Form 8-K

8-K — Seaport Entertainment Group Inc.

Accession: 0001104659-26-056308

Filed: 2026-05-06

Period: 2026-05-06

CIK: 0002009684

SIC: 7990 (SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

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8-K

8-K (Primary)

Filename: seg-20260506x8k.htm · Sequence: 1

SEAPORT ENTERTAINMENT GROUP INC._May 6, 2026

0002009684false00020096842026-05-062026-05-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2026

SEAPORT ENTERTAINMENT GROUP INC.

(Exact name of registrant as specified in charter)

Delaware

001-42113

99-0947924

(State or other jurisdiction

(Commission File Number)

(IRS Employer

of incorporation)

Identification No.)

199 Water Street, 28th Floor

10038

New York, NY

(Zip code)

(Address of principal executive offices)

Registrant’s telephone number, including area code: (212) 732-8257

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common stock, par value $0.01 per share

SEG

NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Item 2.02Results of Operations and Financial Condition.

On May 6, 2026, Seaport Entertainment Group Inc. (the “Company”) issued an earnings press release relating to the Company’s financial results for the quarter ended March 31, 2026, and issued a related supplemental disclosure package. The press release and supplemental disclosure package are attached hereto as Exhibit 99.1 and 99.2, respectively, and are incorporated by reference herein.

The information in Item 2.02 of this Current Report, including Exhibit 99.1 and 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. Such information shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless it is specifically incorporated by reference therein.

Item 9.01Financial Statements and Exhibits.

(d)

Exhibits

Exhibit No.

Description

99.1

Earnings Press Release, dated May 6, 2026

99.2

Supplemental Disclosure Package

104

Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: May 6, 2026

SEAPORT ENTERTAINMENT GROUP INC.

By:

/s/ Lucy Fato

Name:

Lucy Fato

Title:

EVP, General Counsel & Corporate Secretary

EX-99.1

Filename: seg-20260506xex99d1.htm · Sequence: 2

SEG Q2 2025 Earnings Press Release

‌Exhibit 99.1

SEAPORT ENTERTAINMENT GROUP REPORTS FIRST QUARTER 2026 RESULTS

NEW YORK, NY, May 6, 2026 – Seaport Entertainment Group Inc. (NYSE: SEG) (“Seaport Entertainment Group,” “SEG,” “we,” “our," or the “Company”) announced today its operating and financial results for the quarter ended March 31, 2026.

“We entered 2026 with strong momentum, and the energy across our portfolio is building as we move into our busiest period of the year. With Sadie’s opening, Balloon Museum coming to the Tin Building, The Rooftop at Pier 17 concert series returning, and the Las Vegas Aviators’ season underway, we are giving people more reasons to show up, connect, and engage,” said Matt Partridge, President and Chief Executive Officer of Seaport Entertainment Group. “In a world where digital content is everywhere, in person experiences matter more and more, and the authenticity of those experiences is central to creating the kinds of moments that drive visitation, deepen guest engagement, and build long-term value across our destinations.”

Recent Updates

◾ Disclosed the previously announced 10-year management and lease agreement signed in Q4 2025 with a Brooklyn-based arts, culture, and hospitality concept is with Public Service, the creative and curatorial team behind Public Records. Public Service is opening its first experience in Manhattan within the Seaport in approximately 11,000 square feet in the historic Cobblestones.

◾ Opened Sadie’s, an all-day New American neighborhood restaurant, and Sadie’s Garden Bar, an expansive outdoor bar on the historic Cobblestones that hosts regular programming and large-scale events.

◾ Transitioned GITANO NYC, a modern Mexican waterfront restaurant and nightlife destination occupying approximately 15,000 square feet on Pier 17, from a license agreement to a lease effective April 1, 2026.

Select First Quarter 2026 Results

◾ Completed the sale of the 250 Water Street development site for $143.0 million in February 2026, generating net proceeds of $76.1 million after repaying $61.3 million of variable-rate debt and closing costs.

◾ Executed a five-year lease with Lux Entertainment to open its U.S. flagship of Balloon Museum, the award-winning interactive contemporary art experience, in the Tin Building. Lux Entertainment further announced the museum will feature a major installation from renowned artist, Marina Abramović.

◾ The Rooftop at Pier 17 was named by the 2026 Rolling Stone Audio Awards as the Best Outdoor Music Venue in the country.

◾ Q1 2026 Net Loss Attributable to Common Stockholders increased 38.3% year-over-year to ($44.1) million and, on a per share basis, increased 38.2% year-over-year to ($3.47) per basic and diluted share.

◾ Q1 2026 Non-GAAP Adjusted Net Loss Attributable to Common Stockholders improved 21.4% year-over-year to ($17.9) million and, on a per share basis, improved 21.2% to ($1.41) per basic and diluted share.

Quarterly Results

The table below provides a summary of the Company’s unaudited consolidated operating and financial results for the three months ended March 31, 2026 and March 31, 2025:

‌

For the Three Months Ended

March 31, 2026

For the Three Months Ended

March 31, 2025

Variance

to Comparable

Period in Prior Year

Total revenues

12,737

16,069

(3,332)

(20.7%)

Net loss

(43,753)

(31,538)

(12,215)

(38.7%)

Net loss attributable to common stockholders

(44,103)

(31,888)

(12,215)

(38.3%)

Net loss attributable to common stockholders per share

(3.47)

(2.51)

(0.96)

(38.2%)

Non-GAAP Adjusted Net Loss Attributable

to Common Stockholders1

(17,880)

(22,758)

4,878

21.4%

Non-GAAP Adjusted Net Loss Attributable

to Common Stockholders Per Share1

(1.41)

(1.79)

0.38

21.2%

Note: $ in thousands, except per share data.

See the “Non-GAAP Financial Measures” and “Reconciliation of Net Loss to Non-GAAP Adjusted Net Loss Attributable to Common Stockholders” sections in this press release for a discussion and reconciliation of net loss attributable to common stockholders to non-GAAP financial measures, including Non-GAAP Adjusted Net Loss Attributable to Common Stockholders and Non-GAAP Adjusted Net Loss Attributable to Common Stockholders Per Share.

Balance Sheet

As of March 31, 2026, the Company had $144.7 million in cash, cash equivalents, and restricted cash and $39.1 million of debt outstanding at a fixed interest rate of 4.9%. The Company’s outstanding debt is asset-specific, secured debt, and the maturity date is in 2038.

Investor Conference Call and Webcast

The Company will host a conference call to present its first quarter 2026 results on Thursday, May 7, 2026, at 8:30 AM ET.

A live audio webcast of the conference call will be available in listen-only mode through the “Investors” section of the Company’s website at www.seaportentertainment.com. Participants are encouraged to log in ten minutes prior to the scheduled start time to register. A replay of the audio webcast will be available on the Company’s website shortly after the conclusion of the call and until May 21, 2026.

To dial into the Telephone Conference Call:

Domestic: 1-800-717-1738

International: 1-646-307-1865

Conference Call Playback:

Domestic: 1-844-512-2921

International: 1-412-317-6671

Passcode: 1111876

About Seaport Entertainment Group

Seaport Entertainment Group (NYSE: SEG) is a premier entertainment and hospitality company formed to own, operate, and develop a unique collection of assets positioned at the intersection of entertainment and real estate. Seaport Entertainment Group’s focus is to deliver unparalleled experiences through a combination of restaurant, entertainment, sports, retail, and hospitality offerings integrated into one-of-a-kind real estate that redefine entertainment and hospitality. For more information, please visit www.seaportentertainment.com.

‌

Safe Harbor and Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements include, but are not limited to, statements concerning the Company’s plans, goals, objectives, outlook, expectations, and intentions. Forward-looking statements are based on the Company’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause the Company’s results to differ materially from current expectations include, but are not limited to: risks related to macroeconomic conditions; risks related to the impact of tariffs and global trade disruptions on the Company and its tenants, including impacts on inflation, interest rates, supply chains and consumer sentiment and spending; changes in discretionary consumer spending patterns or consumer tastes or preferences; risks associated with the Company’s investments in real estate assets and trends in the real estate industry; the Company’s ability to obtain operating and development capital on favorable terms, or at all; the availability of debt and equity capital; the Company’s ability to renew its leases or re-lease available space; the Company’s ability to compete effectively; the impact of uncertainty around, and disruptions to, the Company’s supply chain; risks related to the concentration of the Company’s properties and operations in New York City and the Las Vegas area; social, political and economic instability, unrest and other circumstances beyond the Company’s control which could adversely affect the Company’s business operations; adverse changes in laws or regulations governing the Company’s operation, changes in the interpretation thereof, or newly enacted laws or regulations could require changes to the Company’s business practices, adversely impact the Company’s revenues and/or impose additional costs on the Company; extreme weather conditions or climate change that may cause property damage or interrupt business; the impact of water and electricity shortages on the Company’s business; the Company’s ability to successfully identify, acquire, develop, and manage properties on terms that are favorable to it; the contamination of the Company’s properties by hazardous or toxic substances; catastrophic events or geopolitical conditions that may disrupt the Company’s business; actual or threatened terrorist activity and other acts of violence, or the perception of a heightened threat of such events; losses that are not insured or that exceed the applicable insurance limits; risks related to the disruption or failure of information technology networks and related systems – both the Company’s and those operated and managed by third parties; the Company’s ability to attract and retain key personnel; the Company’s inability to control certain properties due to the joint ownership of such property and inability to successfully attract desirable strategic partners, including joint venture partners; risks related to the concentration of ownership of the Company’s common stock by Pershing Square; risks related to the Company’s separation from, and relationship with, Howard Hughes Holdings Inc. (“Howard Hughes”); and the other factors detailed in the Company’s filings with the SEC. Forward-looking statements speak only as of the date of this press release. The Company is under no obligation to publicly update or revise and forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Non-GAAP Financial Measures

Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Non-GAAP Adjusted Net Loss Attributable to Common Stockholders and Non-GAAP Adjusted Net Loss Attributable to Common Stockholders Per Share, each of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they provide a meaningful supplement to the Company’s operating performance and period-over-period changes without regard to certain potential distortions or certain non-cash items.

‌

Non-GAAP Adjusted Net Loss Attributable to Common Stockholders and Non-GAAP Adjusted Net Loss Attributable to Common Stockholders Per Share do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements. Accordingly, they should not be considered alternatives to net loss as a performance measure or cash flows from operating activities as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.

To derive Non-GAAP Adjusted Net Loss Attributable to Common Stockholders, GAAP net loss attributable to common stockholders is adjusted to exclude depreciation and amortization, as well as gains and losses from the sale of assets, gains or losses on extinguishment of debt, and provisions for impairment, and these adjustments include the pro rata share of such adjustments of unconsolidated subsidiaries. Additionally, adjustments are made for non-cash revenues and expenses such as straight-line rental revenue and expenses, amortization of above- and below-market lease related intangibles, and non-cash compensation; other non-recurring items such as termination fees, leadership transition costs, corporate restructuring costs, and legal settlements; and certain capitalized items such as capitalized interest. Please see the reconciliation table provided in this press release for a reconciliation of Non-GAAP Adjusted Net Loss Attributable to Common Stockholders and Non-GAAP Adjusted Net Loss Attributable to Common Stockholders Per Share to the most directly comparable GAAP measure of net loss.

Availability of Information on SEG’s Website and Social Media Channels

Investors and others should note that SEG routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the SEG Investor Relations website. The Company uses these channels as well as social media channels (e.g., LinkedIn www.linkedin.com/company/new-york-seaportentertainment) as a means of disclosing information about the Company's business to our customers, employees, investors, and the public. While not all of the information that the Company posts to the SEG Investor Relations website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in SEG to review the information that it shares through its website and on the Company's social media channels. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Email Alerts" in the "Resources" section of the SEG Investor Relations website at https://ir.seaportentertainment.com/resources/email-alerts. The contents of these websites are not incorporated by reference into this press release or any report or document SEG files with the SEC, and any references to the websites are intended to be inactive textual references only.

Contacts:

Investor Relations:

Seaport Entertainment Group Inc.

T: (212) 732-8257

ir@seaportentertainment.com

Media Relations:

media@seaportentertainment.com

‌

Seaport Entertainment Group Inc.

Consolidated Balance Sheets

(in thousands, except par value amounts)

(Unaudited)

March

31, 2026

December

31, 2025

ASSETS

Buildings and equipment

514,821

537,243

Less: accumulated depreciation

(223,599)

(225,662)

Land

9,497

Net investment in real estate

300,719

321,078

Assets held for sale

—

137,441

Investments in unconsolidated ventures

17,061

16,676

Cash and cash equivalents

114,828

77,808

Restricted cash

29,867

9,586

Accounts receivable, net

6,886

7,149

Deferred expenses, net

9,781

3,539

Operating lease right-of-use assets, net

44,657

45,102

Other assets, net

18,006

31,743

Total assets

541,805

650,122

LIABILITIES

Mortgages payable, net

38,361

38,348

Mortgages payable related to assets held for sale

—

61,300

Operating lease obligations

56,605

56,527

Accounts payable and other liabilities

24,009

27,540

Total liabilities

118,975

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, 12,806 issued and outstanding as of March 31, 2026, and 12,777 issued and outstanding issued or outstanding as of December 31, 2025

129

128

Additional paid in capital

625,306

624,781

Accumulated deficit

(212,505)

(168,402)

Total Stockholders' equity

412,930

456,507

Noncontrolling interest in subsidiary

9,900

Total equity

422,830

466,407

Total liabilities and equity

541,805

650,122

‌

Seaport Entertainment Group Inc.

Consolidated Statements of Operations

(in thousands, except per share amounts)

(Unaudited)

Three months ended

March 31,

2026

2025

REVENUES

Hospitality revenue

5,108

7,735

Entertainment revenue

4,498

4,209

Rental revenue

2,782

3,789

Other revenue

349

336

Total revenues

12,737

16,069

EXPENSES

Hospitality costs

10,227

15,742

Entertainment costs

7,288

7,077

Operating costs

6,984

8,079

General and administrative

8,056

9,782

Depreciation and amortization

20,113

8,091

Total expenses

52,668

48,771

OTHER

Provision for Impairment

(339)

—

Other income (loss), net

(2,249)

—

Total other

(2,588)

—

Operating loss

(42,519)

(32,702)

Interest income (expense)

(270)

994

Equity in earnings (losses) from unconsolidated ventures

(964)

170

Loss before income taxes

(43,753)

(31,538)

Income tax expense (benefit)

—

Net loss

(43,753)

(31,538)

Preferred distributions to noncontrolling interest in subsidiary

(350)

Net loss attributable to common stockholders

(44,103)

(31,888)

Total weighted average shares

Basic

12,723

12,694

Diluted

12,723

12,694

Net loss per share attributable to common stockholders

Basic

(3.47)

(2.51)

Diluted

(3.47)

(2.51)

‌

Seaport Entertainment Group Inc.

Reconciliation of Net Loss to Non-GAAP Adjusted

Net Loss Attributable to Common Stockholders

(in thousands, except per share amounts)

(Unaudited)

Three months ended

March 31,

2026

2025

Net loss

(43,753)

(31,538)

Preferred distributions to noncontrolling interest in subsidiary

(350)

Net loss attributable to common stockholders

(44,103)

(31,888)

Adjustments:

Depreciation and amortization

20,446

8,098

Lease termination fee income

(570)

—

Non-cash compensation

1,091

2,037

Restructuring costs

3,397

—

Straight line rent, net

1,250

655

Capitalized interest

—

(1,660)

Provision for impairment

339

—

Other income

270

—

Non-GAAP adjusted net loss attributable to common stockholders

(17,880)

(22,758)

Total weighted average shares

Basic

12,723

12,694

Diluted

12,723

12,694

Non-GAAP adjusted net loss per share attributable to common stockholders

Basic

(1.41)

(1.79)

Diluted

(1.41)

(1.79)

EX-99.2

Filename: seg-20260506xex99d2.htm · Sequence: 3

Exhibit 99.2

Q1 2026

SUPPLEMENTAL

exhibit 99.2

ble of

Q1 2026 Earnings Release p. 3

Capitalization p. 10

Debt Summary p. 11

Capital Investments p. 12

Portfolio Summary p. 13

Seaport NYC Detail p. 14

Seaport NYC Leasing or Programming Activity p. 15

2026 Statement of Operations p.

2025 Statement of Operations p.

Statement of Operations YoY Change p.

Q1 2026 Segment Operating EBITDA p. 19

Q1 2025 Segment Operating EBITDA p.

Q1 Segment Operating EBITDA YoY Change p.

Asset Based Value Components p.

Contact Information p.

Safe Harbor and Key Terms and References p.

SEAPORT ENTERTAINMENT GROUP REPORTS FIRST QUARTER 2026 RESULTS

NEW YORK, NY, May 6, 2026 – Seaport Entertainment Group Inc. (NYSE: SEG) (“Seaport Entertainment Group,”

“SEG,” “we,” “our," or the “Company”) announced today its operating and financial results for the quarter ended

March 31, 2026.

“We entered 2026 with strong momentum, and the energy across our portfolio is building as we move into our

busiest period of the year. With Sadie’s opening, Balloon Museum coming to the Tin Building, The Rooftop at Pier

17 concert series returning, and the Las Vegas Aviators’ season underway, we are giving people more reasons to

show up, connect, and engage,” said Matt Partridge, President and Chief Executive Officer of Seaport

Entertainment Group. “In a world where digital content is everywhere, in person experiences matter more and

more, and the authenticity of those experiences is central to creating the kinds of moments that drive visitation,

deepen guest engagement, and build long-term value across our destinations.”

Recent Updates

 Disclosed the previously announced 10-year management and lease agreement signed in Q4 2025 with a

Brooklyn-based arts, culture, and hospitality concept is with Public Service, the creative and curatorial

team behind Public Records. Public Service is opening its first experience in Manhattan within the Seaport

in approximately 11,000 square feet in the historic Cobblestones.

 Opened Sadie’s, an all-day New American neighborhood restaurant, and Sadie’s Garden Bar, an expansive

outdoor bar on the historic Cobblestones that hosts regular programming and large-scale events.

 Transitioned GITANO NYC, a modern Mexican waterfront restaurant and nightlife destination occupying

approximately 15,000 square feet on Pier 17, from a license agreement to a lease effective April 1, 2026.

Select First Quarter 2026 Results

 Completed the sale of the 250 Water Street development site for $143.0 million in February 2026,

generating net proceeds of $76.1 million after repaying $61.3 million of variable-rate debt and closing

costs.

 Executed a five-year lease with Lux Entertainment to open its U.S. flagship of Balloon Museum, the award-winning interactive contemporary art experience, in the Tin Building. Lux Entertainment further announced

the museum will feature a major installation from renowned artist, Marina Abramović.

 The Rooftop at Pier 17 was named by the 2026 Rolling Stone Audio Awards as the Best Outdoor Music

Venue in the country.

 Q1 2026 Net Loss Attributable to Common Stockholders increased 38.3% year-over-year to ($44.1) million

and, on a per share basis, increased 38.2% year-over-year to ($3.47) per basic and diluted share.

 Q1 2026 Non-GAAP Adjusted Net Loss Attributable to Common Stockholders improved 21.4% year-over-year to ($17.9) million and, on a per share basis, improved 21.2% to ($1.41) per basic and diluted share.

Quarterly Results

The table below provides a summary of the Company’s unaudited consolidated operating and financial results for

the three months ended March 31, 2026 and March 31, 2025:

For the Three

Months Ended

March 31, 2026

For the Three

Months Ended

March 31, 2025

Variance

to Comparable

Period in Prior Year

Total revenues $ 12,737 $ 16,069 $ (3,332) (20.7%)

Net loss $ (43,753) $ (31,538) $ (12,215) (38.7%)

Net loss attributable to common stockholders $ (44,103) $ (31,888) $ (12,215) (38.3%)

Net loss attributable to common stockholders per share $ (3.47) $ (2.51) $ (0.96) (38.2%)

Non-GAAP Adjusted Net Loss Attributable

to Common Stockholders1

$ (17,880) $ (22,758) $ 4,878 21.4%

Non-GAAP Adjusted Net Loss Attributable

to Common Stockholders Per Share1

$ (1.41) $ (1.79) $ 0.38 21.2%

Note: $ in thousands, except per share data.

1 See the “Non-GAAP Financial Measures” and “Reconciliation of Net Loss to Non-GAAP Adjusted Net Loss Attributable to Common Stockholders” sections

in this press release for a discussion and reconciliation of net loss attributable to common stockholders to non-GAAP financial measures, including Non-GAAP Adjusted Net Loss Attributable to Common Stockholders and Non-GAAP Adjusted Net Loss Attributable to Common Stockholders Per Share.

Balance Sheet

As of March 31, 2026, the Company had $144.7 million in cash, cash equivalents, and restricted cash and $39.1

million of debt outstanding at a fixed interest rate of 4.9%. The Company’s outstanding debt is asset-specific,

secured debt, and the maturity date is in 2038.

Investor Conference Call and Webcast

The Company will host a conference call to present its first quarter 2026 results on Thursday, May 7, 2026, at

8:30 AM ET.

A live audio webcast of the conference call will be available in listen-only mode through the “Investors” section of

the Company’s website at www.seaportentertainment.com. Participants are encouraged to log in ten minutes

prior to the scheduled start time to register. A replay of the audio webcast will be available on the Company’s

website shortly after the conclusion of the call and until May 21, 2026.

To dial into the Telephone Conference Call:

Domestic: 1-800-717-1738

International: 1-646-307-1865

Conference Call Playback:

Domestic: 1-844-512-2921

International: 1-412-317-6671

Passcode: 1111876

About Seaport Entertainment Group

Seaport Entertainment Group (NYSE: SEG) is a premier entertainment and hospitality company formed to own,

operate, and develop a unique collection of assets positioned at the intersection of entertainment and real estate.

Seaport Entertainment Group’s focus is to deliver unparalleled experiences through a combination of restaurant,

entertainment, sports, retail, and hospitality offerings integrated into one-of-a-kind real estate that redefine

entertainment and hospitality. For more information, please visit www.seaportentertainment.com.

Safe Harbor and Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the federal securities laws. Such

forward-looking statements include, but are not limited to, statements concerning the Company’s plans, goals,

objectives, outlook, expectations, and intentions. Forward-looking statements are based on the Company’s

current expectations and involve risks and uncertainties that could cause actual results to differ materially from

those expressed or implied in such forward-looking statements. Factors that could cause the Company’s results

to differ materially from current expectations include, but are not limited to: risks related to macroeconomic

conditions; risks related to the impact of tariffs and global trade disruptions on the Company and its tenants,

including impacts on inflation, interest rates, supply chains and consumer sentiment and spending; changes in

discretionary consumer spending patterns or consumer tastes or preferences; risks associated with the

Company’s investments in real estate assets and trends in the real estate industry; the Company’s ability to obtain

operating and development capital on favorable terms, or at all; the availability of debt and equity capital; the

Company’s ability to renew its leases or re-lease available space; the Company’s ability to compete effectively;

the impact of uncertainty around, and disruptions to, the Company’s supply chain; risks related to the

concentration of the Company’s properties and operations in New York City and the Las Vegas area; social,

political and economic instability, unrest and other circumstances beyond the Company’s control which could

adversely affect the Company’s business operations; adverse changes in laws or regulations governing the

Company’s operation, changes in the interpretation thereof, or newly enacted laws or regulations could require

changes to the Company’s business practices, adversely impact the Company’s revenues and/or impose

additional costs on the Company; extreme weather conditions or climate change that may cause property damage

or interrupt business; the impact of water and electricity shortages on the Company’s business; the Company’s

ability to successfully identify, acquire, develop, and manage properties on terms that are favorable to it; the

contamination of the Company’s properties by hazardous or toxic substances; catastrophic events or geopolitical

conditions that may disrupt the Company’s business; actual or threatened terrorist activity and other acts of

violence, or the perception of a heightened threat of such events; losses that are not insured or that exceed the

applicable insurance limits; risks related to the disruption or failure of information technology networks and

related systems – both the Company’s and those operated and managed by third parties; the Company’s ability to

attract and retain key personnel; the Company’s inability to control certain properties due to the joint ownership

of such property and inability to successfully attract desirable strategic partners, including joint venture partners;

risks related to the concentration of ownership of the Company’s common stock by Pershing Square; risks related

to the Company’s separation from, and relationship with, Howard Hughes Holdings Inc. (“Howard Hughes”); and

the other factors detailed in the Company’s filings with the SEC. Forward-looking statements speak only as of the

date of this press release. The Company is under no obligation to publicly update or revise and forward-looking

statements, whether as a result of new information, future events or otherwise, except as required by applicable

law.

Non-GAAP Financial Measures

Our reported results are presented in accordance with accounting principles generally accepted in the United

States of America (“GAAP”). We also disclose Non-GAAP Adjusted Net Loss Attributable to Common Stockholders

and Non-GAAP Adjusted Net Loss Attributable to Common Stockholders Per Share, each of which are non-GAAP

financial measures. We believe these non-GAAP financial measures are useful to investors because they provide

a meaningful supplement to the Company’s operating performance and period-over-period changes without

regard to certain potential distortions or certain non-cash items.

Non-GAAP Adjusted Net Loss Attributable to Common Stockholders and Non-GAAP Adjusted Net Loss

Attributable to Common Stockholders Per Share do not represent cash generated from operating activities and are

not necessarily indicative of cash available to fund cash requirements. Accordingly, they should not be considered

alternatives to net loss as a performance measure or cash flows from operating activities as reported on our

statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP

financial measures.

To derive Non-GAAP Adjusted Net Loss Attributable to Common Stockholders, GAAP net loss attributable to

common stockholders is adjusted to exclude depreciation and amortization, as well as gains and losses from the

sale of assets, gains or losses on extinguishment of debt, and provisions for impairment, and these adjustments

include the pro rata share of such adjustments of unconsolidated subsidiaries. Additionally, adjustments are

made for non-cash revenues and expenses such as straight-line rental revenue and expenses, amortization of

above- and below-market lease related intangibles, and non-cash compensation; other non-recurring items such

as termination fees, leadership transition costs, corporate restructuring costs, and legal settlements; and certain

capitalized items such as capitalized interest. Please see the reconciliation table provided in this press release for

a reconciliation of Non-GAAP Adjusted Net Loss Attributable to Common Stockholders and Non-GAAP Adjusted

Net Loss Attributable to Common Stockholders Per Share to the most directly comparable GAAP measure of net

loss.

Availability of Information on SEG’s Website and Social Media Channels

Investors and others should note that SEG routinely announces material information to investors and the

marketplace using SEC filings, press releases, public conference calls, webcasts and the SEG Investor Relations

website. The Company uses these channels as well as social media channels (e.g., LinkedIn

www.linkedin.com/company/new-york-seaportentertainment) as a means of disclosing information about the

Company's business to our customers, employees, investors, and the public. While not all of the information that

the Company posts to the SEG Investor Relations website or on the Company's social media channels is of a

material nature, some information could be deemed to be material. Accordingly, the Company encourages

investors, the media, and others interested in SEG to review the information that it shares through its website and

on the Company's social media channels. Users may automatically receive email alerts and other information

about the Company when enrolling an email address by visiting "Email Alerts" in the "Resources" section of the

SEG Investor Relations website at https://ir.seaportentertainment.com/resources/email-alerts. The contents of

these websites are not incorporated by reference into this press release or any report or document SEG files with

the SEC, and any references to the websites are intended to be inactive textual references only.

Contacts:

Investor Relations:

Seaport Entertainment Group Inc.

T: (212) 732-8257

ir@seaportentertainment.com

Media Relations:

media@seaportentertainment.com

Seaport Entertainment Group Inc.

Consolidated Balance Sheets

(in thousands, except par value amounts)

(Unaudited)

March

31, 2026

December

31, 2025

ASSETS

Buildings and equipment $ 514,821 $ 537,243

Less: accumulated depreciation (223,599) (225,662)

Land 9,497 9,497

Net investment in real estate 300,719 321,078

Assets held for sale — 137,441

Investments in unconsolidated ventures 17,061 16,676

Cash and cash equivalents 114,828 77,808

Restricted cash 29,867 9,586

Accounts receivable, net 6,886 7,149

Deferred expenses, net 9,781 3,539

Operating lease right-of-use assets, net 44,657 45,102

Other assets, net 18,006 31,743

Total assets $ 541,805 $ 650,122

LIABILITIES

Mortgages payable, net $ 38,361 $ 38,348

Mortgages payable related to assets held for sale — 61,300

Operating lease obligations 56,605 56,527

Accounts payable and other liabilities 24,009 27,540

Total liabilities 118,975 183,715

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, 12,806 issued and outstanding as of

March 31, 2026, and 12,777 issued and outstanding issued or outstanding as of December 31,

2025

129 128

Additional paid in capital 625,306 624,781

Accumulated deficit (212,505) (168,402)

Total Stockholders' equity 412,930 456,507

Noncontrolling interest in subsidiary 9,900 9,900

Total equity 422,830 466,407

Total liabilities and equity $ 541,805 $ 650,122

Seaport Entertainment Group Inc.

Consolidated Statements of Operations

(in thousands, except per share amounts)

(Unaudited)

Three months ended

March 31,

2026 2025

REVENUES

Hospitality revenue $ 5,108 $ 7,735

Entertainment revenue 4,498 4,209

Rental revenue 2,782 3,789

Other revenue 349 336

Total revenues 12,737 16,069

EXPENSES

Hospitality costs 10,227 15,742

Entertainment costs 7,288 7,077

Operating costs 6,984 8,079

General and administrative 8,056 9,782

Depreciation and amortization 20,113 8,091

Total expenses 52,668 48,771

OTHER

Provision for Impairment (339) —

Other income (loss), net (2,249) —

Total other (2,588) —

Operating loss (42,519) (32,702)

Interest income (expense) (270) 994

Equity in earnings (losses) from unconsolidated ventures (964) 170

Loss before income taxes (43,753) (31,538)

Income tax expense (benefit) — —

Net loss (43,753) (31,538)

Preferred distributions to noncontrolling interest in subsidiary (350) (350)

Net loss attributable to common stockholders $ (44,103) $ (31,888)

Total weighted average shares

Basic 12,723 12,694

Diluted 12,723 12,694

Net loss per share attributable to common stockholders

Basic $ (3.47) $ (2.51)

Diluted $ (3.47) $ (2.51)

Seaport Entertainment Group Inc.

Reconciliation of Net Loss to Non-GAAP Adjusted

Net Loss Attributable to Common Stockholders

(in thousands, except per share amounts)

(Unaudited)

Three months ended

March 31,

2026 2025

Net loss $ (43,753) $ (31,538)

Preferred distributions to noncontrolling interest in subsidiary (350) (350)

Net loss attributable to common stockholders (44,103) (31,888)

Adjustments:

Depreciation and amortization 20,446 8,098

Lease termination fee income (570) —

Non-cash compensation 1,091 2,037

Restructuring costs 3,397 —

Straight line rent, net 1,250 655

Capitalized interest — (1,660)

Provision for impairment 339 —

Other income 270 —

Non-GAAP adjusted net loss attributable to common stockholders (17,880) (22,758)

Total weighted average shares

Basic 12,723 12,694

Diluted 12,723 12,694

Non-GAAP adjusted net loss per share attributable to common stockholders

Basic $ (1.41) $ (1.79)

Diluted $ (1.41) $ (1.79)

Common stock outstanding 12,806

Period ending common stock price $21.48

Common equity market capitalization $275,073

Series A Preferred Equity outstanding 10

Per share liquidation preference of Series A Preferred Equity $1,000.00

Liquidation preference of Series A Preferred Equity outstanding $10,000

Total debt outstanding $39,090

Total capitalization $324,163

Cash, restricted cash, and cash equivalents $144,695

Total enterprise value $179,468

Capita

Notes: As of March 31, 2026. $ and shares outstanding in

thousands, except per share data.

Debt

Debt Otstandig ac

Las Vegas Ballpark loan $39,090 December 2038 4.9% Fixed

Fixe Rt

Fixed rate debt $39,090

Leverag

Face value of debt outstanding $39,090

Cash, restricted cash, and cash equivalents (144,695)

Net debt ($105,605)

Total capitalization $324,163

Cash, restricted cash, and cash equivalents to total capitalization 44.6%

Notes: As of March 31, 2026. $ in thousands.

Cap

Investment in Previously Occupied Space Q1 2026 Q2

Capital expenditures $11 $11

Tenant improvement allowance − −

Leasing commissions − −

Total $11 $11

Investment in Inherited Vacancy Q1 2026 Q2 2026

Capital expenditures $5,358 $5,358

Tenant improvement allowance − −

Leasing commissions − −

Total $5,358 $5,358

Other apital Investments Q1 2026 Q2 2026 Q

Property improvement/repositioning costs $138 $138

Development project costs − −

Maintenance capital investments 592 592

Total $730 $730

Total Capital investments Q1 2026 Q2 2026 Q3

Capital expenditures $6,099 $6,099

Tenant improvement allowance − −

Leasing commissions − −

Total $6,099 $6,099

Notes: $ in thousands.

Portfolio S

Note: As of March 31, 2026.

1 Seaport Neighborhood includes the following buildings: Pier 17, Fulton Market Building, Schermerhorn Row, One Seaport Plaza, Museum Block, Translux, 117 Beekman, John Street Service

Building, 85 South Street, and the Tin Building.

2 Rentable square feet is calculated using the REBNY standard of measurement and subject to change based on revised use of the usable space.

3 In February 2026, the Company entered into a lease with Lux Entertainment to open its U.S. flagship location of the Balloon Museum in the Tin Building. The square footage of the Tin Building

was adjusted to reflect the revised use of the space.

USE Ty

Rentable S

Capacity/O

Seaport Neighborhood1 Mixe

Music Venue

Multifamily

454,000 Rentable Square Feet2,3

3,500-Person Capacity Concert Venue

21 Multifamily Units

Las Vegas Ballpark Baseball Stadium 10,000-Person Capac

Las Vegas Aviators Triple-A MiLB Team 100%

Jean-Georges Restaurants Restaurant Gr

Lawn club Hospitality/Entertainment Venue 50% Owne

Fashion Show Mall Air Rights Development Rights Ownership Interest in

85 South

Seaport

Note: For the quarter ended March 31, 2026. Any differences a result of rounding.

1 Rentable square feet is calculated using the REBNY standard of measurement and subject to change based on revised use of the usable space.

2 Square footage for Pier 17 includes the revised square footage of the Tin Building and does not include square footage of The Rooftop at Pier 17 concert venue.

3 In February 2026, the Company entered into a lease with Lux Entertainment to open its U.S. flagship location of the Balloon Museum in the Tin Building. The square footage of the Tin Building was

adjusted to reflect the revised use of the space.

Not

Tenants/Con

RENTABL

Squa

Rema

Leased/Pro

One Seaport Plaza Vacant Retail 24,460 24,460 − % − %

Schermerhorn Row McNally Jackson, Fulton Stall Market, HIIT

the Deck Boxing, Cork, Funny Face

Bakery, The Canvas

Retail 28,727 10,190 60% 65%

Translux Public Service Concept (Future Opening) Retail 9,470 − − % 100%

Museum Block Willett’s NYC (Future Opening), Sadie’s,

Public Service Concept (Future Opening) Mixed-Use 23,599 5,086 1% 78%

Fulton Market Building Lawn Club, IPIC, Alexander Wang Mixed-Use 115,029 − 100% 100%

John Street Service Building Cool Sips Retail 225 − 100% 100%

117 Beekman Bakery/Patisserie (Future Opening) Retail 3,699 − − % 100%

Total Cobblestones & Other 205,209 39,736 65% 81%

Pier 172 The Rooftop at Pier 17, GITANO NYC, The

Fulton, Carne Mare, Riverdeck Bar, Balloon

Museum3 (Future Opening), Meow Wolf

(Future Opening), Event Space (Future

Opening), Flanker Kitchen + Sports Bar

(Future Opening)

Mixed-Use 243,058 7,728 18% 97%

85 South Street N/A Multifamily 5,522 + 21 units 5,522 − % − %

Total Seaport Neighborhood 453,789 + 21 units 52,986 39% 88%

Seaport NYC Leasing or p

Tenant/concept propert

Expecte

Date

GITANO NYC Pier 17 Food & Beverage License to Lease Q2 2025 14,757

Meow Wolf Pier 17 Entertainment Lease Q4 2027 82,279

Willett’s NYC Museum Block Food & Beverage Lease Q3 2026 4,478

Cork Schermerhorn Row Food & Beverage Lease Q2 2026 1,442

Flanker Kitchen + Sports Bar Pier 17 Food & Beverage License Q4 2026 14,191

Sadie’s Museum Block Food & Beverage Operating Q2 2026 7,041

Public Service Concept Museum Block / Translux Cultural/Food & Beverage License Q1/Q2 2027 12,237

Event Space Pier 17 Rental/Food & Beverage Operating Q2 2027 40,490

Balloon Museum Tin Building Entertainment Lease Q3 2026 40,436

Total Leased or Programmed1

Additions 217,351

Note: Any differences a result of rounding.

1 Leased or programmed spaces include: spaces occupied under a lease agreement with a third-party lessee; spaces where the Company operates a venue under a wholly owned concept or

brand, or via a licensed concept, brand, and/or certain other contractual services where the Company is the lessor of the space, and spaces where the Company engages a third party to

operate a venue under a wholly owned concept or brand, or via a licensed concept, brand, and/or certain other contractual services where the Company is the lessor of the space.

2 Annualized Pro Forma EBITDA is estimated to include the Year 1 rent, Year 1 additional rent for reimbursement of common area operating expenses, certain projected Year 1 percentage rent,

and/or Year 1 projected operating EBITDA for the leases or operating businesses listed in the Leasing or Programming Activity table above, in addition to the projected TTM Operating EBITDA

impact from the closure of the Tin Building, Malibu Farm, and transition of Gitano NYC from a license agreement to lease. Annualized Pro Forma EBITDA further removes the TTM Operating

EBITDA effect of rental revenue related to the Nike and ESPN leases in Pier 17, due to Nike exercising their early termination option in Q2 2025, and ESPN entering into a termination agreement

in Q3 2025.

Total incremental Annualized Pro Forma

EBITDA2 is approximately $31.0 million

2026 Statemen

Note: $ in thousands. Any differences a result of rounding. 16

Q1 2026 Q2 2026 Q3 2026 Q4 2026 2026

Hospitality revenue $5,108 $5,108

Entertainment revenue 4,498 4,498

Rental revenue 2,782 2,782

Other revenue 349 349

Total revenues $12,737 $12,737

Hospitality costs 10,227 10,227

Entertainment costs 7,288 7,288

Operating costs 6,984 6,984

General & administrative expense 8,056 8,056

Depreciation and amortization 20,113 20,113

Total expenses 52,668 52,668

Provision for impairment (339) (339)

Other income (loss), net (2,249) (2,249)

Total other (2,588) (2,588)

Operating loss (42,519) (42,519)

Interest income (expense) (270) (270)

Equity in earnings (losses) from unconsolidated ventures (964) (964)

Net loss (43,753) (43,753)

Preferred distributions to noncontrolling interest in subsidiary (350) (350)

Net loss attributable to common stockholders ($44,103) ($44,103)

2025 Statemen

Note: $ in thousands. Any differences a result of rounding. 17

Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025

Hospitality revenue $7,735 $7,735

Entertainment revenue 4,209 4,209

Rental revenue 3,789 3,789

Other revenue 336 336

Total revenues $16,069 $16,069

Hospitality costs 15,742 15,742

Entertainment costs 7,077 7,077

Operating costs 8,079 8,079

General & administrative expense 9,782 9,782

Depreciation and amortization 8,091 8,091

Total expenses 48,771 48,771

Provision for impairment − −

Other income (loss), net − −

Total other − −

Operating loss (32,702) (32,702)

Interest income (expense) 994 994

Equity in earnings (losses) from unconsolidated ventures 170 170

Net loss (31,538) (31,538)

Preferred distributions to noncontrolling interest in subsidiary (350) (350)

Net loss attributable to common stockholders ($31,888) ($31,888)

Statementof O

Q1 ’26 −’25 Q2 ’26 −’25 Q3 ’26 −’25 Q4 ’26−’25 2026 vs. 20

Hospitality revenue ($2,627) ($2,627)

Entertainment revenue 289 289

Rental revenue (1,007) (1,007)

Other revenue 13 13

Total revenues ($3,332) ($3,332)

Hospitality costs (5,515) (5,515)

Entertainment costs 211 211

Operating costs (1,095) (1,095)

General & administrative expense (1,726) (1,726)

Depreciation and amortization 12,022 12,022

Total expenses 3,897 3,897

Provision for impairment (339) (339)

Other income (loss), net (2,249) (2,249)

Total other (2,588) (2,588)

Operating loss (9,817) (9,817)

Interest income (expense) (1,264) (1,264)

Equity in earnings (losses) from unconsolidated ventures (1,134) (1,134)

Net loss (12,215) (12,215)

Preferred distributions to noncontrolling interest in subsidiary − −

Net loss attributable to common stockholders ($12,215) ($12,215)

Note: $ in thousands. Any differences a result of rounding.

Q1 2026 SEGMENT OPERATING

Hospital

Landl

Operations OTH

Total revenues $5,119 $4,498 $5,472 $125 $15,214

Hospitality costs (12,701) − − − (12,701)

Entertainment costs − (7,290) − − (7,290)

Operating costs − − (6,985) − (6,985)

Total operating expenses (12,701) (7,290) (6,985) − (26,976)

Operating EBITDA ($7,582) ($2,792) ($1,513) $125 ($11,762)

Intercompany Rent and Recoveries 2,401 − (2,401) − −

Intercompany Other 62 2 1 (65) −

Operating EBITDA, net of intercompany ($5,119) ($2,790) ($3,913) $60 ($11,762)

General and administrative expense (8,056)

Depreciation and amortization (20,113)

Provision for impairment (339)

Other income (loss), net (2,249)

Operating loss (42,519)

Interest income (expense) (270)

Equity in earnings (losses) from unconsolidated ventures (964)

Net loss (43,753)

Preferred distributions to noncontrolling interest in subsidiary (350)

Net loss attributable to common stockholders ($44,103)

Note: $ in thousands. Any differences a result of rounding.

Q1 2025 SEGMENT OPERATING

Hospital

Landl

Operations OTH

Total revenues $7,735 $4,209 $8,800 $11 $20,755

Hospitality costs (20,428) − − − (20,428)

Entertainment costs − (7,077) − − (7,077)

Operating costs − − (8,079) − (8,079)

Total operating expenses (20,428) (7,077) (8,079) − (35,584)

Operating EBITDA ($12,693) ($2,868) $721 $11 ($14,829)

Intercompany Rent and Recoveries 4,675 − (4,675) − −

Intercompany Other 11 − − (11) −

Operating EBITDA, net of intercompany ($8,007) ($2,868) ($3,954) − ($14,829)

General and administrative expense (9,782)

Depreciation and amortization (8,091)

Provision for impairment −

Other income (loss), net −

Operating loss (32,702)

Interest income (expense) 994

Equity in earnings (losses) from unconsolidated ventures 170

Net loss (31,538)

Preferred distributions to noncontrolling interest in subsidiary (350)

Net loss attributable to common stockholders ($31,888)

Note: $ in thousands. Any differences a result of rounding.

Q1 SEGMENT OPERATINGEBITD

Hospital

Landl

Operat

Q1 2026 VS.

Q1 2025

Total revenues ($2,616) $289 ($3,328) $114 ($5,541)

Hospitality costs 7,727 − − − 7,727

Entertainment costs − (213) − − (213)

Operating costs − − 1,094 − 1,094

Total operating expenses 7,727 (213) 1,094 − 8,608

Operating EBITDA $5,111 $76 ($2,234) $114 $3,067

Intercompany Rent and Recoveries (2,274) − 2,274 − −

Intercompany Other 51 2 1 (54) −

Operating EBITDA, net of intercompany $2,888 $78 $41 $60 $3,067

General and administrative expense 1,726

Depreciation and amortization (12,022)

Provision for impairment (339)

Other income (loss), net (2,249)

Operating loss (9,817)

Interest income (expense) (1,264)

Equity in earnings (losses) from unconsolidated ventures (1,134)

Net loss (12,215)

Preferred distributions to noncontrolling interest in subsidiary −

Net loss attributable to common stockholders ($12,215)

Note: $ in thousands. Any differences a result of rounding.

Asset-Bas

+ Cash, Restricted Cash, & Cash Equivalents $144.7 $144.7 $144.7 $144.7 $144.7

Seaport Neighborhood Square Feet1,2,3 514 514 514 514 514

Hypothetical Per Square Foot Valuations $350.00 $500.00 $650.00 $800.00 $950.00

+ Total Seaport Neighborhood $179.9 $257.0 $334.1 $411.2 $488.3

Las Vegas Aviators and Ballpark TTM Revenue $38.1 $38.1 $38.1 $38.1 $38.1

Hypothetical Revenue Multiple 2.0x 2.5x 3.0x 3.5x 4.0x

+ Las Vegas Aviators and Ballpark $76.2 $95.3 $114.3 $133.4 $152.4

Lawn Club Venture TTM Operating EBITDA $3.9 $3.9 $3.9 $3.9 $3.9

Hypothetical EBITDA Multiple 1.0x 1.5x 2.0x 2.5x 3.0x

SEG Ownership (50%) 50% 50% 50% 50% 50%

+ Lawn Club Venture $2.0 $2.9 $3.9 $4.9 $5.9

+ 85 South Street4 $8.0 $9.5 $11.0 $12.5 $14.0

+ Jean-Georges Restaurants at Book Value $13.7 $13.7 $13.7 $13.7 $13.7

+ Las Vegas Fashion Show Mall Air Rights N/A N/A N/A N/A N/A

Total Implied Asset Value Range $424.5 $523.1 $621.7 $720.4 $819.0

- Total Debt Outstanding $39.1 $39.1 $39.1 $39.1 $39.1

- Series A Preferred Equity Outstanding $10.0 $10.0 $10.0 $10.0 $10.0

Notes: $ in millions, except hypothetical per-square foot valuations. Square feet in thousands. Any differences a result of rounding. Asset-based value components reflect hypothetical asset

valuations and should not be construed as management’s opinion regarding the value of any of the Company’s assets.

1 Seaport Neighborhood includes the following buildings: Pier 17, Fulton Market Building, Schermerhorn Row, One Seaport Plaza, Museum Block, Translux, 117 Beekman, John Street Service

Building, the Tin Building, as well as 60,000 square feet for The Rooftop at Pier 17.

2 Rentable square feet is calculated using the REBNY standard of measurement and subject to change based on revised use of the usable space.

3 In February 2026, the Company entered into a lease with Lux Entertainment to open its U.S. flagship location of the Balloon Museum in the Tin Building. The square footage of the Tin Building

was adjusted to reflect the revised use of the space.

4 Based on a general range of values determined, in part, by multiple broker opinion of values.

Contact

Corporate

199 Water Street

New York, NY 10038

Inves

(212) 732-8257

ir@seaportentertainment.com

Transfe

Fidelity Stock TransferSM (FST)

(833) 500-1036

nb.fidelity.com

NYS

Ticker Symbol: SEG

www.seaportentertainment.com

This presentation and accompanying statements contain forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical facts or relating to present

facts or current conditions included in this presentation are forward-looking statements. Forward-looking statements give Seaport Entertainment Group Inc.’s (“Seaport Entertainment,” the “Company,”

“we,” “us,” “our” and “SEG”) current expectations relating to its financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by

the fact that they do not relate strictly to historical or current facts. These statements may include words such as “may,” “could,” “seek,” “potential,” “likely,” “believe,” “will,” “expect,” “anticipate,” “estimate,”

“plan,” “intend,” “hypothetical,” “forecast,” “aim,” “objectives,” “target,” “transform,” “project,” “realize” or variations of these terms and similar expressions, or the negative of these terms or similar

expressions, although not all forward-looking statements contain these identifying words.

Forward-looking statements include, but are not limited to, statements concerning the Company’s plans, goals, objectives, outlook, expectations, and intentions. Forward-looking statements are based on

the Company’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that

could cause the Company’s results to differ materially from current expectations include, but are not limited to: risks related to macroeconomic conditions; risks related to the impact of tariffs and global

trade disruptions on the Company and its tenants, including impacts on inflation, interest rates, supply chains and consumer sentiment and spending; changes in discretionary consumer spending patterns

or consumer tastes or preferences; risks associated with the Company’s investments in real estate assets and trends in the real estate industry; the Company’s ability to obtain operating and development

capital on favorable terms, or at all; the availability of debt and equity capital; the Company’s ability to renew its leases or re-lease available space; the Company’s ability to compete effectively; the impact of

uncertainty around, and disruptions to, the Company’s supply chain; risks related to the concentration of the Company’s properties and operations in New York City and the Las Vegas area; social, political

and economic instability, unrest and other circumstances beyond the Company’s control which could adversely affect the Company’s business operations; adverse changes in laws or regulations

governing the Company’s operation, changes in the interpretation thereof, or newly enacted laws or regulations could require changes to the Company’s business practices, adversely impact the

Company’s revenues and/or impose additional costs on the Company ; extreme weather conditions or climate change that may cause property damage or interrupt business; the impact of water and

electricity shortages on the Company’s business; the Company’s ability to successfully identify, acquire, develop, and manage properties on terms that are favorable to it; the contamination of the

Company’s properties by hazardous or toxic substances; catastrophic events or geopolitical conditions that may disrupt the Company’s business; actual or threatened terrorist activity and other acts of

violence, or the perception of a heightened threat of such events; losses that are not insured or that exceed the applicable insurance limits; risks related to the disruption or failure of information technology

networks and related systems – both the Company’s and those operated and managed by third parties; the Company’s ability to attract and retain key personnel; the Company’s inability to control certain

properties due to the joint ownership of such property and inability to successfully attract desirable strategic partners, including joint venture partners; risks related to the concentration of ownership of the

Company’s common stock by Pershing Square; risks related to the Company’s separation from, and relationship with, Howard Hughes Holdings Inc.; and the other factors detailed in the Company’s filings

with the SEC. Forward-looking statements speak only as of the date of this presentation. The Company is under no obligation to publicly update or revise any forward-looking statements, whether as a

result of new information, future events or otherwise, except as required by applicable law.

All forward-looking statements in this presentation are made as of (i) the date hereof, in the case of information about the Company, and (ii) the date of such information, in the case of information from

persons other than the Company. While management believes the information underlying any estimates and projections forms a reasonable basis for the statements in this presentation, such information

may be limited or incomplete and should not be read to indicate that the Company has conducted an exhaustive inquiry into, or review of, all potentially available relevant information.

All trademarks and logos depicted in this presentation are the property of their respective owners and are displayed solely for purposes of illustration. Such use should not be construed as an endorsement

of the products or services of the Company.

Safe Ha

Key terms

References and terms used in this presentation that are in addition to the terms defined in the Safe Harbor section of this presentation, or not already defined in other areas of this

presentation, include:

This presentation was published on May 6, 2026.

All information is as of, or for the quarter-ending March 31, 2026, unless otherwise noted.

Any calculation differences are assumed to be a result of rounding.

“Aviators” refers to the Las Vegas Aviators Triple-A baseball team.

“Inherited Vacancy” refers to rentable spaces of which the majority of the associated space was vacant or on a short-term agreement at the time of the Company’s Spin-Off.

“Jean-Georges,” “JGM,” or “JG” refers to Jean-Georges Restaurants.

“Net Debt” is calculated as our total long-term debt as presented on the face of our balance sheet, plus financing costs net of accumulated amortization, less cash, restricted

cash and cash equivalents.

“NYSE” refers to the New York Stock Exchange.

“Pershing Square” refers to Pershing Square Capital Management, L.P.

“Seaport,” “Seaport NYC,” or “Seaport Neighborhood” refers to the approximately 454,000 square feet of restaurant, retail, office and entertainment properties and 21

residential units that makeup the Seaport in Lower Manhattan.

“Operating EBITDA” refers to the Segment Operating Results disclosed within our Form 10-Q filed May 6, 2026.

“Previously Occupied Space” refers to rentable spaces of which the majority of the associated space was occupied at the time of the Company’s Spin-Off.

“Series A Preferred Equity” refers to 14.000% Series A preferred stock of Seaport District NYC, Inc. On July 31, 2024, in connection with certain restructuring transactions to

effectuate the Spin-Off, where Seaport District NYC, Inc., at such time an indirect subsidiary of HHH, issued 10,000 shares of its 14.000% Series A preferred stock with an

aggregate liquidation preference of $10.0 million to its then-direct parent in exchange for the contribution by its parent of certain assets. In connection with the Separation,

Seaport District NYC, Inc. became a subsidiary of Seaport Entertainment.

“Spin-Off” or “Separation” refers to the pro rata distribution of the shares of Seaport Entertainment Group Inc. to the Seaport Entertainment Group Inc. shareholders in a

distribution that is intended to be tax-free to HHH stockholders for U.S. federal income tax purposes except for cash received in lieu of fractional shares.

“TTM” or “Trailing Twelve Months” refers to the financial results for the twelve consecutive months ending on the date of the reported financial statements.

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