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INTANGIBLE ASSET, NET — RELATED PARTY
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSET, NET — RELATED PARTY INTANGIBLE ASSET, NET—RELATED PARTY
The intangible asset relates to the contract value of the incentive compensation provisions of the A&R DMA with the Great Park Venture acquired in the Formation Transactions (see Note 9). The intangible asset will be amortized over the contract period based on the pattern in which the economic benefits are expected to be received.
The carrying amount and accumulated amortization of the intangible asset as of December 31, 2024 and 2023 were as follows (in thousands):
20242023
Gross carrying amount$129,705 $129,705 
Accumulated amortization(120,668)(104,435)
Net book value$9,037 $25,270 
Intangible asset amortization expense, as a result of revenue recognition attributable to incentive compensation, was $16.2 million, $15.0 million and $11.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Amortization expense is included in the cost of management services in the accompanying consolidated statements of operations and is included in the Great Park segment.