Gate City Capital, Michael Melby report 5.4% stake in Seaport (SEG)

Rhea-AI Filing Summary

Seaport Entertainment Group Inc. ownership filing: Gate City Capital Management, LLC and Michael Melby report beneficial ownership of 689,447 shares of common stock, equal to 5.40% of the class. The filing is signed by Michael Melby as Managing Member on 05/15/2026.

The filing states Gate City Capital (an Illinois limited liability company) acts as adviser to certain funds that hold the shares and that Mr. Melby is the managing member. The report lists 689,447 shares with sole voting and dispositive power.

Insights

Corporate Governance Analyst

Passive 13G ownership report: 689,447 shares, 5.40%.

Gate City Capital and Michael Melby report beneficial ownership of 689,447 common shares with sole voting and dispositive power. The filing identifies the ownership as held by funds advised by Gate City; Mr. Melby is the managing member.

Disclosure is a standard Schedule 13G-style passive/investor ownership report. Timing and any intent to acquire or dispose are not stated; subsequent filings could disclose changes in position.

Key Figures

Amount beneficially owned: 689,447 shares Percent of class: 5.40% Sole voting power: 689,447 shares +2 more

5 metrics

Amount beneficially owned 689,447 shares Schedule 13G ownership statement

Percent of class 5.40% Percent of common stock reported in filing

Sole voting power 689,447 shares Shares over which filer reports sole voting power

Sole dispositive power 689,447 shares Shares over which filer reports sole dispositive power

Filing signature date 05/15/2026 Date filing signed by Michael Melby

Key Terms

Schedule 13G, Beneficial ownership, Sole dispositive power

3 terms

Schedule 13G regulatory

"This relates to Common Shares (the "Common Shares") of the Issuer held by the Funds."

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Beneficial ownership regulatory

"Item 4. | Ownership (a) | Amount beneficially owned: 689447"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Sole dispositive power regulatory

"(iii) Sole power to dispose or to direct the disposition of: 689447"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/15/2026 - 04:05 PM Learn about SEC filing dates

FAQ

What stake does Gate City Capital hold in Seaport Entertainment (SEG)?

Gate City Capital reports beneficial ownership of 689,447 shares, equal to 5.40% of Seaport Entertainment's common stock, as disclosed in the filing signed 05/15/2026. The shares are held through funds advised by Gate City.

Who signed the Schedule 13G for SEG and in what capacity?

Michael Melby signed the filing on 05/15/2026 as Managing Member of Gate City Capital Management, LLC, which serves as adviser to the funds that beneficially hold the reported common shares.

Does the filing state whether Gate City will sell or buy more SEG shares?

The Schedule 13G discloses ownership only; it does not state any intention to buy or sell additional shares. The filing lists voting and dispositive power but provides no transaction intent or mechanism.

How much voting power does Gate City report for SEG shares?

Gate City reports sole voting power and sole dispositive power over 689,447 shares, with 0 shared voting or dispositive power, according to the ownership section of the filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Seaport Entertainment Group Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

812215200

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 812215200

1

Names of Reporting Persons

Gate City Capital Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 689,447.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 689,447.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

689,447.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): 812215200

1

Names of Reporting Persons

Michael Melby

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 689,447.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 689,447.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

689,447.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.4 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: This Schedule 13G (this "Schedule 13G") is being filed on behalf of Gate City Capital Management, LLC, an Illinois limited liability company (the "Management Company") and Michael Melby. Mr. Melby serves as the managing member of the Management Company. The Management Company serves as an adviser to certain private investment funds and managed accounts (the "Funds"). This Schedule 13G relates to Common Shares (the "Common Shares") of the Issuer held by the Funds.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Seaport Entertainment Group Inc.
(b)	Address of issuer's principal executive offices: 199 Water Street, 28th Floor, New York, NY 10038
Item 2.
(a)	Name of person filing: Gate City Capital Management, LLC
(b)	Address or principal business office or, if none, residence: 8725 W. Higgins Road, Suite 530, Chicago, IL 60631
(c)	Citizenship: United States
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 812215200
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 689447
(b)	Percent of class: 5.40%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 689447
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 689447
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Gate City Capital Management, LLC

Signature:	/s/ Michael Melby
Name/Title:	Michael Melby, Managing Member
Date:	05/15/2026

Michael Melby

Signature:	/s/ Michael Melby
Name/Title:	Michael Melby, Managing Member
Date:	05/15/2026