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INVESTMENT IN UNCONSOLIDATED ENTITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
The following table summarizes the statements of operations of the Great Park Venture for the years ended December 31, 2024, 2023 and 2022 (in thousands):
202420232022
Land sale and related party land sale revenues$612,806 $554,825 $283,402 
Home sale revenues— — 40,475 
Cost of land sales
(144,876)(237,148)(155,692)
Cost of home sales— (161)(29,692)
Other costs and expenses
(118,746)(66,906)(69,539)
Net income of Great Park Venture$349,184 $250,610 $68,954 
The Company’s share of net income$130,944 $93,979 $25,858 
Basis difference amortization, net(11,157)(15,032)(5,414)
Equity in earnings from Great Park Venture$119,787 $78,947 $20,444 
The following table summarizes the balance sheet data of the Great Park Venture and the Company’s investment balance as of December 31, 2024 and 2023 (in thousands):
20242023
Inventories
$274,738 $391,352 
Cash and cash equivalents
118,256 61,054 
Contract assets and receivables, net169,604 166,793 
Total assets
$562,598 $619,199 
Accounts payable and other liabilities
$282,277 $184,847 
Redeemable Legacy Interests
— 18,075 
Capital (Percentage Interest)
280,321 416,277 
Total liabilities and capital
$562,598 $619,199 
The Company’s share of capital in Great Park Venture$105,121 $156,105 
Unamortized basis difference
46,526 57,681 
The Company’s investment in the Great Park Venture
$151,647 $213,786 
The following table summarizes the statements of operations of the Gateway Commercial Venture for the years ended December 31, 2024, 2023 and 2022 (in thousands):
202420232022
Rental revenues$8,747 $8,482 $8,395 
Rental operating and other expenses(3,509)(5,821)(3,063)
Depreciation and amortization (4,011)(4,015)(3,960)
Gain on sale of assets, net17,826 — — 
Interest expense(2,590)(2,531)(1,541)
Net income (loss) of Gateway Commercial Venture$16,463 $(3,885)$(169)
Equity in earnings (loss) from Gateway Commercial Venture$12,347 $(2,914)$(127)
The following table summarizes the balance sheet data of the Gateway Commercial Venture and the Company’s investment balance as of December 31, 2024 and 2023 (in thousands):
20242023
Real estate and related intangible assets, net$— $76,719 
Cash and restricted cash257 5,574 
Note receivable and other assets43,667 3,554 
Total assets$43,924 $85,847 
Notes payable, net$— $28,850 
Other liabilities, net— 6,623 
Members’ capital43,924 50,374 
Total liabilities and capital$43,924 $85,847 
The Company’s investment in the Gateway Commercial Venture$32,943 $37,781