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Revenues | 9 Months Ended
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Sep. 30, 2025
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, 2025 |  | Nine Months Ended September 30, 2025
| Valencia |  | San Francisco |  | Great Park(1) |  | Hearthstone(2) |  | Total |  | Valencia |  | San Francisco |  | Great Park(1) |  | Hearthstone(2) |  | Total
Land sales and land sales—related party | $ | (12) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (12) |  |  | $ | 70 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 70 |
Management services—related party | — |  |  | — |  |  | 9,432 |  |  | 3,394 |  |  | 12,826 |  |  | — |  |  | — |  |  | 28,942 |  |  | 3,394 |  |  | 32,336 |
Operating properties | 145 |  |  | — |  |  | — |  |  | — |  |  | 145 |  |  | 331 |  |  | — |  |  | — |  |  | — |  |  | 331 |
| 133 |  |  | — |  |  | 9,432 |  |  | 3,394 |  |  | 12,959 |  |  | 401 |  |  | — |  |  | 28,942 |  |  | 3,394 |  |  | 32,737 |
Operating properties leasing revenues | 353 |  |  | 176 |  |  | — |  |  | — |  |  | 529 |  |  | 859 |  |  | 522 |  |  | — |  |  | — |  |  | 1,381 |
| $ | 486 |  |  | $ | 176 |  |  | $ | 9,432 |  |  | $ | 3,394 |  |  | $ | 13,488 |  |  | $ | 1,260 |  |  | $ | 522 |  |  | $ | 28,942 |  |  | $ | 3,394 |  |  | $ | 34,118 |
| Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
| Valencia |  | San Francisco |  | Great Park(1) |  | Unallocated |  | Total |  | Valencia |  | San Francisco |  | Great Park(1) |  | Unallocated |  | Total
Land sales and land sales—related party | $ | 372 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 372 |  |  | $ | 1,214 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,214 |
Management services—related party | — |  |  | — |  |  | 15,915 |  |  | 115 |  |  | 16,030 |  |  | — |  |  | — |  |  | 74,679 |  |  | 356 |  |  | 75,035 |
Operating properties | 128 |  |  | — |  |  | — |  |  | — |  |  | 128 |  |  | 371 |  |  | — |  |  | — |  |  | — |  |  | 371 |
| 500 |  |  | — |  |  | 15,915 |  |  | 115 |  |  | 16,530 |  |  | 1,585 |  |  | — |  |  | 74,679 |  |  | 356 |  |  | 76,620 |
Operating properties leasing revenues | 312 |  |  | 171 |  |  | — |  |  | — |  |  | 483 |  |  | 1,013 |  |  | 507 |  |  | — |  |  | — |  |  | 1,520 |
| $ | 812 |  |  | $ | 171 |  |  | $ | 15,915 |  |  | $ | 115 |  |  | $ | 17,013 |  |  | $ | 2,598 |  |  | $ | 507 |  |  | $ | 74,679 |  |  | $ | 356 |  |  | $ | 78,140 |
(1) The tables above do not include revenues of the Great Park Venture, which are included in the Company’s reporting segment totals (see Notes 5 and 14). (2) Hearthstone revenues are for the period from the Acquisition Date through September 30, 2025. The opening and closing balances of the Company’s contract assets for the nine months ended September 30, 2025 were $101.8 million ($100.8 million related party, see Note 9) and $76.2 million ($75.5 million related party, see Note 9), respectively. The net decrease of $25.6 million for the nine months ended September 30, 2025 between the opening and closing balances of the Company’s contract assets primarily resulted from the receipt of $52.3 million in incentive compensation payments from the Great Park Venture partially offset by (i) additional incentive compensation revenue recognized during the period that resulted from changes in the estimated constrained transaction price of the Company’s amended and restated development management agreement (“A&R DMA”) with the Great Park Venture (see Note 9) and (ii) $8.9 million primarily recognized as part of the Hearthstone Venture’s acquisition (see Note 3). The opening and closing balances of the Company’s contract assets for the nine months ended September 30, 2024 were $72.1 million ($69.1 million related party, see Note 9) and $110.0 million ($108.8 million related party, see Note 9), respectively. The net increase of $37.9 million for the nine months ended September 30, 2024 between the opening and closing balances of the Company’s contract assets primarily resulted from additional incentive compensation revenue recognized during the period that resulted from changes in the estimated constrained transaction price of the Company’s A&R DMA with the Great Park Venture (see Note 9) partially offset by the receipt of marketing fees from homebuilders from prior period land sales and the receipt of $25.1 million in incentive compensation payments from the Great Park Venture. 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, 2025 and 2024 were insignificant.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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