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Related Party Transactions
 9 Months Ended
Sep. 30, 2023
Related Party Transactions [Abstract]  
Related Party Transactions RELATED PARTY TRANSACTIONS
Related party assets and liabilities included in the Company’s condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands):
September 30, 2023December 31, 2022
Related Party Assets:
Contract assets (see Note 3)
$75,595 $79,863 
Operating lease right-of-use asset (corporate office lease at Five Point Gateway Campus)14,646 16,425 
Other
862 838 
$91,103 $97,126 
Related Party Liabilities:
Reimbursement obligation
$58,708 $62,990 
Payable to holders of Management Company’s Class B interests
4,116 6,700 
Operating lease liability (corporate office lease at Five Point Gateway Campus)11,378 12,535 
Accrued advisory fees6,175 10,525 
Other
1,170 336 
$81,547 $93,086 
Development Management Agreement with the Great Park Venture (Incentive Compensation Contract Asset)
In 2010, the Great Park Venture, the Company’s equity method investee, engaged the Management Company under a development management agreement to provide management services to the Great Park Venture. The compensation structure in place consists of a base fee and incentive compensation. Incentive compensation is 9% of distributions available to be made by the Great Park Venture to its Legacy and Percentage Interest Holders. In December 2022, the Company and the Great Park Venture entered into an amendment to the A&R DMA to extend the term to December 31, 2024 (the "First Renewal Term"). If the A&R DMA is not extended by mutual agreement of the parties beyond December 31, 2024 and the Company is no longer providing management services subsequent to December 31, 2024, the Company will be entitled to 6.75% of distributions paid thereafter.
During the nine months ended September 30, 2023, the Great Park Venture made a Legacy Incentive Compensation payment to the Company of $2.6 million and a Non-Legacy Incentive Compensation payment of $22.0 million. Upon receiving the Legacy Incentive Compensation payment, the Company distributed the $2.6 million in proceeds to the holders of the Management Company's Class B interests.
At September 30, 2023 and December 31, 2022, included in contract assets in the table above is $72.9 million and $77.4 million, respectively, attributed to incentive compensation revenue recognized but not yet due (see Note 3). Management fee revenues under the A&R DMA are included in management services—related party in the accompanying condensed consolidated statements of operations and are included in the Great Park segment. Management fee revenues under the A&R DMA were $4.4 million and $29.2 million for the three and nine months ended September 30, 2023, respectively, and $12.0 million and $18.0 million for the three and nine months ended September 30, 2022, respectively.