Shares fell 3.0% as investor reaction reflected lingering concerns over cautious outlook and the early stage of operational progress despite ongoing execution milestones.

• Completed the sale of 250 Water Street, generating over $75 million in liquidity and reducing carrying costs.
• Leased the Tin Building to Lux Entertainment, transitioning the asset to a leased, soon-to-be cash flowing property.
• Opened Sadie's Restaurant and Garden Bar, which has driven strong engagement with sizable events and positioned as a key destination for summer activations.
• Reported a 21% year-over-year improvement in non-GAAP adjusted net loss, adjusting for noncash and nonrecurring items.
• Management emphasized that while foundational progress is underway, the company remains early in its transformation with growth dependent on real estate and programming ecosystems supporting long-term operational cash flow.