277)
Other, net									2,886
Earnings (loss) before income taxes								$	(12,117)

(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.