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Construction Contract and Other Service Revenues | 3 Months Ended
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Mar. 31, 2026
Revenue from Contract with Customer [Abstract] |
Construction Contract and Other Service Revenues | Construction Contract and Other Service Revenues We disaggregate in the table below our construction contract and other service revenues by compensation arrangement as we believe it best depicts the nature, timing, and uncertainty of our revenue (in thousands):
| For the Three Months Ended March 31, |  |
| 2026 |  | 2025 |  |  |  |
Construction contract revenue |  |  |  |  |  |  |
Guaranteed maximum price | $ | 2,338 |  |  | $ | 2,630 |  |  |  |  |
Firm fixed price | 1,742 |  |  | 6,277 |  |  |  |  |
Cost-plus fee | 1,609 |  |  | 1,071 |  |  |  |  |
Other | 352 |  |  | 281 |  |  |  |  |
| $ | 6,041 |  |  | $ | 10,259 |  |  |  |  |
We recognized an insignificant amount of revenue in the three months ended March 31, 2026 and 2025 from performance obligations satisfied (or partially satisfied) in previous periods. Accounts receivable related to our construction contract services is included in accounts receivable, net on our consolidated balance sheets. The beginning and ending balances of accounts receivable related to our construction contracts were as follows (in thousands):
| For the Three Months Ended March 31,
| 2026 |  | 2025
Beginning balance | $ | 4,036 |  |  | $ | 8,828 |
Ending balance | $ | 2,538 |  |  | $ | 4,328 |
Contract assets are included in prepaid expenses and other assets, net on our consolidated balance sheets. The beginning and ending balances of our contract assets were as follows (in thousands):
| For the Three Months Ended March 31,
| 2026 |  | 2025
Beginning balance | $ | 17,925 |  |  | $ | 17,050 |
Ending balance | $ | 15,213 |  |  | $ | 10,239 |
Contract liabilities are included in other liabilities on our consolidated balance sheets. Changes in contract liabilities were as follows (in thousands):
| For the Three Months Ended March 31,
| 2026 |  | 2025
Beginning balance | $ | 2,183 |  |  | $ | 2,016 |
Ending balance | $ | 1,960 |  |  | $ | 2,401 |
Portion of beginning balance recognized in revenue during period | $ | 236 |  |  | $ | 100 |
Revenue allocated to the remaining performance obligations under existing contracts as of March 31, 2026 that will be recognized as revenue in future periods was $34.5 million, of which we expect to recognize approximately $30 million in the nine months ending December 31, 2026, and the remainder in 2027. We have no deferred incremental costs incurred to obtain or fulfill our construction contracts or other service revenues as of March 31, 2026 and December 31, 2025. Credit loss expense or recoveries on construction contracts receivable and unbilled construction revenue were insignificant for the three months ended March 31, 2026 and 2025.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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