What changed in this filing

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Item 9A. Controls and Procedures

2026-02-26 compared with 2025-03-03 · 300 added, 295 removed, 1116 unchanged (35% of the section changed)

2 unchanged sentences

Based on that evaluation, the Executives concluded that the Company’s disclosure controls and procedures were effective as of December 31, 2025 to provide reasonable assurance that information required to be disclosed in its reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

Effective September 1, 2024, as described in note 1 in the accompanying notes to the consolidated financial statements, Liberty began transitioning certain general and administrative services previously provided by Liberty to the new members of management of Atlanta Braves Holdings, including legal, tax, accounting, treasury, information technology, cybersecurity, internal audit and investor relations support.

As part of that transition, the then-current officers of the Company (with limited exceptions) stepped down from their officer positions, effective August 31, 2024, and certain members of the Braves operating team assumed these roles effective September 1, 2024.

As a result of the transition, internal controls over financial reporting have materially changed as executive oversight transitioned to the new Atlanta Braves Holdings officers and the new members of management of Atlanta Braves Holdings began to perform certain accounting, financial reporting, treasury, tax and entity level internal controls over financial reporting previously performed by members of Liberty management.

The impacted processes have remained generally consistent through the transition to the new control operators, and other than the transition of these internal controls over financial reporting to new process and control operators, the existing control environment has not materially changed.

See page II-11 for Management’s Report on Internal Control Over Financial Reporting.

See page II-12 for Report of Independent Registered Public Accounting Firm for their attestation regarding the effectiveness of our internal control over financial reporting.

There have been no other changes in the Company’s internal control over financial reporting that occurred during the quarter ended December 31, 2024 that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

There have been no changes in the Company’s internal control over financial reporting that occurred during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

Other Information

19 unchanged sentences

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive earnings (loss), equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements), and our report dated March 3, 2025 expressed an unqualified opinion on those consolidated financial statements.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive earnings (loss), equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements), and our report dated February 26, 2026 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

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Atlanta, Georgia

March 3, 2025

February 26, 2026

Report of Independent Registered Public Accounting Firm

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generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated March 3, 2025 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 26, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

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The following are the primary procedures we performed to address this critical audit matter.

We applied auditor judgment to determine the nature and extent of procedures to be performed over baseball event related to gameday and season tickets.

We applied auditor judgment to determine the nature and extent of procedures to be performed over baseball event revenue related to gameday and season tickets.

We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s process to record baseball event revenue from gameday and season tickets.

6 unchanged sentences

Atlanta, Georgia

March 3, 2025

February 26, 2026

ATLANTA BRAVES HOLDINGS, INC.

46 unchanged sentences

Additional paid-in capital

Former parent’s investment

Accumulated other comprehensive earnings (loss), net of taxes

Retained earnings (deficit)

Total stockholders' equity

Total shareholders' equity

Noncontrolling interests in equity of subsidiaries

14 unchanged sentences

Selling, general and administrative, including stock-based compensation

Impairment of long-lived assets and other related costs, net of insurance recoveries

Impairment expense

Depreciation and amortization

5 unchanged sentences

Realized and unrealized gains (losses) on financial instruments, net

Gains (losses) on dispositions, net (note 1)

Gains (losses) on dispositions, net

Earnings (loss) before income taxes

1 unchanged sentence

Net earnings (loss)

Basic net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc.

stockholders per common share (note 2)

Diluted net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc.

stockholders per common share (note 2)

Less net earnings (loss) attributable to noncontrolling interests

Net earnings (loss) attributable to Atlanta Braves Holdings' shareholders

Basic net earnings (loss) attributable to Atlanta Braves Holdings, Inc.

shareholders per common share (note 2)

Diluted net earnings (loss) attributable to Atlanta Braves Holdings, Inc.

shareholders per common share (note 2)

See accompanying notes to consolidated financial statements.

9 unchanged sentences

Comprehensive earnings (loss)

Less comprehensive earnings (loss) attributable to noncontrolling interests

Comprehensive earnings (loss) attributable to Atlanta Braves Holdings, Inc.

See accompanying notes to consolidated financial statements.

8 unchanged sentences

Stock-based compensation

Impairment of long-lived assets

Impairment expense

Share of (earnings) losses of affiliates, net

12 unchanged sentences

Capital expended for property and equipment

Cash proceeds from dispositions

Acquisition of real estate assets

Investments in equity method affiliates and equity securities

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Repayments of debt

Payments to settle intergroup interests

Contribution from noncontrolling interest

Proceeds (disbursements) from exercise of stock options and other stock issuances

Other financing activities, net

12 unchanged sentences

Net earnings (loss)

Other comprehensive earnings (loss), net of tax

Stock-based compensation

Balance at December 31, 2022

Net earnings (loss)

Other comprehensive earnings (loss), net of tax

Other comprehensive earnings (loss)

Stock-based compensation

3 unchanged sentences

Settlement of intergroup interest

Stock issuances and other, net

Balance at December 31, 2023

Net earnings (loss)

Other comprehensive earnings (loss), net of tax

Other comprehensive earnings (loss)

Stock-based compensation

Stock issuances and other, net

Balance at December 31, 2024

Net earnings (loss)

Other comprehensive earnings (loss)

Stock-based compensation

Stock issuances and other, net

Balance at December 31, 2025

See accompanying notes to consolidated financial statements.

3 unchanged sentences

(1) Basis of Presentation

During November 2022, the board of directors of Liberty Media Corporation (“Liberty,” “Liberty Media” 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.

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 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.

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.

Atlanta Braves Holdings, Inc.

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Although Atlanta Braves Holdings was reported as a combined company until the date of the Split-Off, all periods reported herein are referred to as consolidated.

These financial statements refer to the consolidation of Braves Holdings, cash and intergroup interests in the Braves Group (prior to settlement/extinguishment) as “Atlanta Braves Holdings,” “the Company,” “us,” “we” and “our” in the notes to the consolidated financial statements.

These financial statements refer to the consolidation of Braves Holdings, corporate cash and intergroup interests in the Braves Group (prior to settlement/extinguishment) as “Atlanta Braves Holdings,” “the Company,” “us,” “we” and “our” in the notes to the consolidated financial statements.

The Split-Off is accounted for at historical cost due to the pro rata nature of the distribution to holders of Liberty Braves common stock.

The accompanying 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.

The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and variable interest entities 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 consolidated balance sheets.

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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”).

The Braves and 29 other Major League baseball 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 Major League Baseball (“MLB”) and has as its members the Clubs.

Braves Holdings, through affiliated entities and third-party development partners, has developed a significant portion of the land around and adjacent to Truist Park for a mixed-use development that features retail, office, hotel and entertainment opportunities (the “Mixed-Use Development”).

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.

In January 2022 , Braves Holdings sold the three Professional Development League clubs to a third party and recognized a gain of approximately $ 20.3 million, which was allocated entirely to the Baseball reportable segment .

The Company did not classify these Professional Development League clubs, all of which are part of the Baseball reportable segment, as discontinued operations, as their dispositions did not represent a strategic shift that would have a major effect on the Company’s operation and financial results.

Each of the three clubs remain affiliated with Braves Holdings via player development license agreements with MLB Professional Development Leagues, LLC.

Additionally, Braves Holdings

Split-Off of Atlanta Braves Holdings from Liberty

Prior to the Split-Off, a portion of Liberty’s general and administrative expenses, including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support was allocated to the Braves Group each reporting period based on an estimate of time spent.

The Braves Group paid $ 4.5 million during 2023 prior to the Split-Off for such expenses.

ATLANTA BRAVES HOLDINGS, INC.

1 unchanged sentence

December 31, 2025 , 2024 and 2023

granted an exclusive, royalty free, sub-licensable, and irrevocable license to use various tradenames and logos.

The license fee is included within the total purchase price of approximately $ 49.4 million.

Split-Off of Atlanta Braves Holdings from Liberty

The Braves Group paid $ 4.5 million during 2023 prior to the Split-Off and paid $ 9.0 million during the year ended December 31, 2022, for such expenses.

Prior to the Split-Off, the Liberty Formula One Group (the “Formula One Group”) and the Liberty SiriusXM Group held intergroup interests in the Braves Group.

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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 affect 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

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 provided Atlanta Braves Holdings with general and administrative services including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support.

Atlanta Braves Holdings reimbursed Liberty for direct, out-of-pocket expenses and paid a services fee to Liberty under the services agreement that was 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 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 7 % for Atlanta Braves Holdings during the period from July 18, 2023 to December 31, 2023 and was 8 % during the period from January 1, 2024 through August 31, 2024, when the Corporate Governance Transition (as defined

ATLANTA BRAVES HOLDINGS, INC.

1 unchanged sentence

December 31, 2025 , 2024 and 2023

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.

below) occurred.

On October 31, 2025, Atlanta Braves Holdings and Liberty mutually agreed to terminate the services agreement, as Atlanta Braves Holdings has fully assumed responsibility for the functions provided thereunder.

Pursuant to the registration rights agreement with Liberty, Atlanta Braves Holdings has registered the shares of Atlanta Braves Holdings’ Series C common stock that were issued to Liberty in settlement and extinguishment of the intergroup interest in the Braves Group attributed to the Liberty SiriusXM Group and then exchanged by Liberty with a third-party in satisfaction of certain debt obligations.

The obligations of Atlanta Braves Holdings under the registration rights agreement have been satisfied in accordance with its terms.

Under these various agreements, amounts reimbursable to Liberty aggregated $ 4.6 million for the year ended December 31, 2024 and $ 1.8 million for the period from July 18, 2023 to December 31, 2023.

Under these various agreements, amounts reimbursable to Liberty aggregated $ 0.1 million for the year ended December 31, 2025, $ 4.6 million for the year ended December 31, 2024, and $ 1.8 million for the period from July 18, 2023 to December 31, 2023.

Related Party Transactions and Change in Corporate Governance

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Maffei’s separation from employment with the Company was for “Good Reason” within the meaning of his Executive Employment Agreement.

Additionally, Atlanta Braves Holdings and Liberty have begun transitioning various general and administrative services provided by Liberty to the management of Atlanta Braves Holdings, including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support.

As part of that transition, the then-current officers of the Company (with limited exceptions) stepped down from their officer positions, effective August 31, 2024, and members of the Atlanta Braves Holdings operating team assumed these roles effective September 1, 2024 (the “Corporate Governance Transition”).

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”).

(2) Summary of Significant Accounting Policies

2 unchanged sentences

Cash equivalents aggregated $ 42.4 million and $ 39.0 million as of December 31, 2025 and 2024, respectively.

Restricted Cash

Restricted cash consists of cash on deposit that is restricted for the payment of certain debt and interest obligations, debt reserves, Stadium repair and maintenance reserves and Stadium lease payments.

ATLANTA BRAVES HOLDINGS, INC.

1 unchanged sentence

December 31, 2025 , 2024 and 2023

Restricted Cash

Accounts Receivable and Contract Assets, net of Allowance for Credit Losses

An account receivable is recorded when there is an unconditional right to consideration based on a contract with a customer.

For certain types of contracts with customers, the Company may recognize revenue in advance of the contractual right to invoice the customer, resulting in an amount recorded to contract assets as required by Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”).

For certain types of contracts with customers, the Company may recognize revenue in advance of the contractual right to invoice the customer, resulting in an amount recorded to contract assets as required by Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”).

Once the Company has an unconditional right to consideration under these contracts, the contract assets are reclassified to accounts receivable.

In late 2025 and early 2026, the parent of our local broadcasting partner, Main Street Sports Group, faced financial difficulties culminating in the failure to make contractual payments to various professional sport clubs, including the Braves.

As a result, Braves Holdings terminated the Braves Broadcasting Agreement and recorded a $ 30.1 million contract asset impairment associated with the long-term local broadcasting agreement within the Company’s December 31, 2025 consolidated financial statements.

The table below details the opening and closing balances of accounts receivable and contract assets:

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December 31, 2025 , 2024 and 2023

Braves Holdings or certain of its subsidiaries maintain investments in various entities, including certain MLB affiliates, Georgia Ballpark Hotel Company, LLC, Battery Hotel Group, LLC and North Port Ballpark Hotel, LLC.

Braves Holdings or certain of its subsidiaries maintain investments in various entities, including certain MLB affiliates, Georgia Ballpark Hotel Company, LLC, and Battery Hotel Group, LLC.

Investments in entities in which Braves Holdings or its subsidiaries have significant influence, but less than a controlling voting interest, are accounted for using the equity method.

19 unchanged sentences

Intangible Assets

Intangible assets subject to amortization, comprised of broadcast rights, are amortized straight-line over their estimated useful lives to their estimated residual values and are included in other assets, net in the consolidated balance sheets.

Amortization of broadcast rights was approximately $ 3.0 million for each of the years ended December 31, 2024, 2023 and 2022, and was included in depreciation and amortization expense in the consolidated statements of operations.

Goodwill and franchise rights (collectively, “indefinite-lived intangible assets”) are not amortized, but instead are tested for impairment at least annually.

The annual impairment assessment of the Company’s indefinite-lived intangible assets is performed during the fourth quarter of each year, or more frequently if events and circumstances indicate impairment may have occurred.

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2024 , 2023 and 2022

The Company’s goodwill is allocated entirely to its Baseball reportable segment.

2 unchanged sentences

The entity may resume performing the qualitative assessment in any subsequent period.

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2025 , 2024 and 2023

In evaluating goodwill on a qualitative basis, the Company reviews the business performance of each reporting unit and evaluates other relevant factors as identified in the relevant accounting guidance to determine whether it is more likely than not that an indicated impairment exists for any of our reporting units.

21 unchanged sentences

Asset groups to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell.

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2024 , 2023 and 2022

Amateur Player Acquisition Rights

2 unchanged sentences

Amortization of amateur player acquisition rights was approximately $ 12.8 million, $ 13.4 million and $ 11.5 million for the years ended December 31, 2025, 2024 and 2023, respectively, and was included in depreciation and amortization expense in the consolidated statements of operations.

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2025 , 2024 and 2023

Assets and Liabilities Measured at Fair Value

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If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings or losses.

If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive earnings (loss) in the consolidated statements of comprehensive earnings (loss) and are recognized in the consolidated statement of operations when the hedged item affects earnings or losses.

If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive earnings (loss) in the consolidated statements of comprehensive earnings (loss) and are recognized in the consolidated statements of operations when the hedged item affects earnings or losses.

Ineffective portions of changes in the fair value of cash flow hedges are recognized in net earnings (loss).

9 unchanged sentences

The funded status reported on the Company’s consolidated balance sheets as of December 31, 2025 and 2024 was measured as the difference between the fair value of plan assets and the projected benefit obligation.

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2024 , 2023 and 2022

Revenue Recognition

1 unchanged sentence

Revenue is recognized when, or as, performance obligations under the terms of a contract are satisfied, which generally occurs when, or as, control of the promised products or services are transferred to customers.

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer (transaction price).

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2025 , 2024 and 2023

to a customer (transaction price).

To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount to which the Company expects to be entitled.

17 unchanged sentences

The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company controls the good or service before transfer to the customer.

When the Company concludes that it controls the good or service before transfer to the customer, the Company is considered a principal in the transaction and records revenue on a gross basis.

When the Company concludes that it does not control the good or service before transfer to the customer but arranges for another entity to provide the good or service, the Company acts as an agent and records revenue on a net basis in the amount it earns for its agency service.

ATLANTA BRAVES HOLDINGS, INC.

1 unchanged sentence

December 31, 2025 , 2024 and 2023

When the Company concludes that it controls the good or service before transfer to the customer, the Company is considered a principal in the transaction and records revenue on a gross basis.

The following table disaggregates Braves Holdings’ revenue by source:

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Each Club has the right to authorize the television broadcast, within its home television territory, of games in which it participates, subject to certain exceptions.

ANLBC has a long-term local broadcasting agreement with SportSouth Network II, LLC, a subsidiary of Main Street Sports Group, LLC, the owner and operator of the FanDuel Sports Network South and FanDuel Sports Network Southeast video programming services (formerly SportSouth, Bally Sport South or Fox Sports South and FS South, Bally Sports Southeast or Fox Sports Southeast, respectively), granting its regional cable networks the right to broadcast substantially all of the Braves games not otherwise selected for broadcast within the home

ANLBC had a long-term local broadcasting agreement with SportSouth, a subsidiary of Main Street Sports Group, LLC, the owner and operator of the FanDuel Sports Network South and FanDuel Sports Network Southeast video programming services, granting its regional cable networks the right to broadcast substantially all of the Braves games not otherwise selected for broadcast within the home television territory of the Braves by national broadcast partners (such agreement, as amended, the “Braves Broadcast Agreement”).

Over the term of the agreement, ANLBC was entitled to receive payments, subject to the actual number of games broadcast during the term.

Pursuant to the terms of the agreement, ANLBC received such rights fees in monthly installments from January through August of each year.

The transaction price under the local television broadcast arrangement is variable in nature as certain provisions exist as to the consideration received in certain years.

The Company estimated the entire transaction price of the contractual arrangements and recognized revenue allocated to each of the performance obligations within the

ATLANTA BRAVES HOLDINGS, INC.

1 unchanged sentence

December 31, 2025 , 2024 and 2023

television territory of the Braves by national broadcast partners (such agreement, as amended, the “Braves Broadcast Agreement”).

Over the term of the agreement, ANLBC is entitled to receive payments, subject to the actual number of games broadcast during the term.

Pursuant to the terms of the agreement, ANLBC receives such rights fees in monthly installments from January through August of each year.

The transaction price under the local television broadcast arrangement is variable in nature as certain provisions exist as to the consideration received in certain years.

The Company estimates the entire transaction price of the contractual arrangements and recognizes revenue allocated to each of the performance obligations within the contractual arrangements as those performance obligations are satisfied.

In estimating the transaction price, the Company considers the contractually agreed-upon fees as well as qualitative considerations with respect to the number of games expected to be broadcast.

The resulting transaction price is allocated entirely to each contract year as stated in the contractual agreement and revenue is recognized using an output measure of progress toward satisfaction of the Company’s performance obligations within the contract year, as the underlying benefits are provided.

The Company also participates in the revenue generated from national television and radio broadcast arrangements negotiated by the BOC on behalf of the Clubs with ESPN Inc., Turner Broadcasting System, Inc., Fox Broadcasting Company, Sirius XM Satellite Radio and others (the “National Broadcast Rights”).

contractual arrangements as those performance obligations were satisfied.

In estimating the transaction price, the Company considered the contractually agreed-upon fees as well as qualitative considerations with respect to the number of games expected to be broadcast.

The resulting transaction price was allocated entirely to each contract year as stated in the contractual agreement and revenue was recognized using an output measure of progress toward satisfaction of the Company’s performance obligations within the contract year, as the underlying benefits were provided.

As discussed above, the Braves Broadcast Agreement was terminated in January 2026.

In Februray 2026, the Braves announced BravesVision, a multimedia platform owned and operated by the Company that will become the official local television home of the Braves beginning with the 2026 season..

The Company also participates in the revenue generated from national television and radio broadcast arrangements negotiated by the BOC on behalf of the Clubs with ESPN Inc., Turner Broadcasting System, Inc., Fox Broadcasting Company, NBC Universal Media, Sirius XM Satellite Radio and others (the “National Broadcast Rights”).

Under the rules and regulations adopted by MLB, as well as a series of other agreements and arrangements that govern the operation and management of a Club, the BOC has the authority, acting as the agent on behalf of the Clubs, to enter into and administer all contracts for the sale of National Broadcast Rights.

33 unchanged sentences

Advertising costs are expensed as incurred.

Advertising costs aggregated $ 5.0 million for the year ended December 31, 2024 and $ 5.2 million in each of the years ended December 31, 2023 and 2022 and were recorded in the selling, general and administrative, including stock-based compensation expenses line in the consolidated statements of operations.

Advertising costs aggregated $ 5.3 million, $ 5.0 million, and $ 5.2 million for the years ended December 31, 2025, 2024 and 2023, respectively, and were recorded in the selling, general and administrative, including stock-based compensation expenses line in the consolidated statements of operations.

Stock-Based Compensation

21 unchanged sentences

Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented.

Excluded from diluted EPS for the years ended December 31, 2024 and 2023 are zero and 313 thousand potentially dilutive shares of common stock, respectively, because their inclusion would have been antidilutive.

The Company issued 61.7 million common shares, which is the aggregate number of shares of Series A, Series B and Series C common stock issued in connection with the Split-Off on July 18, 2023.

The number of shares issued upon completion of the Split-Off was used to determine both basic and diluted earnings (loss) per share for the year ended December 31, 2022, as no Company equity awards were outstanding prior to the completion of the Split-Off.

There were no potentially dilutive shares of common stock excluded from diluted EPS for the years ended December 31, 2025 and 2024, and for the year ended December 31, 2023, there were 0.3 million potentially dilutive shares of common stock, because their inclusion would have been antidilutive.

Years ended December 31,

(number of shares in thousands)

(numbers of shares in thousands)

Potentially dilutive shares (1)

5 unchanged sentences

The Company considers (i) fair value measurements of non-financial instruments and (ii) accounting for income taxes to be its most significant estimates.

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09 , Improvements to Income Tax Disclosures , which requires more detailed income tax disclosures.

The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction.

The standard became effective for the December 31, 2025 consolidated financial statements.

These additional disclosure requirements will be applied retrospectively to all prior periods presented in the consolidated financial statements and are located in notes 3 and 9.

ATLANTA BRAVES HOLDINGS, INC.

1 unchanged sentence

December 31, 2025 , 2024 and 2023

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures , which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses.

The standard became effective on January 1, 2024.

These additional disclosure requirements will be applied retrospectively to all prior periods presented in the consolidated financial statements and are located in note 14.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09 , Improvements to Income Tax Disclosures , which requires more detailed income tax disclosures.

The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction.

The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively.

The effective date for the standard is for fiscal years beginning after December 15, 2024, with early adoption permitted.

The Company is in the process of evaluating the impact of the new standard on the related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40):

2 unchanged sentences

The Company is in the process of evaluating the impact of the new standard on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270):

Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting.

The update provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity.

This ASU is effective for fiscal years beginning after December 15, 2027, including interim periods within the fiscal year therein, with early adoption permitted.

The Company is in the process of evaluating the impact of the new standard on its consolidated financial statements.

(3) Supplemental Disclosures to Consolidated Statements of Cash Flows

2 unchanged sentences

Cash paid (refunds received) for taxes:

Domestic federal

Domestic state

International

Noncash activity:

18 unchanged sentences

Property and equipment, at cost

Included within property and equipment is capitalized interest of $ 23.4 million and $ 18.8 million as of December 31, 2024 and 2023, respectively.

Included within property and equipment is capitalized interest of $ 23.4 million as of both December 31, 2025 and 2024.

Capitalized interest is recorded as part of an asset’s cost and depreciated over the asset’s useful life.

Depreciation expense for the years ended December 31, 2025, 2024 and 2023 was $ 52.4 million, $ 44.2 million and $ 54.3 million, respectively.

During the year ended December 31, 2022, the Company recognized approximately $ 4.8 million of property and equipment impairment losses, allocated entirely to the Baseball reportable segment, as a result of hurricane damage at the Braves’ spring training facility located in North Port, Florida.

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

3 unchanged sentences

amounts in thousands

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2024 , 2023 and 2022

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

1 unchanged sentence

amounts in thousands

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2025 , 2024 and 2023

MLB Advanced Media, L.P.

18 unchanged sentences

In evaluating the level at which BELP’s investments have been classified, BELP management has assessed factors, including, but not limited to, price transparency, and the existence or absence of certain restrictions at the measurement date.

BELP management generally classifies investments in exchange-traded equities, mutual funds, and exchange-traded funds as Level 1 investments and fixed-income securities as Level 2 investments, and classifies other investments without a readily determinable market price as Level 3 investments.

BELP management generally classifies investments in exchange-traded equities, mutual funds, and exchange-traded funds as Level 1 investments, fixed-income securities as Level 2 investments, and classifies other investments without a readily determinable market price as Level 3 investments.

Historically, BELP management has maintained less than 10% of the underlying investments in Level 3.

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2024 , 2023 and 2022

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.

Braves Holdings has 50 % interests in various joint ventures that were formed to develop, own and operate hotels within 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.

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2025 , 2024 and 2023

Summary Financial Information

13 unchanged sentences

Net earnings (loss)

As disclosed above, the Company records its share of the earnings (losses) of BELP and the other three joint ventures in which it holds a 50 % interest on a lag.

As disclosed above, the Company records its share of the earnings (losses) of BELP and the other various joint ventures in which it holds a 50 % interest on a lag.

The aggregated amounts in the tables above include financial information for these affiliates based on the applicable lag.

22 unchanged sentences

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 %.

Under the LWCF, the Club Trust can request a revolving credit advance in the form of a Term Secured Overnight Financing Rate (“SOFR”) or Base Rate loan.

Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by Term SOFR or Base Rate, plus an applicable margin.

A Term SOFR Advance has a margin of 1.20 % to 1.325 %, based on the credit rating of Major League Baseball Trust.

A Base Rate Advance bears interest at the greater of (x) the Federal Funds rate plus 0.50 %, (y) the prevailing Prime, and (z) SOFR plus 1.00 %, plus a margin of 0.200 % to 0.325 %, based on the credit rating of Major League Baseball Trust.

Borrowings outstanding under the LWCF bore interest at a rate of 4.89 % and 5.63 % per annum as of December 31, 2025 and 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.

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

ATLANTA BRAVES HOLDINGS, INC.

1 unchanged sentence

December 31, 2025 , 2024 and 2023

MLB Facility Fund

In December 2017, a subsidiary of Braves Holdings executed various agreements to enter into the MLB Facility Fund (the “MLBFF”).

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.

7 unchanged sentences

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 %.

Under a credit agreement, Braves Facility Fund can request a revolving credit advance in the form of a Term SOFR or Base Rate Advance.

Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by a Term SOFR or Base Rate, plus an applicable margin.

A Term SOFR Advance has a margin of 1.275 % to 1.400 %, based on the credit rating of Major League Baseball Facility Fund, LLC.

A Base Rate Advance bears interest as the greater of (x) the Federal Funds rate plus 0.50 %, (y) the prevailing Prime rate, and (z) SOFR plus 1.00 %, plus a margin of 0.275 % to 0.400 %, based on the credit rating of Major League Baseball Facility Fund, LLC.

Borrowings outstanding under the MLB facility fund – revolver bore interest at a rate of 4.96 % and 5.71 % per annum as of December 31, 2025 and 2024, respectively.

1 unchanged sentence

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 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 $ 150.0 million, extending the maturity to August 2029 and replacing the LIBOR interest rate with SOFR.

In August 2022, a subsidiary of Braves Holdings amended a revolving credit agreement (the “TeamCo Revolver”) that provided for revolving commitments of $ 150.0 million.

Under the agreement, Braves Holdings can request a revolving credit loan in the form of a SOFR or Base Rate Loan.

Each loan bears interest on the unpaid principal amount from the date made through maturity at a rate determined by Term SOFR or Base Rate , plus an applicable margin of 1.25 % and 0.25 %, respectively.

The interest rate of a SOFR Loan bears interest at Term SOFR while the interest rate of a Base Rate Loan bears interest at the greater of (x) the prevailing Prime rate, (y) the prevailing Federal Funds rate plus 0.50 %, and (z) Term SOFR plus 1.00 %.

The revolving commitment termination date, which is the repayment date for all amounts borrowed under such revolving credit facility, is August 2029.

Borrowings outstanding under the TeamCo Revolver bore interest at a rate of 4.94 % and 5.58 % per annum as of December 31, 2025 and 2024, respectively, and had availability of $ 115.0 million as of December 31, 2025.

1 unchanged sentence

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

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2024 , 2023 and 2022

Baseball Term Debt

1 unchanged sentence

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.

Braves Holdings makes principal and interest payments of $ 6.4 million

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2025 , 2024 and 2023

each March 30 and September 30.

At December 31, 2025 and 2024, Braves Holdings had borrowings of $ 150.9 million and $ 157.6 million under the Note Purchase Agreement, respectively, net of unamortized debt issuance costs.

Additionally, Braves Holdings must maintain certain financial covenants, including debt service coverage ratios.

Additionally, Braves Holdings must maintain certain financial and non-financial covenants, including debt service coverage ratios.

Mixed-Use Development Credit Facilities

1 unchanged sentence

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 $ 179 thousand.

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 December 31, 2025, but is expected to be available once certain conditions are met.

The amendment also extends the maturity to November 2029.

Interest accrues monthly at 6.32 % per annum.

Beginning December 15, 2024 and on each month thereafter, Braves Holdings makes principal payments of $ 54 thousand in addition to interest in arrears.

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 5.68 % and 6.32 % as of December 31, 2025 and 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 December 31, 2025 and 2024, Braves Holdings had borrowings outstanding of $ 33.2 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.

The proceeds of the construction loan agreement were 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 5.69 % and 6.33 % as of December 31, 2025 and 2024, respectively.

At December 31, 2024 and 2023, Braves Holdings had borrowings outstanding of $ 92.5 million and $ 34.8 million, respectively, net of unamortized debt issuance costs.

Under the construction loans, Braves Holdings must maintain certain financial covenants, including a debt service coverage ratio.

At December 31, 2025 and 2024, Braves Holdings had borrowings outstanding of $ 110.0 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 million term loan agreement (the “Term Loan Agreement”).

The Term Loan Agreement bore interest at one-month LIBOR plus 1.35 % per annum and is scheduled to mature on May 18, 2025.

The full principal amount will be due at maturity.

At December 31, 2024 and 2023, Braves Holdings had borrowings of $ 95.0 million and $ 94.9 million, respectively, under the Term Loan Agreement, net of unamortized debt issuance costs.

In May 2018, a subsidiary of Braves Holdings refinanced a construction loan with a $ 95.0 million term loan agreement.

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 5.01 % and 5.66 % as of December 31, 2025 and 2024, respectively.

The full principal amount will be due at maturity.

At both December 31, 2025 and 2024, Braves Holdings had borrowings of $ 95.0 million, 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.

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 December 31, 2025, but is expected to be available once certain conditions are met.

3 unchanged sentences

At December 31, 2025 and 2024, Braves Holdings had borrowings outstanding of $ 119.8 million and $ 101.0 million under the term loan facility, respectively, 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

ATLANTA BRAVES HOLDINGS, INC.

1 unchanged sentence

December 31, 2025 , 2024 and 2023

In May 2023, a subsidiary of Braves Holdings refinanced an $ 80 million construction loan agreement that was used to construct the retail portion of the Mixed-Use Development with a new term loan with $ 80 million in commitments, approximately $ 11.3 million of which is not available for borrowing as of December 31, 2024, but is expected to be available once certain conditions are met.

commitments, approximately $ 8.3 million of which is not available for borrowing as of December 31, 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 6.16 % and 6.81 % as of December 31, 2025 and 2024, respectively.

Approximately $ 1.0 million of annual principal payments commence in June 2026.

At December 31, 2025 and 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 5.69 % as of December 31, 2025.

At December 31, 2025, Braves Holdings has borrowings of $ 56.5 million under the term loan agreement, net of unamortized debt issuance costs.

Five Year Maturities

7 unchanged sentences

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 million, maturing on May 5, 2025.

As of December 31, 2024 and 2023, the fair value of the interest rate swap was an asset of $ 0.6 million and $ 2.2 million, respectively.

In August 2019, 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 March 8, 2023.

Effective April 1, 2020, the notional amount began at $ 25 million and increased over time to $ 100 million as of August 1, 2020.

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 maturing on June 1, 2025.

Effective March 2023, the notional amount began at $ 100 million and decreased to $ 98.8 million as of December 2024.

As of December 31, 2024 and 2023, the fair value of the interest rate swap was an asset of $ 0.7 million and $ 2.4 million, respectively.

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 $ 100.0 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 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.

3 unchanged sentences

December 31, 2025 , 2024 and 2023

December 31, 2024 and 2023, the fair value of the interest rate swap was an asset of $ 0.6 million and a liability of $ 0.4 million, respectively.

Interest rate swaps are included within other current assets and other assets , net as of December 31, 2024 and other assets and other noncurrent liabilities as of December 31, 2023 in the 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 consolidated statements of operations.

of December 31, 2025 and 2024 , the fair value of the interest rate swap was a liability of $ 0.6 million and an asset of $ 0.6 million, respectively.

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.

Effective June 2025, the notional amount began at $ 97.7 million and decreased to $ 96.6 million as of December 2025.

The interest rate swap became effective in June 2025.

As of December 31, 2025 , the fair value of the interest rate swap was a liability of $ 0.2 million.

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 December 31, 2025 , the fair value of the interest rate swap was a liability of $ 0.2 million.

Interest rate swaps are included within other current liabilities and other noncurrent liabilities, net as of December 31, 2025 and other current assets and other assets as of December 31, 2024 in the 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 consolidated statements of operations.

The Company determines if an arrangement is a lease (operating or finance) at inception.

11 unchanged sentences

Accordingly, short-term leases are not included on the consolidated balance sheets and are expensed on a straight-line basis over the lease term.

The Company’s leases have remaining lease terms of one to thirty-five years , some of which may include the option to extend for up to ten years , and some of which include options to terminate the leases within one year .

The Company’s leases have remaining lease terms of one to thirty-four years , some of which may include the option to extend for up to ten years , and some of which include options to terminate the leases within one year .

The Company determines the lease term by assuming the exercise of any renewal and/or early termination options that are reasonably assured.

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2025 , 2024 and 2023

The following table presents the components of lease expense:

8 unchanged sentences

Net lease expense

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2024 , 2023 and 2022

The remaining weighted average lease term and the weighted average discount rate were as follows:

22 unchanged sentences

(3) Included in other noncurrent liabilities in the consolidated balance sheets.

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2025 , 2024 and 2023

Supplemental cash flow information related to leases was as follows:

8 unchanged sentences

Finance leases

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2024 , 2023 and 2022

Future minimum payments under noncancelable operating leases and finance leases with initial terms of one year or more at December 31, 2025 consisted of the following:

15 unchanged sentences

Deferred leasing costs consist primarily of capitalized third-party expenses in connection with lease originations.

The Company records amortization of deferred leasing costs on a straight-line basis over the terms of the related leases.

The Company records amortization of deferred leasing costs on a straight-line basis over the terms of the related leases or over the weighted-average remaining terms for in-place leases associated with acquisitions.

Deferred lease costs are included in other noncurrent assets in the Company’s consolidated balance sheets.

Amortization of deferred leasing costs was approximately $ 2.0 million, $ 1.7 million and $ 1.6 million for the years ended December 31, 2024, 2023 and 2022, respectively, and was recorded in depreciation and amortization expense in the consolidated statements of operations.

Future minimum rentals to be received under noncancelable tenant operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and overage rent based on tenant sales volume as of December 31, 2024, are as follows (amounts in thousands):

Amortization of deferred leasing costs

ATLANTA BRAVES HOLDINGS, INC.

1 unchanged sentence

December 31, 2025 , 2024 and 2023

was approximately $ 3.3 million, $ 2.0 million and $ 1.7 million for the years ended December 31, 2025, 2024 and 2023, respectively, and was recorded in depreciation and amortization expense in the consolidated statements of operations.

(8) Pension and Other Benefit Plans

11 unchanged sentences

The total annual contribution is allocated between the Players’ Pension Plan and the Players’ Welfare Plan at the discretion of MLB’s Pension Committee and the MLBPA.

Braves Holdings contributed approximately $ 6.8 million, $ 6.8 million and $ 6.5 million during the years ended December 31, 2024, 2023 and 2022, respectively, to the Players’ Pension Plan and the Players’ Welfare Plan, which is included as an expense within baseball operating costs in the consolidated statements of operations.

Braves Holdings contributed approximately $ 6.8 million for each of the years ended December 31, 2025, 2024 and 2023 to the Players’ Pension Plan and the Players’ Welfare Plan, which is included as an expense within baseball operating costs in the consolidated statements of operations.

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2025 , 2024 and 2023

Certain of Braves Holdings’ non-uniformed personnel participate in a defined-benefit pension plan (the “Non-Uniformed Personnel Pension Plan”).

5 unchanged sentences

Effective December 31, 2030, Non-Uniformed Personnel Pension Plan will be permanently frozen to future benefit accruals.

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2024 , 2023 and 2022

The following table sets forth the Non-Uniformed Personnel Pension Plan’s benefit obligations, fair value of plan assets and funded status:

15 unchanged sentences

Funded status

For the year ended December 31, 2024, the benefit obligation gain was primarily due to an increase in the discount rate.

For the year ended December 31, 2025, the benefit obligation loss was primarily due to a decrease in the discount rate.

For the year ended December 31, 2024, the benefit obligation gain was primarily due to an increase in the discount rate.

Amounts recognized in the consolidated balance sheets consist of:

3 unchanged sentences

Net amount recognized

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2025 , 2024 and 2023

Amounts recognized in accumulated other comprehensive (earnings) loss consist of the following:

3 unchanged sentences

Accumulated other comprehensive earnings (loss)

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2024 , 2023 and 2022

The accumulated benefit obligation for the Non-Uniformed Personnel Pension Plan was $ 103.1 million, $ 95.2 million and $ 97.0 million at December 31, 2025, 2024 and 2023, respectively.

21 unchanged sentences

The discount rate assumptions reflect the rates at which Braves Holdings believes the benefit obligations could be effectively settled.

The discount rates were determined based on the yield for a portfolio of high-quality corporate bonds with maturity dates matched to the estimated future payments of the plans’ benefit obligations.

The expected return on plan assets assumption is intended to be a long-term rate and relates to earnings expected on funds invested or to be invested to provide for benefits reflected in the projected benefit obligation.

In developing the expected long-term rate of return on plan assets assumption, Braves Holdings evaluated input from actuaries and from pension fund investment advisers, including such advisers’ review of the plan’s historical actual returns.

The discount rates were determined based on the yield for a portfolio of high-quality corporate bonds

ATLANTA BRAVES HOLDINGS, INC.

1 unchanged sentence

December 31, 2025 , 2024 and 2023

with maturity dates matched to the estimated future payments of the plans’ benefit obligations.

The assets of the Non-Uniformed Personnel Pension Plan are invested in shares of the Major League Baseball Pension Master Trust.

16 unchanged sentences

The Company and its subsidiaries file a consolidated federal income tax return.

Prior to the Split-Off, the Company was included in the federal consolidated income tax returns of Liberty Media.

The tax provision included in these consolidated financial statements has been prepared on a stand-alone basis, as if the Company was not part of the consolidated Liberty Media tax group.

Prior to the Split-Off, the Company was included in the federal consolidated income tax returns of Liberty.

The tax provision included in these consolidated financial statements has been prepared on a stand-alone basis, as if the Company was not part of the consolidated Liberty tax group.

ATLANTA BRAVES HOLDINGS, INC.

9 unchanged sentences

amounts in thousands

Computed expected tax benefit (expense)

Computed expected U.S.

federal statutory tax benefit (expense)

State tax benefit (expense), net of federal benefit (expense) (1)

Foreign Tax Effects

Nontaxable or Nondeductible Items

Intergroup interest

Change in state tax rate

Nondeductible goodwill

Executive compensation

1 unchanged sentence

Stock-based compensation

Nondeductible meals and entertainment

Meals and entertainment

Other adjustments

Accrued compensation - personnel expenses

Accrued compensation - pension

Intangible assets

Income tax benefit (expense)

During the year ended December 31, 2024, the Company recognized a tax benefit less than the expected federal tax rate of 21 % due primarily to executive compensation that is not deductible for tax purposes, partially offset by the effect of state income taxes.

During the year ended December 31, 2023, the Company recognized a tax benefit less than the expected federal tax rate of 21 % due primarily to intergroup interest losses that are not deductible for tax purposes.

During the year ended December 31, 2022, the Company recognized tax expense instead of a tax benefit at the expected federal tax rate of 21 % primarily due to intergroup interest losses that are not deductible for tax purposes and the reduction of goodwill as a result of the sale of the Professional Development League clubs that is also not deductible for tax purposes.

(1) State taxes in Georgia made up the majority (greater than 50 percent ) of the tax effect in this category.

During the year ended December 31, 2025, the Company recognized a tax benefit less than the expected federal tax rate of 21 % due primarily to executive compensation that is not deductible for tax purposes.

ATLANTA BRAVES HOLDINGS, INC.

1 unchanged sentence

December 31, 2025 , 2024 and 2023

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:

2 unchanged sentences

Finance lease obligation

Tax loss and credit carryforwards

Accrued compensation

Stock compensation

Interest, tax loss, and credit carryforwards

Stock-based compensation

Capitalized R&D

Deferred tax assets

Deferred revenue

Total deferred tax assets

Valuation allowance

Deferred tax assets, net of valuation allowance

Deferred tax liabilities:

5 unchanged sentences

Net deferred tax liabilities

At December 31, 2024, the Company had a deferred tax asset of $ 22.2 million for state net operating losses (“NOLs”) and federal and state interest expense carryforwards.

The Company has $ 6.6 million of state NOLs and $ 14.3 million of interest expense that may be carried forward indefinitely and $ 1.3 million of state NOLs that will expire on various dates through 2037.

These carryforwards are expected to be utilized in future periods and are not subject to a valuation allowance.

At December 31, 2025, the Company had a deferred tax asset of $ 18.3 million for federal and state net operating losses (“NOLs”) and federal and state interest expense carryforwards.

The Company has $ 1.6 million of federal and $ 3.9 million of state NOLs, $ 11.7 million of interest expense that may be carried forward indefinitely and $ 0.9 million of state NOLs that will expire on various dates through 2044.

These carryforwards are expected to be utilized in future periods, with the exception of certain jurisdictions where the Company concluded that it is not more likely than not to be able to utilize and, as such, a valuation allowance should be recorded.

The valuation allowance for these carryforwards was $ 0.7 million for the year ended December 31, 2025.

As of December 31, 2025, 2024 and 2023, no unrecognized tax benefits have been recorded.

As of December 31, 2024, Liberty Media’s tax years prior to 2021 are closed for federal income tax purposes.

Liberty Media’s 2021 tax year has not been audited by the Internal Revenue Service (the “IRS”) and its 2022 and 2023 tax years are currently under examination by the IRS.

As of December 31, 2025, Liberty’s tax years prior to 2022 are closed for federal income tax purposes.

Liberty’s 2022 tax year has been audited by the Internal Revenue Service (the “IRS”) and its 2023 tax year is currently under examination by the IRS.

The Company’s 2023 tax year has not been audited by the IRS.

The IRS is reviewing the Company’s 2024 tax year as part of the IRS’s compliance assurance process audit program.

Various states are currently examining Liberty Media’s prior years’ state income tax returns.

Various states are currently examining Liberty’s prior years’ state income tax returns.

The Company does not expect the ultimate disposition of these audits to have a material adverse effect on the Company’s financial position or results of operations.

13 unchanged sentences

The Company recorded stock-based compensation expense of $ 15.6 million, $ 16.5 million and $ 13.2 million during the years ended December 31, 2025, 2024 and 2023, respectively.

These amounts are included in selling, general and administrative expense in the consolidated statements of operations.

These amounts are included in selling, general and administrative expense, including stock-based compensation in the 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, RSAs, RSUs and stock options to purchase shares of Liberty Braves common stock (collectively, “Awards”).

At the time of the Split-Off, the 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, 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.

Subsequent to the Split-Off, the Company can grant, to its directors, employees and employees of its subsidiaries, RSAs, RSUs and stock options to purchase shares of its common stock, 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 .

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Series C Liberty Braves common stock options, Liberty employees and directors (2)

Series C Liberty Braves common stock options, Liberty CEO (3)

Series C Atlanta Braves Holdings common stock RSUs, Braves employees and directors (2)

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Series C Atlanta Braves Holdings common stock RSUs, Liberty CEO (5)

Series C Liberty Braves common stock RSUs, Braves employees (4)

Series C Liberty Braves common stock RSUs, Liberty employees and directors (4)

Series C Liberty Braves common stock RSUs, Liberty CEO (5)

Series C Atlanta Braves Holdings common stock RSUs, Braves employees (6)

(1) Vests annually over three years .

(2) Mainly vests between one and three years for employees and in one year for directors .

(3) Grant made in March 2022 cliff vested in December 2022.

(4) Mainly vests between one and three years for employees and in one year for directors .

(3) Mainly vests annually over three years for employees and in one year for directors.

(6) Grants mainly vest in one year for directors and one year from the month of grant for employees, subject to the satisfaction of certain performance objectives.

(7) Grants made cliff vest one year from the month of grant, subject to the satisfaction of certain performance objectives and based on an amount determined by the Company’s compensation committee.

For Awards that are performance-based, performance objectives, which are subjective, are considered in determining the timing and amount of compensation expense recognized.

The Company assesses the probability of achieving the performance objectives each reporting period and as satisfaction of the performance objectives is deemed probable, the Company records the associated compensation expense.

The Company did not grant any options to purchase shares of Series A or Series B Atlanta Braves Holdings common stock during the years ended December 31, 2024 or 2023, nor did Liberty Media grant any options to purchase shares of Series A or Series B Liberty Braves common stock during the year ended December 31, 2022.

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2024 , 2023 and 2022

(4) Mainly vests in one year for directors and one year from the month of grant for employees, subject to the satisfaction of certain performance objectives.

(5) Cliff vests one year from the month of grant, subject to the satisfaction of certain performance objectives and based on an amount determined by the Company’s compensation committee.

(6) Cliff vests between 0 % to 200 % on December 31, 2027, subject to the satisfaction of certain performance objectives and based on an amount determined by the Company’s compensation committee.

For Awards that are performance-based, performance objectives are considered in determining the timing and amount of compensation expense recognized.

When the satisfaction of the performance 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 no t grant any options to purchase shares of Series A or Series B Atlanta Braves Holdings common stock during the years ended December 31, 2025, 2024 and 2023.

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 in March 2024.

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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.

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2025 , 2024 and 2023

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 Awards based on historical exercise and forfeiture data.

For grants made in 2023 and 2022, the range of expected terms was 5.55 to 5.64 years.

For grants made in 2023, the range of expected terms was 5.55 to 5.58 years.

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).

For grants made in 2023 and 2022, the range of volatilities was 33.3 % to 35.0 %.

For grants made in 2023, the range of volatilities was 33.3 % to 33.8 %.

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.

There were no grants of stock options made in 2025 or 2024.

Outstanding Awards

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

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.

Atlanta Braves Holdings

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The aggregate intrinsic value of all Atlanta Braves Holdings Series C stock options and Liberty Braves Series A and Series C stock options, on a combined basis, exercised during the years ended December 31, 2025, 2024 and 2023 was $ 5.1 million, $ 7.6 million and $ 2.5 million, respectively.

RSAs and RSUs

The Company had approximately 0.9 million unvested RSUs of Atlanta Braves Holdings common stock held by certain directors, officers and employees as of December 31, 2025.

These Series C unvested RSUs of Atlanta Braves Holdings common stock had a weighted average GDFV of $ 31.19 per share.

ATLANTA BRAVES HOLDINGS, INC.

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December 31, 2025 , 2024 and 2023

RSAs and RSUs

The Company had approximately 343 thousand unvested RSUs of Atlanta Braves Holdings common stock held by certain directors, officers and employees as of December 31, 2024.

These Series C unvested RSUs of Atlanta Braves Holdings common stock had a weighted average GDFV of $ 37.99 per share.

The aggregate fair value of all RSAs and RSUs of Atlanta Braves Holdings common stock and Liberty Braves common stock, on a combined basis, that vested during the years ended December 31, 2025, 2024 and 2023 was $ 9.2 million, $ 13.9 million and $ 6.1 million, respectively.

(12) Related-Party Transactions

During the years ended December 31, 2024, 2023 and 2022, the Company recognized approximately $ 2.1 million, $ 1.9 million and $ 1.2 million, respectively, from MLBAM for the reimbursement of certain centralized services performed by MLBAM.

During the years ended December 31, 2025, 2024 and 2023, the Company recognized expenses of approximately $ 2.7 million, $ 2.1 million and $ 1.9 million, respectively, from MLBAM for the reimbursement of certain centralized services performed by MLBAM.

These amounts are included in selling, general and administrative, including stock-based compensation in the consolidated statements of operations.

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Additionally, these contracts may include incentive compensation (although certain incentive compensation awards cannot be earned by more than one player per season).

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2024 , 2023 and 2022

Subsequent to December 31, 2024, Braves Holdings entered into long-term employment contracts with certain players, pursuant to which approximately $ 45.3 million is anticipated to be paid through 2027 according to the terms of such contracts, excluding any incentive compensation.

Diamond Sports Group Bankruptcy

As disclosed in note 2, ANLBC has a long-term local broadcasting agreement with SportSouth Network II, LLC, a subsidiary of Diamond Sports Group (now Main Street Sports Group, LLC), granting its regional cable networks the right to broadcast substantially all of the Braves games not otherwise selected for broadcast within the home television territory of the Braves (such agreement, as amended, the “Braves Broadcast Agreement”).

In March 2023, Diamond Sports Group along with certain affiliates (collectively, the “Debtors”) filed voluntary petitions for relief under Chapter 11 (the “Chapter 11 Proceeding”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”).

On February 12, 2024, the Bankruptcy Court entered an agreed order among the Debtors, ANLBC and certain other MLB Clubs who have broadcast agreements with Diamond Sports Group or its affiliates, and the BOC, whereby the Debtors agreed not to reject or cause the termination of various club broadcasting agreements, including the Braves Broadcast Agreement, before the end of the 2024 MLB Season (the “Agreed Order”).

The Agreed Order provided other protections to ANLBC, MLB and the other covered Clubs to give some assurance that the Debtors would pay all required fees under the various club broadcasting agreements, including the Braves Broadcast Agreement, until the earlier to occur of (i) a plan of reorganization is confirmed by the Bankruptcy Court and the Debtors exit bankruptcy and (ii) the final payment for the 2024 MLB season is paid.

The Debtors filed their Disclosure Statement (the “Disclosure Statement”) and Joint Plan of Reorganization (the “Joint Plan of Reorganization”) on April 17, 2024.

The Bankruptcy Court approved the Disclosure Statement and originally scheduled a hearing to consider confirmation of the Joint Plan of Reorganization for June 18, 2024 (the “Confirmation Hearing”).

The Confirmation Hearing was originally adjourned to July 29-30, 2024, but on July 24, 2024, the Confirmation Hearing was further adjourned indefinitely.

On September 3, 2024, the Debtors announced their intention to further amend the Disclosure Statement and Joint Plan of Reorganization in hopes of setting the Confirmation Hearing for some time in November 2024.

On October 2, 2024, the Debtors filed their First Amended Joint Chapter 11 Plan of Reorganization (the “Amended Plan”) as well as their Disclosure Statement Supplement for the Debtors’ First Amended Joint Chapter 11 Plan of Reorganization (the “Disclosure Statement Supplement”).

The Debtors filed a further revised version of the Amended Plan (the “Revised Amended Plan”) on October 9, 2024.

On October 9, 2024, the Bankruptcy Court approved the Disclosure Statement Supplement and scheduled the Confirmation Hearing to consider the Revised Amended Plan for November 14, 2024.

On November 14, 2024, the Debtors filed a further revised version of the Revised Amended Plan and the Bankruptcy Court entered an order approving the Revised Amended Plan.

Upon the Revised Amended Plan becoming effective on January 2, 2025, Diamond Sports Group exited bankruptcy and is now operating as Main Street Sports Group, LLC.

To date and throughout the Chapter 11 Proceeding, ANLBC has received all scheduled payments in accordance with the Braves Broadcast Agreement.

The obligations of Diamond Sports Group and certain of its affiliates under the Agreed Order have been satisfied in accordance with its terms.

Braves Holdings, along with the BOC and other MLB affiliates, has been named in a number of lawsuits arising in the normal course of business.

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We evaluate developments in legal matters that could affect the amount of the liability accrual and make adjustments as appropriate.

Significant judgment is required to determine both probability and the estimated amount of a loss or potential loss.

We may be unable to reasonably estimate the

Significant judgment is required to determine

ATLANTA BRAVES HOLDINGS, INC.

1 unchanged sentence

December 31, 2025 , 2024 and 2023

reasonably possible loss or range of loss for a particular legal contingency for various reasons, including, among others, because:

both probability and the estimated amount of a loss or potential loss.

We may be unable to reasonably estimate the reasonably possible loss or range of loss for a particular legal contingency for various reasons, including, among others, because:

(i) the damages sought are indeterminate;

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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 consolidated financial statements.

(14) 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

period (in years)

amounts in thousands

Building and Improvements

Tangible assets

Lease in-place asset

Real estate commissions

Definite-lived intangible assets

Total purchase price

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

(15) 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).

The Company’s chief operating decision maker (the “CODM”), 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 nonfinancial measures such as attendance, viewership and social media.

The Company defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges.

The financial measures utilized by our CODM do not consider intersegment revenue and expenses and additionally, the CODM does not utilize assets presented on a segment basis to make decisions on allocating resources.

As such, neither intersegment activity nor segment assets are presented herein.

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2025 , 2024 and 2023

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.

However, our definition may vary from similarly titled measures used by other companies.

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 depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges that are included in the measurement of operating income pursuant to GAAP.

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, net earnings (loss), cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP.

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Mixed-Use Development

Corporate and Other

Revenue from external customers

4 unchanged sentences

Reconciliation of Adjusted OIBDA

Corporate and other unallocated costs

Impairment expense

Stock-based compensation

15 unchanged sentences

Mixed-Use Development

Corporate and Other

Revenue from external customers

4 unchanged sentences

Reconciliation of Adjusted OIBDA

Corporate and other unallocated costs

Impairment expense

Stock-based compensation

15 unchanged sentences

Mixed-Use Development

Corporate and Other

Revenue from external customers

4 unchanged sentences

Reconciliation of Adjusted OIBDA

Impairment of long-lived assets and other related costs, net of insurance recoveries

Corporate and other unallocated costs

Impairment expense

Stock-based compensation

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

ATLANTA BRAVES HOLDINGS, INC.

Notes to Consolidated Financial Statements (continued)

December 31, 2024 , 2023 and 2022

Other Information

December 31, 2024

December 31, 2023

December 31, 2022

in affiliates

amounts in thousands

Mixed-Use Development

Corporate and other

Elimination (1)

(1) This amount is related to (i) intersegment accounts and transactions between Baseball and Mixed-Use Development that have been eliminated in the consolidated financial statements and (ii) income taxes payable that partially offset income taxes receivable in the consolidated balance sheets.

The following required information is incorporated by reference to our definitive proxy statement for our 2026 Annual Meeting of Stockholders presently scheduled to be held in the second quarter of 2026:

Directors, Executive Officers and Corporate Governanc e

Information related to our directors, executive officers, corporate governance and insider trading policies and procedures will be included in our definitive proxy statement for our 2025 Annual Meeting of Stockholders, which is expected to be filed withing 120 days of our fiscal year end, and is incorporated herein by reference.

Information related to our directors, executive officers, corporate governance and insider trading policies and procedures will be included in our definitive proxy statement for our 2026 Annual Meeting of Stockholders, which is expected to be filed within 120 days of our fiscal year end, and is incorporated herein by reference.

We have adopted an insider trading policy governing the purchase, sale, and/or other dispositions of our securities by our directors, officers, and employees that we believe is reasonably designed to promote compliance with insider trading laws, rules and regulations, and the exchange listing standards applicable to us.

A copy of our insider trading policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K.

A copy of our insider trading policy is included as Exhibit 19.1 to this Annual Report on Form 10-K.

Executive Compensatio n

Information related to executive compensation will be included in our definitive proxy statement for our 2025 Annual Meeting of Stockholders, which is expected to be filed withing 120 days of our fiscal year end, and is incorporated herein by reference.

Information related to executive compensation will be included in our definitive proxy statement for our 2026 Annual Meeting of Stockholders, which is expected to be filed within 120 days of our fiscal year end, and is incorporated herein by reference.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matter s

Information related to the beneficial ownership of our common stock will be included in our definitive proxy statement for our 2025 Annual Meeting of Stockholders, which is expected to be filed withing 120 days of our fiscal year end, and is incorporated herein by reference.

Information related to the beneficial ownership of our common stock will be included in our definitive proxy statement for our 2026 Annual Meeting of Stockholders, which is expected to be filed within 120 days of our fiscal year end, and is incorporated herein by reference.

Certain Relationships and Related Transactions, and Director Independenc e

Information related to certain relationships and related transactions and director independence will be included in our definitive proxy statement for our 2025 Annual Meeting of Stockholders, which is expected to be filed withing 120 days of our fiscal year end, and is incorporated herein by reference.

Information related to certain relationships and related transactions and director independence will be included in our definitive proxy statement for our 2026 Annual Meeting of Stockholders, which is expected to be filed within 120 days of our fiscal year end, and is incorporated herein by reference.

Principal Accountant Fees and Service s

Information related to principal accountant fees and services will be included in our definitive proxy statement for our 2025 Annual Meeting of Stockholders, which is expected to be filed withing 120 days of our fiscal year end, and is incorporated herein by reference.

Information related to principal accountant fees and services will be included in our definitive proxy statement for our 2026 Annual Meeting of Stockholders, which is expected to be filed within 120 days of our fiscal year end, and is incorporated herein by reference.

Exhibits and Financial Statement Schedules.

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2 - Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession:

Reorganization Agreement, dated as of June 28, 2023, by and between Liberty Media Corporation and the Registrant (incorporated by reference to Exhibit 2.1 of the Registrant’s Current Report on Form 8-K filed on July 18, 2023 (File No.

001-41746) (the “July 2023 8-K”)).

3 - Articles of Incorporation and Bylaws:

2 unchanged sentences

4 - Instruments Defining the Rights of Securities Holders, including Indentures:

Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.1 of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2023 filed on February 28, 2024 (File No.

41746) (the “February 2024 10-K”)) .

10 - Material Contracts:

1 unchanged sentence

2023 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Amendment No.

2 to the Registrant’s Form S-4 filed on April 6, 2023 (File No.

333-268922) (the “S-4”)).

2 to the Registrant’s Form S-4 filed on April 6, 2023 (the “S-4”)).

Atlanta Braves Holdings, Inc.

1 unchanged sentence

Form of Indemnification Agreement by and between the Registrant and its executive officers/directors (incorporated by reference to Exhibit 10.7 to the Amendment No.

3 to the Registrant’s Form S-4 filed on April 28, 2023 (File No.

333-268922)).

3 to the Registrant’s Form S-4 filed on April 28, 2023).

Stadium Operating Agreement, dated May 27, 2014, by and among Braves Stadium Company, LLC, Cobb-Marietta Coliseum and Exhibit Hall Authority and Cobb County, Georgia (incorporated by reference to Exhibit 10.9 of the S-4).

1 unchanged sentence

Services Agreement, dated as of July 18, 2023, by and between Liberty Media Corporation and the Registrant (incorporated by reference to Exhibit 10.2 of the July 2023 8-K).

Facilities Sharing Agreement, dated as of July 18, 2023, by and among the Registrant, Liberty Media Corporation, and Liberty Property Holdings, Inc.

(incorporated by reference to Exhibit 10.3 of the July 2023 8-K).

Aircraft Time Sharing Agreements, dated July 18, 2023, by and between Liberty Media Corporation and the Registrant (incorporated by reference to Exhibit 10.4 of the July 2023 8-K).

Form of Restricted Stock Units Agreement (Non-Employee Director) (incorporated by reference to Exhibit 10.10 of the Registrant’s Form S-1 filed on September 8, 2023 (File No.

333-274438) (the “S-1”)).

Form of Restricted Stock Units Agreement (Non-Employee Director) (incorporated by reference to Exhibit 10.10 of the Registrant’s Form S-1 filed on September 8, 2023 (the “S-1”)).

Form of Non-Qualified Stock Option Agreement (Non-Employee Director) (incorporated by reference to Exhibit 10.11 of the Form S-1).

Form of Non-Qualified Stock Option Agreement under the Atlanta Braves Holdings, Inc.

2023 Omnibus Incentive Plan, as amended from time to time, for certain officers of the company and Atlanta Braves (incorporated by reference to Exhibit 10.1 of the Registrants Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 filed on May 8, 2024 (File No.

001-41746) (the “2024 First Quarter 10-Q”)) .

2023 Omnibus Incentive Plan, as amended from time to time, for certain officers of the company and Atlanta Braves (incorporated by reference to Exhibit 10.1 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 filed on May 8, 2024 (the “2024 First Quarter 10-Q”)) .

Form of Restricted Stock Unit Agreement under the Atlanta Braves Holdings, Inc.

2 unchanged sentences

2023 Omnibus Incentive Plan, as amended from time to time, for certain officers of the company and Atlanta Braves (incorporated by reference to Exhibit 10.3 to the 2024 First Quarter 10-Q) .

Form of Annual Performance-Based Restricted Stock Unit Award between the Registrant and Gregory B.

Maffei under the Atlanta Braves Holdings, Inc.

2023 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.4 to the 2024 First Quarter 10-Q).

Employment Agreement, dated March 6, 2023 by and between Atlanta National League Baseball Club, LLC and Jill Robinson.

Employment Agreement, dated January 1, 2023 by and between Atlanta National League Baseball Club, LLC and Derek Schiller.

Employment Agreement, dated March 15, 2023 by and between Atlanta National League Baseball Club, LLC and Mike Plant.

Employment Agreement, dated March 6, 2023 by and between Atlanta National League Baseball Club, LLC and Greg Heller.

Insider Trading Policy .*

Employment Agreement, dated March 6, 2023 by and between Atlanta National League Baseball Club, LLC and Jill Robinson (incorporated by reference to Exhibit 10.15 of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2024 filed on March 3, 2025 (the “March 2025 10-K”).

Employment Agreement, dated January 1, 2023 by and between Atlanta National League Baseball Club, LLC and Derek Schiller (incorporated by reference to Exhibit 10.16 to the March 2025 10-K).

Employment Agreement, dated March 15, 2023 by and between Atlanta National League Baseball Club, LLC and Mike Plant (incorporated by reference to Exhibit 10.17 to the March 2025 10-K).

Employment Agreement, dated March 6, 2023 by and between Atlanta National League Baseball Club, LLC and Greg Heller (incorporated by reference to Exhibit 10.18 to the March 2025 10-K).

Form of Performance Stock Unit Agreement under the Atlanta Braves Holdings, Inc.

2023 Omnibus Incentive Plan, as amended from time to time, for certain officers and employees of the Company (incorporated by reference to Exhibit 10.1 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 filed on August 7, 2025).

Insider Trading Policy (incorporated by reference to Exhibit 19.1 to the March 2025 10-K).

Subsidiaries of Atlanta Braves Holdings, Inc.*

19 unchanged sentences

ATLANTA BRAVES HOLDINGS, INC.

March 3, 2025

February 26, 2026

/s/ TERENCE F.

1 unchanged sentence

(Principal Executive Officer)

March 3, 2025

Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)

February 26, 2026

Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated.

/s/ TERENCE F.

Chairman, President, Chief Executive Officer, and Director

March 3, 2025

Executive Vice President, Chief Financial Officer and Treasurer

March 3, 2025

Chairman, President, Chief Executive Officer, and Director (Principal Executive Officer)

February 26, 2026

Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)

February 26, 2026

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures