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Related Party Transactions
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions RELATED PARTY TRANSACTIONS
Related party assets and liabilities included in the Company’s condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024 consisted of the following (in thousands):
September 30, 2025December 31, 2024
Related Party Assets:
Contract assets (see Note 4)$75,478 $100,793 
Other
2,716 877 
$78,194 $101,670 
Related Party Liabilities:
Reimbursement obligation
$64,066 $62,057 
Accrued advisory fees— 125 
Other
1,278 1,115 
$65,344 $63,297 
Development Management Agreement with the Great Park Venture (Incentive Compensation Contract Asset)
In 2010, the Great Park Venture, the Company’s equity method investee, engaged the Management Company under a development management agreement to provide management services to the Great Park Venture. The compensation structure in place consists of a base fee and incentive compensation. Incentive compensation is 9% of distributions available to be made by the Great Park Venture to its Percentage Interest Holders. In December 2022, the Company and the Great Park Venture entered into a second amendment to the A&R DMA establishing the terms of service through December 31, 2024 (the “First Renewal Term”). In September 2024, the Company and the Great Park Venture entered into a third amendment to the A&R DMA. Under the third amendment, the term of the A&R DMA was renewed through December 31, 2026 (the “Second Renewal Term”). If the A&R DMA is not extended by mutual agreement of the parties beyond December 31, 2026 and the Company is no longer providing management services subsequent to December 31, 2026, the Company will be entitled to 6.75% of distributions paid thereafter.
During the nine months ended September 30, 2025 and 2024, the Great Park Venture made incentive compensation payments of $52.3 million and $23.2 million, respectively, to the Company. Additionally, during the nine months ended September 30, 2024, the Company received $1.8 million in incentive compensation payments attributed to Legacy Interests which were distributed to the holders of the Management Company’s Class B interests. As of December 31, 2024, the holders of the Management Company’s Class B interests had no further distribution rights.
At September 30, 2025 and December 31, 2024, included in contract assets in the table above is $65.7 million and $99.2 million, respectively, attributed to incentive compensation revenue recognized but not yet due (see Note 4). Management fee revenues under the A&R DMA are included in management services—related party in the accompanying condensed consolidated statements of operations and are included in the Great Park segment. Management fee revenues under the A&R DMA were $9.4 million and $28.9 million for the three and nine months ended September 30, 2025, respectively, and $15.9 million and $74.7 million for the three and nine months ended September 30, 2024, respectively.
Operating Agreements with Hearthstone Funds (Performance Fee Contract Asset)
The Hearthstone Venture manages the operations and investments of the Hearthstone Funds and is entitled to receive asset management fees and in some cases performance fees from those funds upon the achievement of certain performance hurdles. At September 30, 2025, included in contract assets in the table above is $8.9 million attributed to performance fee revenue recognized but not yet due (see Note 3).