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Revenues
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenues REVENUES
The following tables present the Company’s consolidated revenues disaggregated by revenue source and reporting segment (in thousands):
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
Valencia San Francisco
Great Park(1)
Commercial(1)
TotalValencia San Francisco
Great Park(1)
Commercial(1)
Total
Land sales and land sales—related party
$60,694 $— $— $— $60,694 $61,280 $— $— $— $61,280 
Management services—related party
— — 4,392 110 4,502 — — 29,191 321 29,512 
Operating properties250 — — — 250 749 — — — 749 
60,944 — 4,392 110 65,446 62,029 — 29,191 321 91,541 
Operating properties leasing revenues312 165 — — 477 943 489 — — 1,432 
$61,256 $165 $4,392 $110 $65,923 $62,972 $489 $29,191 $321 $92,973 

Three Months Ended September 30, 2022Nine Months Ended September 30, 2022
Valencia San Francisco
Great Park(1)
Commercial(1)
TotalValencia San Francisco
Great Park(1)
Commercial(1)
Total
Land sales and land sales—related party
$2,889 $— $— $— $2,889 $5,172 $— $— $— $5,172 
Management services—related party
— — 12,000 108 12,108 — — 18,046 312 18,358 
Operating properties(46)— — — (46)870 — — — 870 
2,843 — 12,000 108 14,951 6,042 — 18,046 312 24,400 
Operating properties leasing revenues239 226 — — 465 767 528 — — 1,295 
$3,082 $226 $12,000 $108 $15,416 $6,809 $528 $18,046 $312 $25,695 
(1) The tables above do not include revenues of the Great Park Venture and the Gateway Commercial Venture, which are included in the Company’s reporting segment totals (see Notes 4 and 13).
The opening and closing balances of the Company’s contract assets for the nine months ended September 30, 2023 were $86.5 million ($79.9 million related party, see Note 8) and $79.7 million ($75.6 million related party, see Note 8), respectively. The opening and closing balances of the Company’s contract assets for the nine months ended September 30, 2022 were $87.6 million ($79.1 million related party, see Note 8) and $93.9 million ($87.0 million related party, see Note 8), respectively. The decrease of $6.8 million for the nine months ended September 30, 2023 between the opening and closing balances of the Company’s contract assets primarily resulted from the receipt of marketing fees from homebuilders from prior period land sales and the receipt of $24.6 million in incentive compensation payments from the Great Park Venture partially offset by additional incentive compensation revenue earned during the period from the Company's amended and restated development management agreement ("A&R DMA") with the Great Park Venture (see Note 8). The increase of $6.3 million for the nine months ended September 30, 2022 between the opening and closing balances of the Company’s contract assets primarily resulted from additional incentive compensation revenue during the period that resulted from changes in the estimated constrained transaction price partially offset by the receipt of marketing fees from prior period land sales.
The opening and closing balances of the Company’s other receivables from contracts with customers and contract liabilities for the nine months ended September 30, 2023 and 2022 were insignificant.