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Revenue | 12 Months Ended
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Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue All the Company's revenue was for the years ended December 31, 2024 and 2023 was generated in the United States. The following tables summarize the Company’s revenue by line of business, customer type, and contract fee type (in thousands):
|  |  |  | Year Ended December 31,
|  |  |  |  |  | 2024 |  | 2023
| Revenue by Line of Business |  |  |  |  |  |  |
| Asset management |  |  |  |  | $ | 31,497 |  |  | $ | 29,278 |
| Property management |  |  |  |  | 11,612 |  | 10,604
| Parking management |  |  |  |  | 8,185 |  | 4,839
| Total revenue |  |  |  |  | $ | 51,294 |  |  | $ | 44,721 |
|  |  |  | Year Ended December 31,
|  |  |  |  |  | 2024 |  | 2023
| Revenue by Customer Type |  |  |  |  |  |  |
| Related party |  |  |  |  | $ | 48,278 |  |  | $ | 43,568 |
| Commercial |  |  |  |  | 3,016 |  | 1,153
| Total revenue |  |  |  |  | $ | 51,294 |  |  | $ | 44,721 |
|  |  |  | Year Ended December 31,
|  |  |  |  |  | 2024 |  | 2023
| Revenue by Timing |  |  |  |  |  |  |
| Recurring/over time |  |  |  |  | $ | 43,666 |  |  | $ | 37,151 |
| Point-in-time |  |  |  |  | 7,628 |  | 7,570
| Total revenue |  |  |  |  | $ | 51,294 |  |  | $ | 44,721 |
|  |  |  | Year Ended December 31, |
|  |  |  |  |  | 2024 |  | 2023 |
| Revenue by Contract Fee Type 1 |  |  |  |  |  |  |  |
| Cost Recovery 2 |  |  |  |  | $ | 33,687 |  |  | $ | 32,261 |  |
| Variable 3 |  |  |  |  | 14,001 |  | 10,019 |
| Fixed 4 |  |  |  |  | 3,606 |  | 2,441 |
| Total revenue |  |  |  |  | $ | 51,294 |  |  | $ | 44,721 |  |
1 | Certain contracts contain multiple revenue streams that lend to classification in more than one category.
2 | Includes cost plus revenues tied to asset management services under the 2022 AMA and reimbursable expenses.
3 | Includes fixed rate contract amounts applied to various variable metrics to determine the amount of revenue earned.
4 | Includes fixed fee arrangements where the dollar value of the revenue earned remains consistent over time.
Pursuant to the terms of the 2022 AMA, the Company may earn and recognize incentive fee revenue for certain commercial assets in its managed portfolio based on specific dates and measurement criteria that are defined in the agreement. (See Note 13 for additional information). For the years ended December 31, 2024, and 2023 the Company recognized revenue from incentive fees of $1.5 million and $4.8 million, respectively. All incentive fee revenue recognized to date has been related to services performed in prior periods for which revenue recognition criteria were previously constrained.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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