Financial Data and Key Metrics Changes - The net loss attributable to common stockholders for Q4 2025 was $36.9 million, representing an 11% year-over-year improvement, while the full year net loss was $116.7 million, reflecting a 24% improvement [23] - Non-GAAP adjusted net loss for Q4 2025 was $17.5 million, a 9% improvement year-over-year, and for the full year, it was $54.1 million, showing a 49% improvement [23] - Total consolidated revenues for Q4 2025 were $29.5 million, a 7% year-over-year increase, while full year revenues were $130.4 million, essentially flat compared to the previous year [24] Business Line Data and Key Metrics Changes - Hospitality segment revenues declined by 23% in Q4 2025 on a pro forma basis, primarily due to lower performance at the Tin Building [25] - Entertainment segment revenues increased by 68% year-over-year in Q4 2025, driven by the internalization of Enchant operations in Las Vegas [29] - Landlord segment rental revenue increased by 14% year-over-year in Q4 2025, mainly from private events rental revenue [31] Market Data and Key Metrics Changes - The Seaport neighborhood was approximately 90% leased or programmed as of December 31, 2025, leaving roughly 47,000 sq ft of vacancy [17] - The company anticipates that leasing or programming more than 220,000 sq ft since becoming a standalone public company will result in additional stabilized EBITDA of over $30 million [17] Company Strategy and Development Direction - The company aims to position itself as a scalable, real estate-centric hospitality and entertainment company, focusing on improving operations and expanding offerings [3] - The sale of 250 Water Street is expected to eliminate $7 million of annual cash burn and provide additional capital for strategic priorities [6] - The company plans to expand the Pier 17 event space from 17,500 sq ft to over 40,000 sq ft, targeting large-scale meetings and events [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's progress and the potential for long-term financial stability, highlighting the positive momentum from 2025 into 2026 [20] - The company is focused on improving its cost structure and operational efficiency, with expectations for continued margin improvement in 2026 [19] Other Important Information - The company has a strong cash position of over $87 million, which would increase to $163 million pro forma after the sale of 250 Water Street, providing liquidity for future investments [41][42] - The company is exploring the sale of its 21-unit apartment building at 85 South Street, which is nearly fully leased and cash flowing [70] Q&A Session Summary Question: How much of the $163 million cash is committed to current projects? - The company expects to spend around $70 million-$90 million to stabilize existing projects, targeting a total of $100 million-$125 million for stabilization [45] Question: What are the criteria for the buyback program? - The buyback program will be executed opportunistically, with no specific parameters or timing publicly disclosed [62][64] Question: How does the Balloon Museum complement the Meow Wolf experience? - Both experiences are seen as complementary, providing a full day opportunity for visitors at the Seaport [67] Question: What is the status of the apartment building at 85 South Street? - The building is nearly 100% leased and cash flowing, with significant interest in the marketing process [68] Question: How do the Las Vegas properties fit into the company's overall strategy? - The Las Vegas ballpark is positioned well within a growing community, and the company sees opportunities to enhance profitability through better cost controls and creative ticketing strategies [72]