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Revenue
 12 Months Ended
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,
20242023
Revenue by Line of Business
Asset management$31,497 $29,278 
Property management11,61210,604
Parking management8,1854,839
Total revenue$51,294 $44,721 
Year Ended December 31,
20242023
Revenue by Customer Type
Related party$48,278 $43,568 
Commercial3,0161,153
Total revenue$51,294 $44,721 
Year Ended December 31,
20242023
Revenue by Timing
Recurring/over time$43,666 $37,151 
Point-in-time7,6287,570
Total revenue$51,294 $44,721 
Year Ended December 31,
20242023
Revenue by Contract Fee Type1
Cost Recovery2
$33,687 $32,261 
Variable3
14,00110,019
Fixed4
3,6062,441
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.