Shares fell 5.3% following the quarter as investors reacted negatively to a cautious outlook and ongoing challenges in the non-core restaurant segment, signaling concerns over portfolio deceleration and limited near-term catalysts despite buybacks and cost controls.

• Returned $51 million to shareholders through buybacks and dividends, representing 86% of capital allocated year-to-date, with buybacks accelerated amid perceived undervaluation.
• Black Knight Football showed solid operational progress with double-digit revenue growth and EBITDA of $136 million, supported by significant player sales and strong sporting performance.
• The restaurant business remains a non-core segment under strategic review, with no immediate resolution, raising concerns about monetization timing and value realization.
• Corporate holding company costs decreased by approximately 45% year-over-year, reflecting ongoing management discipline on overhead.
• The board continues to evaluate portfolio optimization and governance enhancements but provided limited visibility on near-term NAV expansion or asset sales.