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Revenues (Tables) | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Revenue Disaggregated by Source and Reporting Segment | 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.

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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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