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Intangible Assets, Net - Related Party | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets, Net - Related Party | INTANGIBLE ASSETS, NET—RELATED PARTY Intangible assets consist of (i) the contract value of the incentive compensation provisions of the A&R DMA with the Great Park Venture and (ii) identifiable intangible assets acquired in connection with the acquisition of the Hearthstone Venture (see Note 3). The intangible assets acquired through the Hearthstone Venture acquisition include (i) investor relationships representing established relationships with institutional investors and capital partners that are expected to contribute recurring fee revenues and (ii) joint venture projects representing contractual rights to earn management and performance fees from existing residential financing and development arrangements. The incentive compensation intangible asset will be amortized over the contract period based on the pattern in which the economic benefits are expected to be received, while the Hearthstone Venture intangible assets will be amortized on a straight-line basis over an estimated useful life of seven years. The carrying amount and accumulated amortization of the intangible assets as of September 30, 2025 and December 31, 2024 were as follows (in thousands):
| September 30, 2025 |  | December 31, 2024
| Gross carrying amount |  | Accumulated amortization |  | Net book value |  | Gross carrying amount |  | Accumulated amortization |  | Net book value
Hearthstone Intangible Assets | $ | 13,672 |  |  | $ | (326) |  |  | $ | 13,346 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Great Park A&R DMA Incentive Compensation | 129,705 |  |  | (123,188) |  |  | 6,517 |  |  | 129,705 |  |  | (120,668) |  |  | 9,037 |
| $ | 143,377 |  |  | $ | (123,514) |  |  | $ | 19,863 |  |  | $ | 129,705 |  |  | $ | (120,668) |  |  | $ | 9,037 |
Intangible asset amortization expense, as a result of revenue recognition attributable to incentive compensation, was $0.8 million and $2.5 million for the three and nine months ended September 30, 2025, respectively, and $2.2 million and $13.7 million for the three and nine months ended September 30, 2024, respectively. Amortization expense is included in the cost of management services in the accompanying condensed consolidated statements of operations and is included in the Great Park segment. Intangible asset amortization expense for the Hearthstone Venture intangible assets was $0.3 million for the three and nine months ended September 30, 2025. Amortization expense is included in the cost of management services in the accompanying condensed consolidated statements of operations and is included in the Hearthstone segment.

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