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Revenues
 9 Months Ended
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, 2025Nine Months Ended September 30, 2025
Valencia San Francisco
Great Park(1)
Hearthstone(2)
TotalValencia 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 properties145 — — — 145 331 — — — 331 
133 — 9,432 3,394 12,959 401 — 28,942 3,394 32,737 
Operating properties leasing revenues353 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, 2024Nine Months Ended September 30, 2024
Valencia San Francisco
Great Park(1)
UnallocatedTotalValencia San Francisco
Great Park(1)
UnallocatedTotal
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 properties128 — — — 128 371 — — — 371 
500 — 15,915 115 16,530 1,585 — 74,679 356 76,620 
Operating properties leasing revenues312 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.