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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-41746

ATLANTA BRAVES HOLDINGS, INC.

(Exact name of Registrant as specified in its charter)


Nevada		92-1284827
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

755 Battery Avenue SE Atlanta, Georgia		30339
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (404) 614-2300

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



Title of each class	Trading Symbol	Name of each exchange on which registered
Series A common stock	BATRA	The Nasdaq Stock Market LLC
Series C common stock	BATRK	The Nasdaq Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer ☒		Accelerated Filer ☐		Non-accelerated Filer ☐		Smaller Reporting Company ☐		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. ☐

Indicate by check mark whether the Registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Yes ☐ No ☒

The number of outstanding shares of Atlanta Braves Holdings, Inc. common stock as of July 31, 2025 was:


	Series A	Series B	Series C
Atlanta Braves Holdings, Inc. common stock	10,318,162	977,776	51,459,265

Table of Contents

Table of Contents


Part I – Financial Information
Item 1. Financial Statements		I-3

Condensed Consolidated Balance Sheets (unaudited)		I-3
Condensed Consolidated Statements of Operations (unaudited)		I-5
Condensed Consolidated Statements of Comprehensive Earnings (Loss) (unaudited)		I-6
Condensed Consolidated Statements of Cash Flows (unaudited)		I-7
Condensed Consolidated Statements of Equity (unaudited)		I-8
Notes to Condensed Consolidated Financial Statements (unaudited)		I-10

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		I-29
Item 3. Quantitative and Qualitative Disclosures about Market Risk		I-36
Item 4. Controls and Procedures		I-36

Part II — Other Information
Item 1. Legal Proceedings		II-1
Item 1A. Risk Factors		II-1
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		II-1
Item 5. Other Information		II-1
Item 6. Exhibits		II-2

SIGNATURES		II-3

I-2

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Balance Sheets

(unaudited)


	June 30,		December 31,
	2025		2024

	amounts in thousands
Assets
Current assets:
Cash and cash equivalents	$	96,196	110,144
Restricted cash		57,425	2,455
Accounts receivable and contract assets, net of allowance for credit losses of $244 and $238, respectively		60,662	49,991
Other current assets		22,250	16,556
Total current assets		236,533	179,146

Property and equipment, at cost (note 3)		1,259,862	1,161,803
Accumulated depreciation		(378,795)	(354,318)
		881,067	807,485

Investments in affiliates, accounted for using the equity method (note 4)		114,606	108,786
Intangible assets not subject to amortization:
Goodwill		175,764	175,764
Franchise rights		123,703	123,703
		299,467	299,467

Other assets, net		152,188	128,962
Total assets	$	1,683,861	1,523,846

See accompanying notes to condensed consolidated financial statements.

I-3

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Balance Sheets (continued)

(unaudited)


	June 30,		December 31,
	2025		2024

	amounts in thousands,
	except share amounts
Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities	$	111,043	63,711
Deferred revenue and refundable tickets		144,442	111,851
Current portion of debt (note 5)		104,445	104,193
Other current liabilities		11,232	6,905
Total current liabilities		371,162	286,660

Long-term debt (note 5)		598,656	512,927
Finance lease liabilities		100,839	103,845
Deferred income tax liabilities		37,755	43,516
Pension liability		4,393	6,558
Other noncurrent liabilities		36,183	34,116
Total liabilities		1,148,988	987,622
Equity:
Preferred stock, $.01 par value. Authorized 50,000,000 shares; zero shares issued at June 30, 2025 and December 31, 2024		—	—
Series A common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,318,162 and 10,318,162 at June 30, 2025 and December 31, 2024, respectively		103	103
Series B common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 977,776 and 977,776 at June 30, 2025 and December 31, 2024, respectively		10	10
Series C common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 51,459,265 and 51,269,890 at June 30, 2025 and December 31, 2024, respectively		513	511
Additional paid-in capital		1,123,091	1,112,551
Accumulated other comprehensive earnings (loss), net of taxes		(3,348)	(3,352)
Retained earnings (deficit)		(597,541)	(585,644)
Total stockholders' equity		522,828	524,179
Noncontrolling interests in equity of subsidiaries		12,045	12,045
Total equity		534,873	536,224
Commitments and contingencies (note 7)
Total liabilities and equity	$	1,683,861	1,523,846

See accompanying notes to condensed consolidated financial statements.

I-4

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Operations

(unaudited)


	Three months ended			Six months ended
	June 30,			June 30,
	2025		2024	2025	2024

	amounts in thousands,
	except per share amounts
Revenue:
Baseball revenue	$	287,319	266,001	315,940	287,971
Mixed-Use Development revenue		25,121	16,875	43,711	31,985
Total revenue		312,440	282,876	359,651	319,956
Operating costs and expenses:
Baseball operating costs		210,809	205,070	259,572	250,277
Mixed-Use Development costs		3,633	2,410	6,041	4,663
Selling, general and administrative, including stock-based compensation		34,940	33,351	62,175	60,444
Depreciation and amortization		21,271	17,109	34,528	31,991
		270,653	257,940	362,316	347,375
Operating income (loss)		41,787	24,936	(2,665)	(27,419)
Other income (expense):
Interest expense		(11,652)	(9,713)	(21,996)	(19,156)
Share of earnings (losses) of affiliates, net (note 4)		10,613	11,622	10,935	13,249
Realized and unrealized gains (losses) on financial instruments, net		(640)	931	(1,277)	3,905
Other, net		1,673	2,217	2,886	3,986
Earnings (loss) before income taxes		41,781	29,993	(12,117)	(25,435)
Income tax benefit (expense)		(12,287)	(884)	220	3,272
Net earnings (loss)		29,494	29,109	(11,897)	(22,163)
Basic net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share (note 2)	$	0.47	0.47	(0.19)	(0.36)
Diluted net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share (note 2)	$	0.46	0.46	(0.19)	(0.36)

See accompanying notes to condensed consolidated financial statements.

I-5

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Comprehensive Earnings (Loss)

(unaudited)


	Three months ended			Six months ended
	June 30,			June 30,
	2025		2024	2025	2024

	amounts in thousands
Net earnings (loss)	$	29,494	29,109	(11,897)	(22,163)
Other comprehensive earnings (loss), net of tax:
Unrealized holdings gains (loss) arising during the period		11	(71)	19	(141)
Share of other comprehensive earnings (loss) of affiliates		(15)	(17)	(15)	(17)
Other comprehensive earnings (loss), net of tax		(4)	(88)	4	(158)
Comprehensive earnings (loss)	$	29,490	29,021	(11,893)	(22,321)

See accompanying notes to condensed consolidated financial statements.

I-6

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Cash Flows

(unaudited)


	Six months ended
	June 30,
	2025		2024

	amounts in thousands
Cash flows from operating activities:
Net earnings (loss)	$	(11,897)	(22,163)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		34,528	31,991
Stock-based compensation		5,292	7,424
Share of (earnings) losses of affiliates, net		(10,935)	(13,249)
Realized and unrealized (gains) losses on financial instruments, net		1,277	(3,905)
Deferred income tax expense (benefit)		(5,761)	(2,801)
Cash receipts from returns on equity method investments		5,095	5,838
Net cash received (paid) for interest rate swaps		1,632	3,036
Other charges (credits), net		4,071	(1,480)
Net change in operating assets and liabilities:
Current and other assets		(30,545)	(8,574)
Payables and other liabilities		94,883	60,635
Net cash provided by (used in) operating activities		87,640	56,752
Cash flows from investing activities:
Capital expended for property and equipment		(36,400)	(57,432)
Acquisition of real estate assets		(93,709)	—
Investments in equity method affiliates and equity securities		—	(714)
Other investing activities, net		4	41
Net cash provided by (used in) investing activities		(130,105)	(58,105)
Cash flows from financing activities:
Borrowings of debt		88,509	33,405
Repayments of debt		(5,702)	(4,787)
Proceeds (disbursements) from exercise of stock options and other stock issuances		5,250	(1,027)
Other financing activities, net		(4,570)	(2,599)
Net cash provided by (used in) financing activities		83,487	24,992
Net increase (decrease) in cash, cash equivalents and restricted cash		41,022	23,639
Cash, cash equivalents and restricted cash at beginning of period		112,599	137,717
Cash, cash equivalents and restricted cash at end of period	$	153,621	161,356

Supplemental disclosure to the condensed consolidated statements of cash flows:
Property and equipment expenditures incurred but not yet paid	$	5,081	23,103

The following table reconciles cash and cash equivalents and restricted cash reported in our condensed consolidated balance sheets to the total amount presented in our condensed consolidated statements of cash flows:


	June 30,		December 31,
	2025		2024

	amounts in thousands
Cash and cash equivalents	$	96,196	110,144
Restricted cash		57,425	2,455
Total cash, cash equivalents and restricted cash at end of period	$	153,621	112,599

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Equity

(unaudited)


							Accumulated
							other		Noncontrolling
						Additional	comprehensive	Retained	interests
	Preferred		Common Stock			paid-in	earnings	earnings	in equity of	Total
	Stock		Series A	Series B	Series C	capital	(loss)	(deficit)	subsidiaries	equity

	amounts in thousands
Balance at January 1, 2025	$	—	103	10	511	1,112,551	(3,352)	(585,644)	12,045	536,224
Net earnings (loss)		—	—	—	—	—	—	(11,897)	—	(11,897)
Other comprehensive earnings (loss), net of tax		—	—	—	—	—	4	—	—	4
Stock-based compensation		—	—	—	—	5,292	—	—	—	5,292
Stock issuances and other, net		—	—	—	2	5,248	—	—	—	5,250
Balance at June 30, 2025	$	—	103	10	513	1,123,091	(3,348)	(597,541)	12,045	534,873


							Accumulated
							other		Noncontrolling
						Additional	comprehensive	Retained	interests
	Preferred		Common Stock			paid-in	earnings	earnings	in equity of	Total
	Stock		Series A	Series B	Series C	capital	(loss)	(deficit)	subsidiaries	equity

	amounts in thousands
Balance at March 31, 2025	$	—	103	10	511	1,115,876	(3,344)	(627,035)	12,045	498,166
Net earnings (loss)		—	—	—	—	—	—	29,494	—	29,494
Other comprehensive earnings (loss), net of tax		—	—	—	—	—	(4)	—	—	(4)
Stock-based compensation		—	—	—	—	2,646	—	—	—	2,646
Stock issuances and other, net		—	—	—	2	4,569	—	—	—	4,571
Balance at June 30, 2025	$	—	103	10	513	1,123,091	(3,348)	(597,541)	12,045	534,873

See accompanying notes to condensed consolidated financial statements.

I-8

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Equity

(unaudited)


							Accumulated
							other		Noncontrolling
						Additional	comprehensive	Retained	interests
	Preferred		Common Stock			paid-in	earnings	earnings	in equity of	Total
	Stock		Series A	Series B	Series C	capital	(loss)	(deficit)	subsidiaries	equity

	amounts in thousands
Balance at January 1, 2024	$	—	103	10	506	1,089,625	(7,271)	(554,376)	12,045	540,642
Net earnings (loss)		—	—	—	—	—	—	(22,163)	—	(22,163)
Other comprehensive earnings (loss), net of tax		—	—	—	—	—	(158)	—	—	(158)
Stock-based compensation		—	—	—	—	7,424	—	—	—	7,424
Stock issuances and other, net		—	—	—	1	(1,028)	—	—	—	(1,027)
Balance at June 30, 2024	$	—	103	10	507	1,096,021	(7,429)	(576,539)	12,045	524,718


							Accumulated
							other		Noncontrolling
						Additional	comprehensive	Retained	interests
	Preferred		Common Stock			paid-in	earnings	earnings	in equity of	Total
	Stock		Series A	Series B	Series C	capital	(loss)	(deficit)	subsidiaries	equity

	amounts in thousands
Balance at March 31, 2024	$	—	103	10	506	1,091,572	(7,341)	(605,648)	12,045	491,247
Net earnings (loss)		—	—	—	—	—	—	29,109	—	29,109
Other comprehensive earnings (loss), net of tax		—	—	—	—	—	(88)	—	—	(88)
Stock-based compensation		—	—	—	—	3,705	—	—	—	3,705
Stock issuances and other, net		—	—	—	1	744	—	—	—	745
Balance at June 30, 2024	$	—	103	10	507	1,096,021	(7,429)	(576,539)	12,045	524,718

See accompanying notes to condensed consolidated financial statements.

I-9

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements

(unaudited)

(1)Basis of Presentation

During November 2022, the board of directors of Liberty Media Corporation (“Liberty” or “Former parent”) authorized Liberty management to pursue a plan to redeem each outstanding share of its Liberty Braves common stock in exchange for one share of the corresponding series of common stock of a newly formed entity, Atlanta Braves Holdings, Inc. (the “Split-Off”). The Split-Off was completed on July 18, 2023 and was intended to be tax-free to holders of Liberty Braves common stock. In September 2024, the Internal Revenue Service completed its review of the Split-Off and notified Liberty that it agreed with the non-taxable characterization of the transaction. The Split-Off was accounted for at historical cost due to the pro rata nature of the distribution to holders of Liberty Braves common stock. Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings” or the “Company”) is comprised of the businesses, assets and liabilities of its wholly-owned subsidiary Braves Holdings, LLC (“Braves Holdings”) and corporate cash.

The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”). These accompanying condensed consolidated financial statements refer to the consolidation of Braves Holdings and corporate cash as "Atlanta Braves Holdings," "the Company," "us," "we" and "our" in the notes to the condensed consolidated financial statements. The accompanying condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and variable interest entities (“VIE”) where the Company determines that it is the primary beneficiary. For consolidated entities where our ownership interest is less than 100%, noncontrolling ownership interests are reported in our condensed consolidated balance sheets. All significant intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements.

The accompanying (a) condensed consolidated balance sheet as of December 31, 2024, which has been derived from audited financial statements, and (b) the interim unaudited condensed consolidated financial statements have been prepared in accordance with Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. The results of operations for any interim period are not necessarily indicative of results for the full year. Additionally, certain prior period amounts have been reclassified for comparability with current period presentation. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in Atlanta Braves Holdings’ Annual Report on Form 10-K for the year ended December 31, 2024.

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company considers (i) fair value measurements of non-financial instruments and (ii) accounting for income taxes to be its most significant estimates.

Description of Business

Braves Holdings indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC,” the “Atlanta Braves,” the “Braves,” the “club,” or the “team”). The Braves’ ballpark (“Truist Park” or the “Stadium”), is located in Cobb County, a suburb of Atlanta, and is leased from Cobb County, Cobb-Marietta Coliseum and Exhibit Hall Authority. Braves Holdings, through affiliated entities and third-party development partners, has developed a significant portion of the land around Truist Park for a mixed-use development that features retail, office, hotel and entertainment opportunities (the “Mixed-Use Development”).

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Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

The Braves and 29 other Major League Baseball (“MLB”) clubs are collectively referred to as the Clubs. The Office of the Commissioner of Baseball (the “BOC”) is an unincorporated association also doing business as MLB and has as its members the Clubs. The Clubs are bound by the terms and provisions of the Major League Constitution and all rules and regulations promulgated thereunder as well as a series of other agreements and arrangements that govern the operation and management of a Club, which among other things, require each Club to comply with limitations on the amount of debt a Club can incur, revenue sharing arrangements with the other Clubs, commercial arrangements with regard to the national broadcasting of its games and other programming and commercial arrangements relating to the use of its intellectual property.

Split-Off of Atlanta Braves Holdings from Liberty

Following the Split-Off and subsequent Liberty Media Exchange (as defined below), Liberty and Atlanta Braves Holdings operate as separate, publicly traded companies and neither has any continuing stock ownership, beneficial or otherwise, in the other. Liberty owned 1,811,066 shares of Atlanta Braves Holdings Series C common stock following the Split-Off. In November 2023, Liberty exchanged 1,811,066 shares of Atlanta Braves Holdings Series C common stock with a third party in satisfaction of certain of Liberty’s debt obligations and an affiliate of such third party then sold the shares in a secondary public offering (the “Liberty Media Exchange”). Pursuant to the registration rights agreement (as described below) with Liberty, Atlanta Braves Holdings registered the shares related to the Liberty Media Exchange. Atlanta Braves Holdings did not receive any of the proceeds from the Liberty Media Exchange.

In connection with the Split-Off, Liberty and Atlanta Braves Holdings entered into certain agreements in order to govern certain of the ongoing relationships between the two companies after the Split-Off and to provide for an orderly transition. These agreements included a reorganization agreement, a services agreement, aircraft time sharing agreements, a facilities sharing agreement, a tax sharing agreement and a registration rights agreement. The facilities sharing agreement and aircraft time sharing agreements were terminated as part of the Corporate Governance Transition (as defined below).

The reorganization agreement provides for, among other things, the principal corporate transactions (including the internal restructuring) required to effect the Split-Off, certain conditions to the Split-Off and provisions governing the relationship between Atlanta Braves Holdings and Liberty with respect to and resulting from the Split-Off. The tax sharing agreement provides for the allocation and indemnification of tax liabilities and benefits between Liberty and Atlanta Braves Holdings and other agreements related to tax matters. Pursuant to the services agreement, Liberty provides Atlanta Braves Holdings with general and administrative services including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support. Atlanta Braves Holdings will reimburse Liberty for direct, out-of-pocket expenses and will pay a services fee to Liberty under the services agreement that is subject to adjustment quarterly, as necessary. Additionally, pursuant to the services agreement with Liberty and prior to the Corporate Governance Transition (as defined below), components of the Liberty Chief Executive Officer’s compensation were either paid directly to him or reimbursed to Liberty, in each case, based on allocations set forth in the services agreement. The allocation percentage was 8% during the period from January 1, 2024 to August 31, 2024, when the Corporate Governance Transition (as defined below) occurred.

Under these various agreements, amounts reimbursable to Liberty aggregated to a nominal amount and $1.8 million for the three months ended June 30, 2025 and 2024, respectively, and $0.1 million and $2.5 million for the six months ended June 30, 2025 and 2024, respectively.

Related Party Transactions and Change in Corporate Governance

On August 21, 2024, Terence F. McGuirk (“McGuirk”), entered into certain shareholder arrangements with Dr. John C. Malone (“Malone”), pursuant to which Malone granted McGuirk a proxy (the “Malone Voting Agreement”)

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Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

to vote 887,079 shares of the Company’s Series B common stock owned by Malone, representing 44% of the Company’s then outstanding voting power, on director elections, the approval or authorization of executive compensation and other routine matters. Malone has also granted McGuirk a right of first refusal with respect to future transfers of the Company shares beneficially owned by Malone as well as certain appreciation rights with respect to the value of Malone’s shares of the Company’s Series B common stock.

The execution of the Malone Voting Agreement constituted a “Change in Control” of the Company as defined in Gregory B. Maffei’s Executive Employment Agreement, dated effective as of December 13, 2019, by and between Mr. Maffei and Liberty. As a result, on August 21, 2024, Mr. Maffei notified the Company of his resignation as President, Chief Executive Officer, Chairman of the Board and a director of the Company effective August 31, 2024. Mr. Maffei’s separation from employment with the Company was for “Good Reason” within the meaning of his Executive Employment Agreement. As part of that transition, Atlanta Braves Holdings and Liberty began transitioning various general and administrative services then provided by Liberty to the management of Atlanta Braves Holdings, including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support. Additionally, the then-current officers of the Company (with limited exceptions) stepped down from their officer positions, effective August 31, 2024, and members of the Braves Holdings executive team assumed these roles effective September 1, 2024 (the “Corporate Governance Transition”).

Seasonality

The majority of Braves Holdings revenue is seasonal, with the revenue recognized primarily during the second and third quarters which aligns with the baseball season.

Income Taxes

In prior years, the Company’s tax provision from income taxes for interim periods has generally been determined using an estimate of our annual effective tax rate (the “AETR”), adjusted for discrete items that are taken into account in the relevant period of recognition. Due to sensitivity in our AETR based on minor changes to our projected annual earnings (loss) before income taxes and the seasonality of our revenue, the Company is unable to reliably estimate our AETR as of June 30, 2025. As a result, the Company has calculated the tax provision from income taxes for the three and six months ended June 30, 2025 based upon a discrete effective tax rate model which treats the current year to date period as if it were the annual period.

(2)Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share

Basic net earnings (loss) per common share (“EPS”) is computed by dividing net earnings (loss) attributable to Atlanta Braves Holdings shareholders by the weighted average number of common shares outstanding (“WASO”) for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares.

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Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)


	Three months ended June 30,		Six months ended June 30,
	2025	2024	2025	2024

	(numbers of shares in thousands)
Basic WASO	62,636	61,948	62,605	61,913
Potentially dilutive shares ⁽¹⁾	873	844	810	835
Diluted WASO	63,509	62,792	63,415	62,748

(1)

Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. For the three and six months ended June 30, 2025 and 2024, there were no additional potential common shares excluded that would have been antidilutive.

(3) Property and Equipment

Property and equipment consisted of the following:


	June 30, 2025				December 31, 2024
			Owned			Owned
			assets			assets
	Owned		available to		Owned	available to
	assets		be leased	Total	assets	be leased	Total

	amounts in thousands
Land	$	18,583	47,500	66,083	18,583	22,891	41,474
Buildings and improvements		281,562	523,759	805,321	281,420	481,276	762,696
Leasehold improvements		102,766	67,642	170,408	85,293	67,863	153,156
Furniture and equipment		196,027	15,970	211,997	183,971	9,850	193,821
Construction in progress		867	5,186	6,053	6,865	3,791	10,656
Property and equipment, at cost	$	599,805	660,057	1,259,862	576,132	585,671	1,161,803

Depreciation expense was $12.9 million and $10.0 million for the three months ended June 30, 2025 and 2024, respectively, and $24.5 million and $23.6 million for the six months ended June 30, 2025 and 2024, respectively.

(4)Investments in Affiliates Accounted for Using the Equity Method

The following table includes the Company’s carrying amount and percentage ownership of its investments in affiliates:


	June 30, 2025				December 31, 2024
	Percentage		Carrying		Carrying
	Ownership		amount		amount

			amounts in thousands
MLBAM	3.3	%	$	60,239	54,235
BELP	3.3	%		40,733	39,785
Other	50.0	%		13,634	14,766
Total			$	114,606	108,786

I-13

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

The following table presents the Company’s share of earnings (losses) of affiliates, net:


	Three months ended			Six months ended
	June 30,			June 30,
	2025		2024	2025	2024

	amounts in thousands
MLBAM	$	10,310	9,478	9,899	8,691
BELP		231	1,456	948	3,169
Other		72	688	88	1,389
Total	$	10,613	11,622	10,935	13,249

MLBAM

MLB Advanced Media, L.P. (“MLBAM”) was formed in January 2000 pursuant to a vote of the 30 owners of the Clubs, whereby each Club agreed to cede substantially all of its individual Club internet and interactive media rights to MLBAM for an indirect 3.3% interest in MLBAM. The Company’s investment in MLBAM is considered an equity method investment as the investment is in a limited partnership where significant influence is generally presumed to exist.

At the time of the acquisition of ANLBC by a predecessor of Liberty in 2007, the fair value of the MLBAM investment exceeded ANLBC’s proportionate share of MLBAM’s net assets, resulting in excess basis in the investment in MLBAM. The excess basis as of June 30, 2025 and December 31, 2024 was indefinite lived and aggregated approximately $10.3 million.

BELP

Baseball Endowment, L.P. (“BELP”) is an investment fund formed by the Clubs principally for the purpose of investing, on a long-term basis, assets on their behalf intended to provide a competitive market rate investment return while minimizing investment volatility. The Company’s investment in BELP is considered an equity method investment as the investment is in a limited partnership where significant influence is generally presumed to exist. The Company records its share of BELP’s earnings (losses) on a one month lag.

Other Affiliates

Braves Holdings has 50% interests in three joint ventures that were formed to develop, own and operate hotels in the Mixed-Use Development. The equity method of accounting is applied to these investments as Braves Holdings does not have the ability to direct the most significant activities that impact their economic performance. In addition, Braves Holdings records its share of the earnings (losses) of these investments on a three month lag.

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Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

(5)Debt

Debt is summarized as follows:


	June 30,		December 31,
	2025		2024

	amounts in thousands
Baseball
League wide credit facility	$	—	—
MLB facility fund – term		30,000	30,000
MLB facility fund – revolver		37,950	39,100
TeamCo revolver		—	—
Term debt		155,431	158,806
Mixed-Use Development
Credit facilities		138,064	126,924
Term debt		344,587	265,236
Deferred financing costs		(2,931)	(2,946)
Total debt		703,101	617,120
Debt classified as current		(104,445)	(104,193)
Total long-term debt	$	598,656	512,927

League Wide Credit Facility

In December 2013, a subsidiary of Braves Holdings executed various agreements to enter into MLB’s League Wide Credit Facility (the “LWCF”). Braves Holdings also established a special purpose Delaware statutory trust, the Braves Club Trust (the “Club Trust”), and transferred, among other things, to the Club Trust its rights to receive distributions of revenue from the National Broadcasting Contracts, which secure borrowings under the LWCF. Pursuant to the terms of a revolving credit agreement, Major League Baseball Trust may borrow from certain lenders, with Bank of America, N.A. acting as the administrative agent. Major League Baseball Trust then uses the proceeds of such borrowings to provide loans to the club trusts of the participating Clubs. Major League Baseball Trust has granted Wells Fargo Bank, National Association, the collateral agent in respect of the LWCF, a first priority lien to secure the borrowings under the LWCF. The maximum amount available to the Club Trust under the LWCF was $125.0 million as of June 30, 2025. The commitment termination date of the revolving credit facility under the LWCF, which is the repayment date for all amounts borrowed under such revolving credit facility, is July 10, 2030.

Under the LWCF, the Club Trust can request a revolving credit advance in the form of a Eurodollar or Base Rate loan. Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by the Eurodollar or Base Rate, plus an applicable margin. The interest rate of a Eurodollar loan was one-month London Inter-Bank Offered Rate (“LIBOR”) plus a margin of 1.20% to 1.325%, based on the credit rating of Major League Baseball Trust. The interest rate of a Base Rate loan was the greater of (x) the Federal Funds rate plus 0.50%, (y) the prevailing Prime, and (z) LIBOR plus 1.00%, plus a margin of 0.200% to 0.325%, based on the credit rating of Major League Baseball Trust. Beginning in May 2022, interest based on LIBOR under the LWCF was replaced with interest based on the Secured Overnight Financing Rate (“SOFR”) plus 0.1%. Borrowings outstanding under the LWCF bore interest at a rate of 5.62% and 5.63% per annum as of June 30, 2025 and December 31, 2024, respectively. The LWCF also has a commitment fee equal to 0.20% per annum on the daily unused amount of the revolving credit facility.

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Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

MLB Facility Fund

In December 2017, a subsidiary of Braves Holdings executed various agreements to enter into the MLB Facility Fund (the “MLBFF”). Braves Holdings also established a special purpose Delaware limited liability company, Braves Facility Fund LLC (“Braves Facility Fund”), and transferred to Braves Facility Fund its rights to receive distributions from the Club Trust, which secure borrowings under the MLBFF. Pursuant to the terms of an indenture, a credit agreement and certain note purchase agreements, Major League Baseball Facility Fund, LLC may borrow from certain lenders. Major League Baseball Facility Fund, LLC then uses the proceeds of such borrowings to provide loans to each of the participating Clubs. Amounts advanced pursuant to the MLBFF are available to fund ballpark and other baseball-related real property improvements, renovations and/or new construction.

Term

In June 2020, Braves Facility Fund converted previous borrowings under a revolving credit advance to a $30.0 million term note with Major League Baseball Facility Fund, LLC (the “MLB facility fund – term”). Interest is payable on June 10 and December 10 of each year at an annual rate of 3.65%. In each of December 2029 and 2030, $15.0 million of the term note matures.

Revolver

In May 2021, Braves Facility Fund established a revolving credit commitment with Major League Baseball Facility Fund, LLC (the “MLB facility fund – revolver”). The maximum amount available to Braves Facility Fund under the MLB facility fund – revolver was $38.0 million as of June 30, 2025. The commitment termination date, which is the repayment date for all amounts borrowed under the revolving credit facility of the MLBFF, is July 10, 2030.

Under a credit agreement, Braves Facility Fund can request a revolving credit advance in the form of a Eurodollar or Base Rate loan. Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by a Eurodollar or Base Rate, plus an applicable margin. The interest rate of a Eurodollar loan was one-month LIBOR plus a margin of 1.275% to 1.400%, based on the credit rating of Major League Baseball Facility Fund, LLC. The interest rate of a Base Rate loan was the greater of (x) the Federal Funds rate plus 0.50%, (y) the prevailing Prime rate, and (z) LIBOR plus 1.00%, plus a margin of 0.275% to 0.400%, based on the credit rating of Major League Baseball Facility Fund, LLC. Beginning in May 2022, interest based on LIBOR under the MLB facility fund – revolver was replaced with interest based on the SOFR plus 0.1%. Borrowings outstanding under the MLB facility fund – revolver bore interest at a rate of 5.70% and 5.71% per annum as of June 30, 2025 and December 31, 2024, respectively. The MLB facility fund – revolver also has a commitment fee equal to 0.20% per annum on the daily unused amount of the revolver.

TeamCo Revolver

In September 2016, a subsidiary of Braves Holdings amended a revolving credit agreement (the “TeamCo Revolver”) that provided for revolving commitments of $85.0 million. Under the agreement, Braves Holdings can request a revolving credit loan in the form of a Eurodollar or Base Rate loan. Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by a Eurodollar or Base Rate, plus an applicable margin. The interest rate of a Base Rate loan was the greater of (x) the prevailing Prime rate, (y) the prevailing Federal Funds rate plus 0.50%, and (z) LIBOR plus 1.00%, plus a margin of 0.25%. In August 2022, the TeamCo Revolver was amended, increasing the borrowing capacity to $150 million, extending the maturity to August 2029 and replacing the LIBOR interest rate with SOFR. Borrowings outstanding under the TeamCo Revolver bore interest at a rate of 5.57% and 5.58% per annum as of June 30, 2025 and December 31, 2024, respectively, and had availability of $150.0 million as of June 30, 2025. The TeamCo Revolver also has a commitment fee of 0.20% per annum on the daily unused amount of the

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Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

revolving loans. Under the TeamCo Revolver, Braves Holdings must maintain certain financial covenants, including a fixed-charge coverage ratio and total enterprise indebtedness.

Baseball Term Debt

In August 2016, a subsidiary of Braves Holdings entered into a senior secured permanent placement note purchase agreement for $200.0 million (the “Note Purchase Agreement”). The notes bear interest at 3.77% per annum and are scheduled to mature in September 2041. Braves Holdings makes principal and interest payments of $6.4 million each March 30 and September 30. At June 30, 2025 and December 31, 2024, Braves Holdings had borrowings of $154.3 million and $157.6 million under the Note Purchase Agreement, respectively, net of unamortized debt issuance costs. Additionally, Braves Holdings must maintain certain financial and non-financial covenants, including debt service coverage ratios.

Mixed-Use Development Credit Facilities

In August 2016, a subsidiary of Braves Holdings entered into a $37.5 million construction loan agreement. The proceeds were primarily used to pay the construction costs of an entertainment building adjacent to the Stadium, as well as assist with continued development and construction of the Mixed-Use Development. Beginning December 15, 2020 and on each month thereafter, Braves Holdings made principal and interest payments of $0.2 million. In November 2024, this construction loan was amended, increasing the borrowing capacity to $40.0 million, of which approximately $6.0 million is not available for borrowing as of June 30, 2025, but is expected to be available once certain conditions are met. The amendment also extends the maturity to November 2029. Loans under the construction loan bear interest at SOFR plus 1.99% per annum. Borrowings outstanding under the construction loan bore interest at a rate of 6.31% and 6.32% as of June 30, 2025 and December 31, 2024, respectively. Beginning December 15, 2024 and on each month thereafter, Braves Holdings makes principal payments of $0.1 million in addition to interest in arrears. At June 30, 2025 and December 31, 2024, Braves Holdings had borrowings outstanding of $33.5 million and $33.8 million, respectively, net of unamortized debt issuance costs. Additionally, Braves Holdings must maintain certain financial covenants, including debt service coverage ratios.

In December 2022, a subsidiary of Braves Holdings entered into a $112.5 million construction loan agreement that has an initial maturity date of December 2026. The proceeds of the construction loan agreement will be used to pay the construction costs of an office building adjacent to the Stadium. Loans under the construction loan bear interest at SOFR plus 2.00% per annum (subject to a reduction to 1.80% per annum if certain conditions are met). Borrowings outstanding under the construction loan bore interest at a rate of 6.32% and 6.33% as of June 30, 2025 and December 31, 2024, respectively. At June 30, 2025 and December 31, 2024, Braves Holdings had borrowings outstanding of $104.1 million and $92.5 million, respectively, under the construction loan, net of unamortized debt issuance costs.

Mixed-Use Development Term Debt

In May 2018, a subsidiary of Braves Holdings refinanced a construction loan with a $95.0 million term loan agreement that was scheduled to mature on May 18, 2025. In April 2023, the term loan agreement was amended to change the reference rate on borrowings to daily simple SOFR. In May 2025, the term loan agreement was amended, extending the maturity to May 2026 and providing for two, twelve-month extension options, subject to certain conditions. Borrowings outstanding under the term loan bore interest at a rate of 5.64% and 5.66% as of June 30, 2025 and December 31, 2024, respectively. The full principal amount will be due at maturity. At June 30, 2025 and December 31, 2024, Braves Holdings had borrowings of $94.9 million and $95.0 million, respectively, under the term loan agreement, net of unamortized debt issuance costs. Pursuant to the May 2025 amendment, Braves Holdings must maintain certain non-financial covenants.

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Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

In June 2022, subsidiaries of Braves Holdings refinanced a construction loan agreement that was used to construct an office building within the Mixed-Use Development with a new term loan facility with $125.0 million in commitments, approximately $2.3 million of which is not available for borrowing as of June 30, 2025, but is expected to be available once certain conditions are met. The term loan agreement bears interest at one-month SOFR plus 2.10% per annum and is scheduled to mature on June 13, 2027. Borrowings outstanding under the term loan bore interest at a rate of 6.42% and 6.43% as of June 30, 2025 and December 31, 2024, respectively. Approximately $1.8 million of annual principal payments commenced in July 2024. At June 30, 2025 and December 31, 2024, Braves Holdings had borrowings outstanding of $120.6 million and $101.0 million, respectively, under the term loan facility, net of unamortized debt issuance costs.

In May 2023, a subsidiary of Braves Holdings refinanced an $80.0 million construction loan agreement that was used to construct the retail portion of the Mixed-Use Development with a new term loan with $80.0 million in commitments, approximately $8.3 million of which is not available for borrowing as of June 30, 2025, but is expected to be available once certain conditions are met. The term loan agreement bears interest at daily simple SOFR plus 2.50% per annum and is scheduled to mature on May 18, 2028. Borrowings outstanding under the term loan bore interest at a rate of 6.80% and 6.81% as of June 30, 2025 and December 31, 2024, respectively. Approximately $1.0 million of annual principal payments commence in June 2026. At June 30, 2025 and December 31, 2024, Braves Holdings had borrowings outstanding of $71.4 million and $68.3 million, respectively, net of unamortized debt issuance costs.

In March 2025, a subsidiary of Braves Holdings entered into a term loan agreement with $56.8 million in commitments. The term loan agreement bears interest at a one-month SOFR plus 2.00% per annum and is scheduled to mature in March 2030. The full principal amount will be due at maturity, and monthly interest payments commenced in May 2025. Borrowings outstanding under the term loan agreement bore interest at a rate of 6.32% as of June 30, 2025. At June 30, 2025, Braves Holdings had borrowings of $56.5 million under the term loan agreement, net of unamortized debt issuance costs.

Fair Value of Debt

The Company believes that the carrying amount of its debt with variable rates approximates fair value at June 30, 2025. Other fixed rate debt is considered to be carried at approximate fair value with the exception of the senior secured permanent placement notes, which was estimated to be approximately $131.1 million as of June 30, 2025, based on current U.S. treasury rates for similar financial instruments.

Interest Rate Swaps (Level 2)

In May 2018, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $95.0 million, that matured on May 5, 2025. As of December 31, 2024, the fair value of the interest rate swap was an asset of $0.6 million.

In May 2022, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $100 million, that matured on June 1, 2025. Effective March 2023, the notional amount began at $100.0 million and decreased to $97.8 million as of June 1, 2025. As of December 31, 2024, the fair value of the interest rate swap was an asset of $0.7 million.

In June 2023, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $64.0 million, maturing on May 18, 2028. The interest rate swap became effective in June 2023. As of June 30, 2025 and December 31, 2024, the fair value of the interest rate swap was a liability of $0.6 million and an asset of $0.6 million, respectively.

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ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

In April 2025, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $97.7 million, maturing on June 1, 2027. The interest rate swap became effective in June 2025. As of June 30, 2025, the fair value of the interest rate swap was nominal.

In May 2025, a subsidiary of Braves Holdings entered into an interest rate swap agreement with Truist Bank for a notional amount of $85.9 million, maturing on May 18, 2026. As of June 30, 2025, the fair value of the interest rate swap was a liability of $0.1 million.

Interest rate swaps are included within current liabilities and other noncurrent liabilities as of June 30, 2025 and other current assets and other assets, net as of December 31, 2024 in the condensed consolidated balance sheets and changes in the fair value of the interest rate swaps are recorded to realized and unrealized gains (losses) on financial instruments, net in the condensed consolidated statements of operations.

(6)Stock-Based Compensation

The Company recorded stock-based compensation expense of $2.6 million and $3.7 million during the three months ended June 30, 2025 and 2024, respectively, and $5.3 million and $7.4 million during the six months ended June 30, 2025 and 2024, respectively. These amounts are included in selling, general and administrative expense in the condensed consolidated statements of operations.

Incentive Plans

Prior to the Split-Off and pursuant to the Liberty Media Corporation 2022 Omnibus Incentive Plan, Liberty granted to certain of its directors, employees and employees of its subsidiaries, restricted stock (“RSAs”), restricted stock units (“RSUs”) and stock options to purchase shares of Liberty Braves common stock (collectively, “Liberty Braves Awards”). At the time of the Split-Off, the Liberty Braves Awards were exchanged into RSAs, RSUs and stock options to purchase shares of Atlanta Braves Holdings common stock.

Subsequent to the Split-Off, the Company can grant, to certain of its directors, employees and employees of its subsidiaries, RSAs, RSUs and stock options to purchase shares of its common stock (collectively, “Awards”), under the Atlanta Braves Holdings 2023 Omnibus Incentive Plan (the “2023 Plan”) and may grant Awards in respect of a maximum of 7.25 million shares of Atlanta Braves Holdings common stock.

Awards generally vest over 1-5 years and have a term of 7-8 years. The Company issues new shares upon exercise or settlement, as applicable, of Awards. The Company measures the cost of employee services received in exchange for an equity classified Award (such as RSAs, RSUs and stock options) based on the grant-date fair value (“GDFV”) of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date.

Grants of Awards

In June 2025, the Company granted 0.5 million performance-based RSUs of Atlanta Braves Holdings Series C common stock to certain officers and employees of the Company. Such RSUs had a GDFV of $46.77 per share and vest on December 31, 2027, subject to the satisfaction of certain performance objectives. Performance objectives are considered in determining the timing and amount of compensation expense recognized. When the satisfaction of the performance

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ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

objectives becomes probable, the Company records compensation expense. The probability of satisfying the performance objectives is assessed at the end of each reporting period.

The Company did not grant any options to purchase shares of Atlanta Braves Holdings Series A, Series B, or Series C common stock during the six months ended June 30, 2025.

In connection with the Liberty Chief Executive Officer’s employment agreement, Liberty granted 35 thousand performance-based RSUs of Atlanta Braves Holdings Series C common stock to the Liberty Chief Executive Officer during the six months ended June 30, 2024. Such RSUs had a GDFV of $38.58 per share. In August 2024, and in connection with the Corporate Governance Transition, such RSUs were vested in full as to the target number of shares underlying such RSUs.

The Company has calculated the GDFV for all of its equity classified awards using the Black-Scholes valuation model. The Company estimates the expected term of the options based on historical exercise and forfeiture data. The volatility used in the calculation for Awards is based on the historical volatility of Atlanta Braves Holdings common stock (and previously, Liberty Braves common stock). The Company uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject options.

Outstanding Awards

The following table presents the number and weighted average exercise price (“WAEP”) of options to purchase Atlanta Braves Holdings common stock granted to certain officers, employees and directors, as well as the weighted average remaining life and aggregate intrinsic value of the options.


	Series C
				Weighted		Aggregate
				average		intrinsic
	Atlanta Braves Holdings			remaining		value
	options (000's)	WAEP		life		(in millions)
Outstanding at January 1, 2025	2,936	$	28.75
Granted	—	$	—
Exercised	(204)	$	28.61
Forfeited/Cancelled	—	$	—
Outstanding at June 30, 2025	2,732	$	28.76	2.9	years	$	49
Exercisable at June 30, 2025	2,415	$	27.62	2.6	years	$	46

As of June 30, 2025, there were no outstanding options to purchase shares of Atlanta Braves Holdings Series A or Series B common stock.

As of June 30, 2025, the total unrecognized compensation cost related to unvested Atlanta Braves Holdings Awards was approximately $31.3 million. Such amount will be recognized in the Company’s condensed consolidated statements of operations over a weighted average period of approximately 1.5 years.

As of June 30, 2025, 2.7 million shares of Atlanta Braves Holdings Series C common stock were reserved by the Company for issuance under exercise privileges of outstanding stock options.

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ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

Exercises

The aggregate intrinsic value of all Atlanta Braves Holdings Series C common stock options exercised during the six months ended June 30, 2025 and 2024 was $2.9 million and $2.8 million, respectively.

RSAs and RSUs

The Company had approximately 0.8 million unvested RSUs of Atlanta Braves Holdings common stock held by certain directors, officers and employees of the Company as of June 30, 2025. These unvested Atlanta Braves Holdings Series C common stock RSUs had a weighted average GDFV of $42.98 per share.

There were no RSAs or RSUs of Atlanta Braves Holdings common stock that vested during the three and six months ended June 30, 2025. The aggregate fair value of all Atlanta Braves Holdings Series C common stock RSUs that vested during the three and six months ended June 30, 2024 was $2.0 million.

(7)Commitments and Contingencies

Collective Bargaining Agreement

In March 2022, the Major League Baseball Players Association (“MLBPA”) and the Clubs entered into a new collective bargaining agreement that covers the 2022-2026 MLB seasons (“CBA”). The CBA contains provisions surrounding revenue sharing among the Clubs, a competitive balance tax on Club payrolls that exceed specified thresholds, minimum player salary levels, an expanded postseason schedule and other provisions impacting Braves Holdings’ operations and its relationships with members of the MLBPA. Braves Holdings’ minor league players are also parties to a collective bargaining agreement. Approximately 10% of the Company’s labor force is covered by collective bargaining agreements.

There are two components of the revenue sharing plan that each Club is subject to under the CBA: a straight base revenue pool (the “Pool”) and the Commissioner Discretionary Fund. The size of the Pool is equal to the total amount transferred if each Club contributed 48% of its prior years’ net defined local revenue (“NDLR”). The contributions per Club are based on a composite of the prior three years’ NDLR and funds are distributed equally to all Clubs. Certain Clubs are disqualified from revenue sharing from the Pool based on market size. Club submissions of NDLR are subject to audit by the MLB Revenue Sharing Administrator and are subject to rules issued by the MLB Revenue Sharing Definitions Committee.

The Company recorded revenue sharing expense of $24.8 million and $19.9 million for the three months ended June 30, 2025 and 2024, respectively, and $26.4 million and $20.7 million for the six months ended June 30, 2025 and 2024, respectively. These amounts are included as an expense within baseball operating costs in the condensed consolidated statements of operations.

Employment Contracts

Long-term employment contracts provide for, among other items, annual compensation for certain players (current and former) and other employees. As of June 30, 2025, amounts payable annually under such contracts aggregated to $259.5 million in 2025, $184.3 million in 2026, $135.9 million in 2027, $105.4 million in 2028, $63.4 million in 2029 and $83.2 million, combined, thereafter. Additionally, these contracts may include incentive compensation (although certain incentive compensation awards cannot be earned by more than one player per season).

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ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

Litigation

The Company, along with the BOC and other MLB affiliates, are subject to lawsuits arising in the normal course of business. Although it is reasonably possible the Company may incur losses upon conclusion of such matters, an estimate of any loss or range of loss cannot be made. In the opinion of management, it is expected that amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying condensed consolidated financial statements.

(8)Segment Information

The Company, through its ownership of Braves Holdings, is primarily engaged in the entertainment and real estate industries. The Company’s chief operating decision maker, the chief executive officer, evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue and Adjusted OIBDA (as defined below). In addition, the Company reviews non-financial measures such as attendance, viewership and social media.

The Company defines Adjusted OIBDA as operating income (loss) plus stock-based compensation, depreciation and amortization, separately reported litigation settlements, restructuring, acquisition and impairment charges. The Company believes this measure is an important indicator of the operational strength and performance of its businesses, by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes stock-based compensation, depreciation and amortization, separately reported litigation settlements, restructuring, acquisition and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income (loss), net earnings (loss), cash flow provided by (used in) operating activities and other measures of financial performance prepared in accordance with GAAP.

The Company identifies its reportable segments as those operating segments that represent 10% or more of its combined annual revenue, annual Adjusted OIBDA or total assets. Additionally, the Company considers how each operating segment is managed due to the products and services offered, the technologies used, the revenue sources generated, and marketing strategies deployed when evaluating its reportable segments. As a result, the Company has identified the following as its reportable segments:

●

Baseball – operations relating to Braves baseball and Truist Park and includes ticket sales, concessions, advertising sponsorships, suites and premium seat fees, broadcasting rights, retail and licensing.

●

Mixed-Use Development – includes retail, office, hotel and entertainment operations primarily within The Battery Atlanta and the surrounding area.

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ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

Performance Measures

The following table disaggregates revenue by segment and by source:


	Three months ended			Six months ended
	June 30,			June 30,
	2025		2024	2025	2024

	amounts in thousands
Baseball:
Baseball event	$	180,349	171,350	181,232	172,518
Broadcasting		81,068	70,950	85,359	73,051
Retail and licensing		18,566	19,624	24,646	25,277
Other		7,336	4,077	24,703	17,125
Total Baseball		287,319	266,001	315,940	287,971
Mixed-Use Development		25,121	16,875	43,711	31,985
Total revenue	$	312,440	282,876	359,651	319,956

When consideration is received from a customer prior to transferring services to the customer under the terms of a contract, deferred revenue is recorded. The primary source of the Company’s deferred revenue relates to suite and season ticket arrangements, as well as certain sponsorship arrangements. Deferred revenue is recognized as revenue when, or as, control of the products or services are transferred to the customer and all revenue recognition criteria have been met. The Company had long-term deferred revenue of $19.3 million and $17.8 million as of June 30, 2025 and December 31, 2024, respectively, which were included in other noncurrent liabilities in the condensed consolidated balance sheets. The Company recognized $51.5 million and $49.2 million during the three months ended June 30, 2025 and 2024, respectively, and $56.3 million and $54.5 million during the six months ended June 30, 2025 and 2024, respectively, of revenue that was included in deferred revenue at the beginning of the respective year.

Significant portions of the transaction prices for Braves Holdings are related to undelivered performance obligations that are under contractual arrangements that extend beyond one year. The Company anticipates recognizing revenue from the delivery of such performance obligations of approximately $191.1 million for the remainder of 2025, $341.3 million in 2026, $302.2 million in 2027, $455.9 million in 2028 through 2032, and $143.9 million thereafter, primarily recognized through 2041. We have not included any amounts in the undelivered performance obligations amounts for those performance obligations that relate to a contract with an original expected duration of one year or less.

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ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

The following tables detail Adjusted OIBDA by segment as well as a reconciliation of consolidated Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes:


	Three months ended
	June 30, 2025
	amounts in thousands
	Baseball			Mixed-Use Development		Corporate and Other		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		3,909
Segment Adjusted OIBDA		52,047		17,566		(3,909)	$	65,704

Reconciliation of Adjusted OIBDA
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 chief operating decision maker.

(2)

Other segment items represent selling, general and administrative costs, excluding stock-based compensation expense and other insignificant items.

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ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)


	Three months ended
	June 30, 2024
	amounts in thousands
	Baseball			Mixed-Use Development		Corporate and Other		Total


Revenue from external customers	$	266,001	$	16,875	$	—	$	282,876

Less: ⁽¹⁾
Baseball operating costs		205,070		—		—
Mixed-Use Development costs		—		2,410		—
Other segment items ⁽²⁾		23,540		2,956		3,150
Segment Adjusted OIBDA		37,391		11,509		(3,150)	$	45,750

Reconciliation of Adjusted OIBDA
Stock-based compensation								(3,705)
Depreciation and amortization								(17,109)
Operating income (loss)							$	24,936
Interest expense								(9,713)
Share of earnings (losses) of affiliates, net								11,622
Realized and unrealized gains (losses) on financial instruments, net								931
Other, net								2,217
Earnings (loss) before income taxes							$	29,993

(1)

The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(2)

Other segment items represent selling, general and administrative costs, excluding stock-based compensation expense and other insignificant items.

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ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)


	Six months ended
	June 30, 2025
	amounts in thousands
	Baseball			Mixed-Use Development		Corporate and Other		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		5,745
Segment Adjusted OIBDA		12,447		30,453		(5,745)	$	37,155

Reconciliation of Adjusted OIBDA
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 chief operating decision maker.

(2)

Other segment items represent selling, general and administrative costs, excluding stock-based compensation expense and other insignificant items.

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ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)


	Six months ended
	June 30, 2024
	amounts in thousands
	Baseball			Mixed-Use Development		Corporate and Other		Total


Revenue from external customers	$	287,971	$	31,985	$	—	$	319,956

Less: ⁽¹⁾
Baseball operating costs		250,277		—		—
Mixed-Use Development costs		—		4,663		—
Other segment items ⁽²⁾		42,019		5,880		5,121
Segment Adjusted OIBDA		(4,325)		21,442		(5,121)	$	11,996

Reconciliation of Adjusted OIBDA
Stock-based compensation								(7,424)
Depreciation and amortization								(31,991)
Operating income (loss)							$	(27,419)
Interest expense								(19,156)
Share of earnings (losses) of affiliates, net								13,249
Realized and unrealized gains (losses) on financial instruments, net								3,905
Other, net								3,986
Earnings (loss) before income taxes							$	(25,435)

(1)

The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(2)

Other segment items represent selling, general and administrative costs, excluding stock-based compensation expense and other insignificant items.

Other Information




	June 30, 2025			December 31, 2024
	Total		Investments	Total	Investments
	assets		in affiliates	assets	in affiliates

	amounts in thousands
Baseball	$	971,513	100,972	892,914	94,020
Mixed-Use Development		683,153	13,634	602,894	14,766
Corporate and other		60,985	—	59,206	—
Elimination⁽¹⁾		(31,790)	—	(31,168)	—
Total	$	1,683,861	114,606	1,523,846	108,786

(1)

This amount is related to (i) intersegment accounts and transactions between Baseball and Mixed-Use Development that have been eliminated in the condensed consolidated financial statements and either (ii) income taxes payable that partially offset income taxes receivable in the condensed consolidated balance sheets at December 31, 2024 or (iii) income taxes receivable that partially offset income taxes payable in the condensed consolidated balance sheets at June 30, 2025.

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ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

The following table disaggregates capital expenditures by segment:



		Three months ended		Six months ended
		June 30,		June 30,
	2025		2024	2025	2024

	amounts in thousands
Baseball	$	13,120	8,944	22,197	15,189
Mixed-Use Development		71,773	20,846	82,212	42,243
Total	$	84,893	29,790	104,409	57,432

(9)Acquisition

In April 2025, the Company, through a wholly-owned subsidiary, completed the acquisition of certain real estate assets for an aggregate purchase price of approximately $93.7 million (the “Acquisition”). Included within the Acquisition was a six-building office complex and the seller’s interest in the underlying in-place leases. The Company accounted for the Acquisition as an asset acquisition and has allocated the total cost of the Acquisition, inclusive of direct costs associated with the Acquisition, to the net assets acquired based upon their relative fair values as of the Acquisition date as determined by management. The following table presents the allocation of the purchase price to the net assets acquired based upon relative fair value:


			Weighted-average
	Relative		amortization
	fair value		period (in years)
	amounts in thousands
Land	$	24,608
Building and Improvements		43,401
Tangible assets		68,009

Lease in-place asset		19,643	5.8
Real estate commissions		6,057	6.8
Definite-lived intangible assets		25,700
Total purchase price	$	93,709

Total tangible assets are recorded in property and equipment, at cost in the condensed consolidated balance sheets while total definite-lived intangible assets are recorded in other assets, net in the condensed consolidated balance sheets.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Certain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our business, product and marketing strategies; new service offerings; the recoverability of our goodwill and other long-lived assets; our projected sources and uses of cash; and the anticipated impact of certain contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. The words "believe," "estimate," "expect," "anticipate," "intend," "plan," "strategy," "continue," "seek," "may," "could" and similar expressions or statements regarding future periods are intended to identify forward-looking statements, although not all forward-looking statements may contain such words. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but such statements necessarily involve risks and uncertainties and there can be no assurance that the expectation or belief will result or be achieved or accomplished. Given these uncertainties, we caution you not to place undue reliance on these forward-looking statements. The following include some but not all of the factors that could cause actual results or events to differ materially from those anticipated:

●

Atlanta Braves Holdings, Inc.’s (“Atlanta Braves Holdings,” “the Company,” “us,” “we,” or “our”) historical financial information is not necessarily representative of its future financial position, future results of operations or future cash flows;

●

the Company’s ability to recognize anticipated benefits from the Split-Off (defined below);

●

the incurrence of costs as a standalone public company following the Split-Off;

●

the ability of the Company to successfully transition responsibilities for various matters from Liberty Media Corporation (“Liberty”) to Company or third-party personnel;

●

the Company’s ownership, management and board of directors structure;

●

the Company’s ability to obtain additional financing on acceptable terms and cash in amounts sufficient to service debt and other financial obligations;

●

the Company’s indebtedness could adversely affect operations and could limit its ability to react to changes in the economy or its industry;

●

the Company’s ability to realize the benefits of acquisitions or other strategic investments;

●

the impact of inflation and weak economic conditions on consumer demand for products, services and events offered by the Company;

●

the outcome of pending or future litigation or investigations;

●

the operational risks of the Company and its business affiliates with operations outside of the United States;

●

the Company’s ability to use net operating loss and disallowed business interest carryforwards to reduce future tax payments;

●

the ability of the Company and its affiliates to comply with government regulations, including, without limitation, consumer protection laws and competition laws, and adverse outcomes from regulatory proceedings;

●

the regulatory and competitive environment of the industries in which the Company operates;

●

changes in the nature of key strategic relationships with business partners, vendors and joint venturers;

●

the achievement of on-field success;

●

the Company’s ability to develop, obtain and retain talented players;

●

the impact of organized labor on the Company;

●

the impact of the structure or an expansion of Major League Baseball (“MLB”);

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●

the level of broadcasting revenue that Braves Holdings, LLC (“Braves Holdings”) receives;

●

the impact of data loss or breaches or disruptions of the Company’s information systems and information system security;

●

the Company’s processing, storage, sharing, use, disclosure and protection of personal data could give rise to liabilities;

●

the Company’s ability to attract and retain qualified key personnel;

●

the inherent risks in the real estate business, including, but not limited to, tenant defaults, potential liability relating to environmental matters and liquidity of real estate investments;

●

the Company’s stock price has and may continue to fluctuate;

●

the Company’s common stock and organizational structure; and

●

geopolitical incidents, accidents, terrorist acts, pandemics or epidemics, natural disasters, including the effects of climate change, or other events that cause one or more events to be cancelled or postponed, are not covered by insurance, or cause reputational damage to the Company and its affiliates.

The above list of risks and uncertainties is only a summary of some of the most important factors and is not intended to be exhaustive. For additional risk factors, please see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Quarterly Report, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent required by law.

The following discussion and analysis provides information concerning our results of operations and financial condition. This discussion should be read in conjunction with our accompanying condensed consolidated financial statements and the notes thereto and our Annual Report on Form 10-K for the year ended December 31, 2024.

Explanatory Note

On July 18, 2023, Liberty, the then current parent organization of the Company, completed the previously announced redemption of each outstanding share of its Liberty Braves common stock in exchange for one share of the corresponding series of common stock of the Company (the “Split-Off”). The Split-Off was intended to be tax-free to holders of Liberty Braves common stock and in September 2024, the Internal Revenue Service completed its review of the Split-Off and notified Liberty that it agreed with the non-taxable characterization of the transaction. In September 2024, the then-current officers of the Company (with limited exceptions) stepped down from the officer positions and members of the Braves Holdings executive team assumed these roles (the “Corporate Governance Transition”). The Company is comprised of the businesses, assets and liabilities of its wholly-owned subsidiary Braves Holdings and corporate cash.

The intergroup interests in the Liberty Braves Group held by subsidiaries of Liberty prior to the Split-Off were settled through attribution of Atlanta Braves Holdings Series C common stock and subsequently sold in the secondary market. Atlanta Braves Holdings did not receive any of the proceeds from the sale of our common stock by these subsidiaries of Liberty. Following this transaction, neither Liberty nor Atlanta Braves Holdings has any continuing stock ownership, beneficial or otherwise, in the other.

Overview

The Company manages its business based on the following reportable segments: Baseball and Mixed-Use Development.

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The Baseball segment includes operations relating to the Atlanta Braves Major League Baseball Club (“ANLBC,” the “Atlanta Braves,” the “Braves,” the “club,” or the “team”) and the Braves’ ballpark (“Truist Park” or the “Stadium”) and includes revenue generated from ticket sales, concessions, local broadcasting rights, advertising sponsorships, suites and premium seat fees, retail and licensing revenue, shared MLB revenue streams, including national broadcasting rights and licensing, and other sources. Ticket sales, concessions, broadcasting rights and advertising sponsorship sales are the Baseball segment’s primary revenue drivers.

The Mixed-Use Development segment includes retail, office, hotel and entertainment operations primarily within The Battery Atlanta and the surrounding area (the “Mixed-Use Development”). In April 2025, the Company, through a wholly-owned subsidiary, completed the acquisition of certain real estate assets (the “Acquisition”). The Mixed-Use Development segment derives revenue primarily from office and retail rental income (including overage rent and tenant reimbursements) and, to a lesser extent, parking and advertising sponsorships throughout the year.

Results of Operations –June 30, 2025 and 2024

General. Provided in the tables below is information regarding the historical Condensed Consolidated Operating Results and Other Income and Expense of Atlanta Braves Holdings, as well as information regarding the contribution to those items from our reportable segments. The “corporate and other” category consists of those assets that do not qualify as a separate reportable segment.


	Three months ended			Six months ended
	June 30,			June 30,
	2025		2024	2025	2024

	dollar amounts in thousands
Baseball revenue	$	287,319	266,001	315,940	287,971
Mixed-Use Development revenue		25,121	16,875	43,711	31,985
Total revenue		312,440	282,876	359,651	319,956
Operating costs and expenses:
Baseball operating costs		(210,809)	(205,070)	(259,572)	(250,277)
Mixed-Use Development costs		(3,633)	(2,410)	(6,041)	(4,663)
Selling, general and administrative, excluding stock-based compensation		(32,294)	(29,646)	(56,883)	(53,020)
Stock-based compensation		(2,646)	(3,705)	(5,292)	(7,424)
Depreciation and amortization		(21,271)	(17,109)	(34,528)	(31,991)
Operating income (loss)		41,787	24,936	(2,665)	(27,419)
Other income (expense):
Interest expense		(11,652)	(9,713)	(21,996)	(19,156)
Share of earnings (losses) of affiliates, net		10,613	11,622	10,935	13,249
Realized and unrealized gains (losses) on financial instruments, net		(640)	931	(1,277)	3,905
Other, net		1,673	2,217	2,886	3,986
Earnings (loss) before income taxes		41,781	29,993	(12,117)	(25,435)
Income tax benefit (expense)		(12,287)	(884)	220	3,272
Net earnings (loss)	$	29,494	29,109	(11,897)	(22,163)

Adjusted OIBDA⁽¹⁾		65,704	45,750	37,155	11,996

Regular season home games		40	40	40	40
Average number of attendees per regular season home game		29,551	30,837	29,551	30,837

(1)

Adjusted OIBDA is a non-GAAP financial measure. See “Non-GAAP Adjusted OIBDA” in this Management’s Discussion and Analysis of Financial Condition and Results of Operations for a reconciliation to the most comparable GAAP measure.

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Baseball revenue. Baseball revenue is derived from two primary sources: baseball event revenue (ticket sales, concessions, advertising sponsorships, suites and premium seat fees) and broadcasting revenue. The following table disaggregates baseball revenue by source:


	Three months ended			Six months ended
	June 30,			June 30,
	2025		2024	2025	2024

	amounts in thousands
Baseball event	$	180,349	171,350	181,232	172,518
Broadcasting		81,068	70,950	85,359	73,051
Retail and licensing		18,566	19,624	24,646	25,277
Other		7,336	4,077	24,703	17,125
Total Baseball	$	287,319	266,001	315,940	287,971

Baseball event revenue increased $9.0 million and $8.7 million for the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in the prior year, primarily due to contractual rate increases on season tickets and existing sponsorship contracts as well as new premium seating and sponsorship agreements, partially offset by a reduction in concession revenue due to reduced attendance at regular season home games. Broadcasting revenue increased $10.1 million and $12.3 million during the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in the prior year, primarily due to additional streaming rights granted to our regional broadcast partner and contractual rate increases to comparable broadcast obligations. Retail and licensing revenue decreased $1.1 million and $0.6 million during the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in the prior year, primarily due to reduced attendance at regular season home games. Other revenue, a component of baseball revenue, increased $3.3 million and $7.6 million during the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in the prior year. The increase for the three-month period, as compared to the corresponding period in the prior year, is primarily driven by a concert held at Truist Park as well as other special events. The increase for the six-month period, as compared to the corresponding period in the prior year, is primarily due to events held at Truist Park, including the concert noted above as well as hosting two games for the Savannah Bananas.

Mixed-Use Development revenue. Mixed-Use Development revenue is derived from the mixed-use facilities and primarily includes rental income and to a lesser extent, parking revenue and sponsorships. For the three and six months ended June 30, 2025, Mixed-Use Development revenue increased $8.2 million and $11.7 million, respectively, as compared to the corresponding periods in the prior year, primarily due to a $7.7 million and a $10.8 million increase in rental income, respectively, and a $0.3 million and a $0.5 million increase in sponsorship revenue, respectively. Increases in rental income for the three and six months ended June 30, 2025, were primarily driven by new lease commencements and the in-place leases associated with the Acquisition, partially offset by various lease terminations.

Baseball operating costs. Baseball operating costs primarily include costs associated with baseball and stadium operations. For the three and six months ended June 30, 2025, baseball operating expenses increased $5.7 million and $9.3 million, respectively, as compared to the corresponding periods in the prior year, primarily due to a $4.8 million and $5.4 million increase in MLB’s revenue sharing plan and other shared expenses, respectively, a $1.3 million and $2.9 million increase in expenses for events held at Truist Park, respectively, and a $1.5 million and $1.6 million increase in minor league related expenses, respectively. These operating expenses were partially offset by a $4.3 million and $3.1 million decrease in major league player salaries for three and six months ended June 30, 2025, respectively, and a $0.2 million and $0.7 million decrease in variable concession and retail operating expenses, respectively, due to reduced attendance at regular season homes games during 2025.

Mixed-Use Development costs. Mixed-Use Development costs primarily include costs associated with maintaining and operating the mixed-use facilities. During the three and six months ended June 30, 2025, Mixed-Use Development costs increased $1.2 million and $1.4 million, respectively, as compared to the corresponding periods in the prior year primarily as a result of increases in operating costs associated with the assets within the Acquisition.

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Selling, general and administrative, excluding stock-based compensation. Selling, general and administrative expense includes costs of marketing, advertising, finance and related personnel costs. Selling, general and administrative expense increased $2.6 million and $3.9 million for the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in the prior year, primarily due to $2.0 million and $2.9 million of increased property taxes, insurance and other professional fees, respectively, in addition to $0.5 million and $1.1 million of increased personnel costs, respectively.

Stock-based compensation. Stock-based compensation decreased $1.1 million and $2.1 million for the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in the prior year, primarily due to a reduction in average outstanding awards.

Depreciation and amortization. Depreciation and amortization increased $4.2 million and $2.5 million during the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in the prior year, primarily due to certain real estate assets purchased as part of the Acquisition and various assets being placed into service, partially offset by certain Baseball related assets becoming fully depreciated.

Operating income (loss). Operating income (loss) increased $16.9 million and $24.8 million during the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in the prior year, due to the above explanations.

Non-GAAP Adjusted OIBDA. To provide investors with additional information regarding the Company’s financial results, we also disclose Adjusted OIBDA, which is a non-GAAP financial measure. We define Adjusted OIBDA as operating income (loss) plus stock-based compensation, depreciation and amortization, separately reported litigation settlements, restructuring, acquisition and impairment charges. Our chief operating decision maker and management team use this measure of performance in conjunction with other measures to evaluate our businesses and make decisions about allocating resources among our businesses. We believe this is an important indicator of the operational strength and performance of our businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows us to view operating results, perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income (loss), net earnings (loss), cash flow provided by (used in) operating activities and other measures of financial performance prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The following table provides a reconciliation of Operating income (loss) to Adjusted OIBDA:


	Three months ended			Six months ended
	June 30,			June 30,
	2025		2024	2025	2024

	amounts in thousands
Operating income (loss)	$	41,787	24,936	(2,665)	(27,419)
Stock-based compensation		2,646	3,705	5,292	7,424
Depreciation and amortization		21,271	17,109	34,528	31,991
Adjusted OIBDA	$	65,704	45,750	37,155	11,996

Adjusted OIBDA is summarized as follows:


	Three months ended			Six months ended
	June 30,			June 30,
	2025		2024	2025	2024

	amounts in thousands
Baseball	$	52,047	37,391	12,447	(4,325)
Mixed-Use Development

Atlanta Braves Holdings, Inc. 10-Q