Seaport Entertainment Group Inc.

Seaport Entertainment Group Inc. announced that Lucy Fato ceased her role as Executive Vice President, General Counsel, and Corporate Secretary, effective June 25, 2026. Ms. Fato will transition to an Advisor role to the President and CEO, remaining employed until August 24, 2026. Her separation will be under the "without cause" provisions of her employment agreement, entitling her to separation payments and benefits upon fulfilling certain conditions.

Seaport Entertainment Group Inc. reported a net loss attributable to common stockholders of $44.1 million for the three months ended March 31, 2026, a significant increase from $31.9 million in the prior year. Total revenues decreased to $12.7 million from $16.1 million, while total expenses rose to $52.7 million, largely due to a substantial increase in depreciation and amortization. The company completed the sale of its 250 Water Street property for $143.0 million, which significantly boosted cash from investing activities.

Seaport Entertainment Group reported a Q1 2026 net loss attributable to common stockholders of ($44.1) million, a 38.3% increase year-over-year, with total revenues decreasing by 20.7% to $12.7 million. Despite the GAAP loss, the company's Non-GAAP Adjusted Net Loss improved by 21.4% to ($17.9) million. Key operational highlights include the sale of the 250 Water Street development site for $143.0 million, new lease agreements for Public Service and the Balloon Museum, and the opening of Sadie's restaurant.

Seaport Entertainment Group Inc. (SEG) announced the dismissal of KPMG LLP as its independent registered public accounting firm, effective April 1, 2026. Concurrently, the company's Audit Committee approved the engagement of Grant Thornton LLP to audit its financial statements for the fiscal year ending December 31, 2026. The company stated that KPMG's reports for the past two fiscal years (2025 and 2024) did not contain any adverse opinions, disclaimers, or qualifications, and there were no disagreements or reportable events between SEG and KPMG during the relevant periods. This change appears to be a routine transition rather than an indication of underlying financial or accounting issues.

Seaport Entertainment Group Inc. (SEG) announced the dismissal of KPMG LLP as its independent registered public accounting firm and the engagement of Grant Thornton LLP, effective April 1, 2026. Grant Thornton will audit the company's financial statements for the year ending December 31, 2026. Importantly, SEG confirmed there were no disagreements with KPMG on accounting principles or practices, nor any reportable events during the past two fiscal years ended December 31, 2025, and 2024, or the subsequent interim period. This change appears to be a routine transition without any disclosed issues regarding financial reporting integrity, providing a neutral signal to investors.