Revenues (Tables)

9 Months Ended

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.