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Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Segment operating results and reconciliations to the Company’s consolidated balances for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):
| Three Months Ended September 30, 2025
| Valencia |  | San Francisco |  | Great Park |  | Hearthstone |  | Total reportable segments |  | Removal of Great Park Venture(1) |  |  |  | Add investment in Great Park Venture |  |  |  |  |  | Corporate and unallocated(2) |  | Total Consolidated
Revenues | $ | 486 |  |  | $ | 176 |  |  | $ | 282,504 |  |  | $ | 3,394 |  |  | $ | 286,560 |  |  | $ | (273,072) |  |  |  |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | 13,488 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of land sales | — |  |  | — |  |  | 64,883 |  |  | — |  |  | 64,883 |  |  | (64,883) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | — |
Management services | — |  |  | — |  |  | 2,714 |  |  | 2,741 |  |  | 5,455 |  |  | — |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 5,455 |
Selling, general, and administrative | 2,230 |  |  | 1,156 |  |  | 2,532 |  |  | — |  |  | 5,918 |  |  | (2,532) |  |  |  |  | — |  |  |  |  |  |  | 10,908 |  |  | 14,294 |
Management fees-related party | — |  |  | — |  |  | 6,138 |  |  | — |  |  | 6,138 |  |  | (6,138) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | — |
Other segment items(3) | 1,623 |  |  | (3) |  |  | (2,115) |  |  | (181) |  |  | (676) |  |  | 2,115 |  |  |  |  | (69,548) |  |  |  |  |  |  | 6,134 |  |  | (61,975) |
Segment profit (loss) / Net income (loss) | (3,367) |  |  | (977) |  |  | 208,352 |  |  | 834 |  |  | 204,842 |  |  | (201,634) |  |  |  |  | 69,548 |  |  |  |  |  |  | (17,042) |  |  | 55,714 |
Other segment disclosures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 13 |  |  | — |  |  | 813 |  |  | 326 |  |  | 1,152 |  |  | — |  |  |  |  | — |  |  |  |  |  |  | 56 |  |  | 1,208 |
Interest income | — |  |  | 3 |  |  | 2,115 |  |  | 7 |  |  | 2,125 |  |  | (2,115) |  |  |  |  | — |  |  |  |  |  |  | 4,474 |  |  | 4,484 |
Expenditures for long-lived assets, net(4) | 33,174 |  |  | 14,582 |  |  | 26,970 |  |  | — |  |  | 74,726 |  |  | (26,970) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 47,756 |
(1) Represents the removal of the Great Park Venture operating results, which are included in the Great Park segment operating results at 100% of its historical basis, but are not included in the Company’s consolidated results as the Company accounts for its investment in the venture using the equity method of accounting. After the sale of the Gateway Commercial Venture’s commercial operating assets in December 2024 (see Note 5), the Company’s commercial segment is no longer operating. The Company has reported the equity in earnings from the Company’s investment in the Gateway Commercial Venture within the corporate and unallocated column in the table above. (2) Corporate and unallocated activity is primarily comprised of corporate general and administrative expenses, interest income, income tax provision of $9.2 million, loss on debt extinguishment and equity in earnings from the Gateway Commercial Venture. (3) Other segment items for each reportable segment include: • Valencia—operating properties expenses, pension costs and equity in earnings from unconsolidated entities. • San Francisco—interest income. • Great Park—interest income. • Hearthstone—interest income and equity in earnings from Hearthstone Funds. (4) Expenditures for long-lived assets are net of inventory cost reimbursements and other inventory cost recoveries and include noncash project accruals and capitalized interest. For the three months ended September 30, 2025, San Francisco’s net expenditures include $0.5 million and Great Park Venture’s net expenditures include $8.7 million in inventory cost reimbursements and recoveries received.
| Three Months Ended September 30, 2024
| Valencia |  | San Francisco |  | Great Park |  |  |  | Total reportable segments |  | Removal of Great Park Venture(1) |  |  |  | Add investment in Great Park Venture |  |  |  |  |  | Corporate and unallocated(2) |  | Total Consolidated
Revenues | $ | 812 |  |  | $ | 171 |  |  | $ | 77,427 |  |  |  |  | $ | 78,410 |  |  | $ | (61,512) |  |  |  |  | $ | — |  |  |  |  |  |  | $ | 115 |  |  | $ | 17,013 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of land sales | — |  |  | — |  |  | 8,088 |  |  |  |  | 8,088 |  |  | (8,088) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | — |
Management services | — |  |  | — |  |  | 4,256 |  |  |  |  | 4,256 |  |  | — |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 4,256 |
Selling, general, and administrative | 2,407 |  |  | 1,232 |  |  | 3,144 |  |  |  |  | 6,783 |  |  | (3,144) |  |  |  |  | — |  |  |  |  |  |  | 8,272 |  |  | 11,911 |
Management fees-related party | — |  |  | — |  |  | 18,790 |  |  |  |  | 18,790 |  |  | (18,790) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | — |
Other segment items(3) | 996 |  |  | (19) |  |  | (1,912) |  |  |  |  | (935) |  |  | 1,912 |  |  |  |  | (12,088) |  |  |  |  |  |  | (378) |  |  | (11,489) |
Segment profit (loss) / Net income (loss) | (2,591) |  |  | (1,042) |  |  | 45,061 |  |  |  |  | 41,428 |  |  | (33,402) |  |  |  |  | 12,088 |  |  |  |  |  |  | (7,779) |  |  | 12,335 |
Other segment disclosures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 25 |  |  | — |  |  | 2,193 |  |  |  |  | 2,218 |  |  | — |  |  |  |  | — |  |  |  |  |  |  | 63 |  |  | 2,281 |
Interest income | — |  |  | 19 |  |  | 1,912 |  |  |  |  | 1,931 |  |  | (1,912) |  |  |  |  | — |  |  |  |  |  |  | 2,576 |  |  | 2,595 |
Expenditures for long-lived assets, net(4) | 31,150 |  |  | 16,843 |  |  | 20,677 |  |  |  |  | 68,670 |  |  | (20,677) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 47,993 |
(1) Represents the removal of the Great Park Venture operating results, which are included in the Great Park segment operating results at 100% of its historical basis, but are not included in the Company’s consolidated results as the Company accounts for its investment in the venture using the equity method of accounting. After the sale of the Gateway Commercial Venture’s commercial operating assets in December 2024 (see Note 5), the Company’s commercial segment is no longer operating. The Company has recast the segment presentation for the comparative prior period to report the equity in loss from the Company’s investment in the Gateway Commercial Venture within the corporate and unallocated column in the table above. (2) Corporate and unallocated activity is primarily comprised of corporate general and administrative expenses, interest income, income tax provision of $1.9 million and equity in loss from the Gateway Commercial Venture. (3) Other segment items for each reportable segment include: • Valencia—operating properties expenses, pension costs and equity in earnings from unconsolidated entities. • San Francisco—interest income. • Great Park—interest income. (4) Expenditures for long-lived assets are net of inventory cost reimbursements and other inventory cost recoveries and include noncash project accruals and capitalized interest. For the three months ended September 30, 2024, Valencia’s net expenditures include $0.2 million, San Francisco’s net expenditures include $0.5 million and Great Park Venture’s net expenditures include $14.6 million in inventory cost reimbursements and recoveries received.
| Nine Months Ended September 30, 2025
| Valencia |  | San Francisco |  | Great Park |  | Hearthstone |  | Total reportable segments |  | Removal of Great Park Venture(1) |  |  |  | Add investment in Great Park Venture |  |  |  |  |  | Corporate and unallocated(2) |  | Total Consolidated
Revenues | $ | 1,260 |  |  | $ | 522 |  |  | $ | 659,659 |  |  | $ | 3,394 |  |  | $ | 664,835 |  |  | $ | (630,717) |  |  |  |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | 34,118 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of land sales | — |  |  | — |  |  | 151,121 |  |  | — |  |  | 151,121 |  |  | (151,121) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | — |
Management services | — |  |  | — |  |  | 8,105 |  |  | 2,741 |  |  | 10,846 |  |  | — |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 10,846 |
Selling, general, and administrative | 8,629 |  |  | 3,534 |  |  | 7,073 |  |  | — |  |  | 19,236 |  |  | (7,073) |  |  |  |  | — |  |  |  |  |  |  | 32,482 |  |  | 44,645 |
Management fees-related party | — |  |  | — |  |  | 21,749 |  |  | — |  |  | 21,749 |  |  | (21,749) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | — |
Other segment items(3) | 3,662 |  |  | (20) |  |  | (5,517) |  |  | (181) |  |  | (2,056) |  |  | 5,517 |  |  |  |  | (157,094) |  |  |  |  |  |  | 7,384 |  |  | (146,249) |
Segment profit (loss) / Net income (loss) | (11,031) |  |  | (2,992) |  |  | 477,128 |  |  | 834 |  |  | 463,939 |  |  | (456,291) |  |  |  |  | 157,094 |  |  |  |  |  |  | (39,866) |  |  | 124,876 |
Other segment disclosures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 38 |  |  | — |  |  | 2,520 |  |  | 326 |  |  | 2,884 |  |  | — |  |  |  |  | — |  |  |  |  |  |  | 180 |  |  | 3,064 |
Interest income | — |  |  | 20 |  |  | 5,517 |  |  | 7 |  |  | 5,544 |  |  | (5,517) |  |  |  |  | — |  |  |  |  |  |  | 13,474 |  |  | 13,501 |
Expenditures for long-lived assets(4) | 103,566 |  |  | 46,805 |  |  | 62,933 |  |  | — |  |  | 213,304 |  |  | (62,933) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 150,371 |
(1) Represents the removal of the Great Park Venture operating results, which are included in the Great Park segment operating results at 100% of its historical basis, but are not included in the Company’s consolidated results as the Company accounts for its investment in the venture using the equity method of accounting. After the sale of the Gateway Commercial Venture’s commercial operating assets in December 2024 (see Note 5), the Company’s commercial segment is no longer operating. The Company has reported the equity in earnings from the Company’s investment in the Gateway Commercial Venture within the corporate and unallocated column in the table above. (2) Corporate and unallocated activity is primarily comprised of corporate general and administrative expenses, interest income, income tax provision of $20.1 million, loss on debt extinguishment and equity in earnings from the Gateway Commercial Venture. (3) Other segment items for each reportable segment include: • Valencia—operating properties expenses, pension costs, miscellaneous other income and equity in earnings from unconsolidated entities. • San Francisco—interest income. • Great Park—interest income. • Hearthstone—interest income and equity in earnings from Hearthstone Funds. (4) Expenditures for long-lived assets are net of inventory cost reimbursements and other inventory cost recoveries and include noncash project accruals and capitalized interest. For the nine months ended September 30, 2025, Valencia’s net expenditures include $1.8 million, San Francisco’s net expenditures include $1.1 million and Great Park Venture’s net expenditures include $37.7 million in inventory cost reimbursements and recoveries received.
| Nine Months Ended September 30, 2024
| Valencia |  | San Francisco |  | Great Park |  |  |  | Total reportable segments |  | Removal of Great Park Venture(1) |  |  |  | Add investment in Great Park Venture |  |  |  |  |  | Corporate and unallocated(2) |  | Total Consolidated
Revenues | $ | 2,598 |  |  | $ | 507 |  |  | $ | 368,272 |  |  |  |  | $ | 371,377 |  |  | $ | (293,593) |  |  |  |  | $ | — |  |  |  |  |  |  | $ | 356 |  |  | $ | 78,140 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of land sales | — |  |  | — |  |  | 67,062 |  |  |  |  | 67,062 |  |  | (67,062) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | — |
Management services | — |  |  | — |  |  | 19,467 |  |  |  |  | 19,467 |  |  | — |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 19,467 |
Selling, general, and administrative | 8,116 |  |  | 3,661 |  |  | 8,708 |  |  |  |  | 20,485 |  |  | (8,708) |  |  |  |  | — |  |  |  |  |  |  | 25,236 |  |  | 37,013 |
Management fees-related party | — |  |  | — |  |  | 91,422 |  |  |  |  | 91,422 |  |  | (91,422) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | — |
Other segment items(3) | 3,558 |  |  | (51) |  |  | (5,062) |  |  |  |  | (1,555) |  |  | 5,062 |  |  |  |  | (45,218) |  |  |  |  |  |  | 6,726 |  |  | (34,985) |
Segment profit (loss) / Net income (loss) | (9,076) |  |  | (3,103) |  |  | 186,675 |  |  |  |  | 174,496 |  |  | (131,463) |  |  |  |  | 45,218 |  |  |  |  |  |  | (31,606) |  |  | 56,645 |
Other segment disclosures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 25 |  |  | — |  |  | 13,735 |  |  |  |  | 13,760 |  |  | — |  |  |  |  | — |  |  |  |  |  |  | 234 |  |  | 13,994 |
Interest income | — |  |  | 51 |  |  | 5,062 |  |  |  |  | 5,113 |  |  | (5,062) |  |  |  |  | — |  |  |  |  |  |  | 8,524 |  |  | 8,575 |
Expenditures for long-lived assets(4) | 80,859 |  |  | 46,374 |  |  | (7,524) |  |  |  |  | 119,709 |  |  | 7,524 |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 127,233 |
(1) Represents the removal of the Great Park Venture operating results, which are included in the Great Park segment operating results at 100% of its historical basis, but are not included in the Company’s consolidated results as the Company accounts for its investment in the venture using the equity method of accounting. After the sale of the Gateway Commercial Venture’s commercial operating assets in December 2024 (see Note 5), the Company’s commercial segment is no longer operating. The Company has recast the segment presentation for the comparative prior period to report the equity in earnings from the Company’s investment in the Gateway Commercial Venture within the corporate and unallocated column in the table above. (2) Corporate and unallocated activity is primarily comprised of corporate general and administrative expenses, interest income, income tax provision of $8.7 million, Senior Notes exchange costs and equity in loss from the Gateway Commercial Venture. (3) Other segment items for each reportable segment include: • Valencia—operating properties expenses, pension costs and equity in earnings from unconsolidated entities. • San Francisco—interest income. • Great Park—interest income. (4) Expenditures for long-lived assets are net of inventory cost reimbursements and other inventory cost recoveries and include noncash project accruals and capitalized interest. For the nine months ended September 30, 2024, Valencia’s net expenditures include $0.4 million, San Francisco’s net expenditures include $1.1 million and Great Park Venture’s net expenditures include $156.8 million in inventory cost reimbursements and recoveries received. Segment assets and reconciliations to the Company’s consolidated balances at September 30, 2025 and December 31, 2024 are as follows (in thousands):
| September 30, 2025 |  | December 31, 2024
| Segment assets |  | Inventory assets |  | Segment assets |  | Inventory assets
Valencia | $ | 1,015,341 |  |  | $ | 979,641 |  |  | $ | 914,583 |  |  | $ | 876,172 |
San Francisco | 1,470,101 |  |  | 1,468,712 |  |  | 1,424,819 |  |  | 1,421,908 |
Great Park | 474,297 |  |  | 187,606 |  |  | 670,906 |  |  | 274,738 |
Hearthstone | 120,423 |  |  | — |  |  | — |  |  | — |
Total reportable segments | 3,080,162 |  |  | 2,635,959 |  |  | 3,010,308 |  |  | 2,572,818 |
Removal of Great Park Venture(1) | (401,984) |  |  | (187,606) |  |  | (562,598) |  |  | (274,738) |
Add investment in Great Park Venture | 114,749 |  |  | — |  |  | 151,647 |  |  | — |
Corporate and unallocated(2) | 392,355 |  |  | — |  |  | 477,060 |  |  | — |
Total Consolidated | $ | 3,185,282 |  |  | $ | 2,448,353 |  |  | $ | 3,076,417 |  |  | $ | 2,298,080 |
(1) Represents the removal of the Great Park Venture balances, which are included in the Great Park segment balances at 100% of its historical basis, but are not included in the Company’s balances as the Company accounts for its investment in the venture using the equity method of accounting. After the sale of the Gateway Commercial Venture’s commercial operating assets in December 2024 (see Note 5), the Company’s commercial segment is no longer operating. The Company has recast the segment presentation for the comparative prior period to report the Company’s investment in the Gateway Commercial Venture within the corporate and unallocated column in the table above. (2) Corporate and unallocated assets consist of cash and cash equivalents, investment in the Gateway Commercial Venture, leasehold improvements, ROU assets, prepaid expenses and deferred financing costs.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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