$SEG

Seaport Entertainment Group Inc.

CIK:0002009684|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES
Total revenues	$ 34,290	$ 39,801	$ 47,027	$ 55,870
EXPENSES
Operating costs	6,900	7,684	13,884	15,763
General and administrative	6,639	8,291	14,695	18,073
Depreciation and amortization	6,818	6,581	26,931	14,672
Total expenses	43,287	55,682	95,955	104,453
OTHER
Loss on assets held for sale	(1,434)		(1,434)
Provision for impairment	0		(339)
Other income (loss), net	(672)	(126)	(2,921)	(126)
Total other	(2,106)	(126)	(4,694)	(126)
Operating loss	(11,103)	(16,007)	(53,622)	(48,709)
Interest income	689	801	419	1,795
Equity in earnings (losses) from unconsolidated ventures	306	782	(658)	952
Loss before income taxes	(10,108)	(14,424)	(53,861)	(45,962)
Income tax expense (benefit)	0	0	0	0
Net loss	(10,108)	(14,424)	(53,861)	(45,962)
Preferred distributions to noncontrolling interest in subsidiary	(350)	(350)	(700)	(700)
Net loss attributable to common stockholders	$ (10,458)	$ (14,774)	$ (54,561)	$ (46,662)
Total weighted average shares
Basic (in shares)	12,802	12,695	12,792	12,695
Diluted (in shares)	12,802	12,695	12,792	12,695
Net loss per share attributable to common stockholders
Basic (in dollars per share)	$ (0.82)	$ (1.16)	$ (4.27)	$ (3.68)
Diluted (in dollars per share)	$ (0.82)	$ (1.16)	$ (4.27)	$ (3.68)
Hospitality
REVENUES
Total revenues	$ 7,020	$ 15,177	$ 12,128	$ 22,912
EXPENSES
Cost of revenue	6,874	17,845	17,101	33,587
Entertainment
REVENUES
Total revenues	19,639	19,908	24,137	24,117
EXPENSES
Cost of revenue	16,056	15,281	23,344	22,358
Rental revenue
REVENUES
Total revenues	7,053	4,232	9,835	8,021
Other revenue
REVENUES
Total revenues	$ 578	$ 484	$ 927	$ 820

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (10,108)	$ (43,753)	$ (14,424)	$ (31,538)	$ (53,861)	$ (45,962)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation					24,809	12,872
Amortization					2,122	1,800
Amortization of deferred financing costs					27	27
Straight-line rent amortization					1,047	857
Stock compensation expense					2,708	3,636
Other					9	(109)
Loss on disposal					462
Loss on assets held for sale	1,434				1,434
Impairment charges	0				339
Equity in earnings (losses) from unconsolidated ventures, net of distributions					659	(952)
Provision for (recovery of) doubtful accounts					636	(1,124)
Net Changes:
Accounts receivable					(2,042)	(1,011)
Other assets and deferred expenses					10,964	502
Deferred expenses					(1,041)	(51)
Accounts payable and other liabilities					(35)	8,283
Cash used in operating activities					(11,763)	(21,232)
CASH FLOWS FROM INVESTING ACTIVITIES
Operating property improvements					(20,894)	(17,930)
Property development and redevelopment						(5,205)
Cash and restricted cash received upon consolidation of previously unconsolidated entity						685
Investments in unconsolidated ventures					(1,350)
Distributions from unconsolidated ventures						3,699
Proceeds from sale of asset held for sale					137,416
Cash provided by (used in) investing activities					115,172	(18,751)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgages payable					(62,336)	(988)
Taxes paid on restricted stock vesting					(793)	(605)
Preferred distributions to noncontrolling interest in subsidiary					(700)	(700)
Fees paid in connection with equity issuances						(206)
Cash used in financing activities					(63,829)	(2,499)
Net change in cash, cash equivalents and restricted cash					39,580	(42,482)
Cash, cash equivalents and restricted cash at beginning of period		$ 87,394		$ 167,845	87,394	167,845	$ 167,845
Cash, cash equivalents and restricted cash at end of period	126,974		125,363		126,974	125,363	87,394
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	117,795		123,276		117,795	123,276	77,808
Restricted cash	9,179		2,087		9,179	2,087	9,586
Cash, cash equivalents and restricted cash at end of period	$ 126,974		$ 125,363		126,974	125,363	$ 87,394
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid					2,392	3,525
Interest capitalized						3,348
NON-CASH TRANSACTIONS
Accrued property improvements, developments, and redevelopments					6,437	(894)
Capitalized stock compensation					$ 61	$ 259

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Buildings and equipment	$ 531,207	$ 537,243
Less: accumulated depreciation	(224,106)	(225,662)
Land	9,497	9,497
Net investment in real estate	316,598	321,078
Assets held for sale		137,441
Investments in unconsolidated ventures	17,367	16,676
Cash and cash equivalents	117,795	77,808
Restricted cash	9,179	9,586
Accounts receivable, net	8,580	7,149
Deferred expenses, net	10,329	3,539
Operating lease right-of-use assets, net	44,250	45,102
Other assets, net	19,201	31,743
Total assets	543,299	650,122
LIABILITIES
Mortgages payable, net	37,339	38,348
Mortgages payable related to assets held for sale		61,300
Operating lease obligations	56,722	56,527
Accounts payable and other liabilities	35,413	27,540
Total liabilities	129,474	183,715
EQUITY
Preferred stock, $0.01 par value, 20,000 shares authorized, none issued or outstanding
Common stock, $0.01 par value, 480,000 shares authorized, 12,805 issued and outstanding as of June 30, 2026 and 12,777 issued and outstanding as of December 31, 2025	128	128
Additional paid in capital	626,760	624,781
Accumulated deficit	(222,963)	(168,402)
Total stockholders' equity	403,925	456,507
Noncontrolling interest in subsidiary	9,900	9,900
Total equity	413,825	466,407
Total liabilities and equity	$ 543,299	$ 650,122