v3.25.1
Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
All of the Company's revenue for the three months ended March 31, 2025 and 2024 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):
Three Months Ended March 31,
20252024
Revenue by Line of Business
Asset management$7,127 $6,255 
Property management2,958 2,745 
Parking management2,554 1,638 
Total revenue$12,639 $10,638 
Three Months Ended March 31,
20252024
Revenue by Customer Type
Related party$11,452 $10,174 
Third party1,187 464 
Total revenue$12,639 $10,638 
Three Months Ended March 31,
20252024
Revenue by Timing
Recurring/over time$11,559 $10,173 
Point-in-time1,080 465 
Total revenue$12,639 $10,638 
Three Months Ended March 31,
20252024
Revenue by Contract Fee Type (1)
Cost recovery(2)
$8,624 $8,254 
Variable(3)
2,651 1,664 
Fixed fee(4)
1,364 720 
Total revenue$12,639 $10,638 
(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 asset management agreement with CP (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 12 for additional information).
The Company recognized no revenue from incentive fees for the three months ended March 31, 2025 and 2024.