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REVENUES
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
The following tables present the Company’s consolidated revenues disaggregated by revenue source and reporting segment (in thousands):
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
Valencia San Francisco
Great Park(1)
HearthstoneTotalValencia San Francisco
Great Park(1)
HearthstoneTotal
Land sales and land sales—related party
$(1,422)$— $— $— $(1,422)$(1,422)$— $— $— $(1,422)
Management services—related party
— — 9,132 5,580 14,712 — — 15,988 11,708 27,696 
Operating properties154 — — — 154 212 — — — 212 
(1,268)— 9,132 5,580 13,444 (1,210)— 15,988 11,708 26,486 
Operating properties leasing revenues278 180 — — 458 640 357 — — 997 
$(990)$180 $9,132 $5,580 $13,902 $(570)$357 $15,988 $11,708 $27,483 

Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Valencia San Francisco
Great Park(1)
TotalValencia San Francisco
Great Park(1)
Total
Land sales and land sales—related party
$(16)$— $— $(16)$82 $— $— $82 
Management services—related party
— — 6,959 6,959 — — 19,510 19,510 
Operating properties101 — — 101 186 — — 186 
85 — 6,959 7,044 268 — 19,510 19,778 
Operating properties leasing revenues257 172 — 429 506 346 — 852 
$342 $172 $6,959 $7,473 $774 $346 $19,510 $20,630 
(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).
The opening and closing balances of the Company’s contract assets for the six months ended June 30, 2026 were $89.7 million ($87.5 million related party, see Note 9) and $87.1 million ($84.8 million related party, see Note 9), respectively. The net decrease of $2.6 million for the six months ended June 30, 2026 between the opening and closing balances of the Company’s contract assets primarily resulted from the receipt of $7.0 million in incentive compensation payments from the Great Park Venture partially offset by (i) additional incentive compensation revenue recognized during the period that resulted from changes in the estimated constrained transaction price of the Company’s amended and restated development management agreement with the Great Park Venture (“A&R DMA”) and (ii) performance fee revenue recognized by the Hearthstone Venture prior to payments due (see Note 9).
The Company received an additional $2.3 million in incentive compensation payments from the Great Park Venture related to the second renewal term during the six months ended June 30, 2026 (see Note 9). At June 30, 2026 and December 31, 2025, the Company had a $0.9 million and $5.1 million contract liability, respectively, for incentive compensation payments received under the A&R DMA that were received prior to the satisfaction of the associated performance obligation. The contract liability is included in related party liabilities on the accompanying condensed consolidated balance sheets.
The opening and closing balances of the Company’s contract assets for the six months ended June 30, 2025 were $101.8 million ($100.8 million related party, see Note 9) and $83.4 million ($82.6 million related party, see Note 9), respectively. The net decrease of $18.4 million for the six months ended June 30, 2025 between the opening and closing balances of the Company’s contract assets primarily resulted from the receipt of $30.4 million in incentive compensation payments from the Great Park Venture and the receipt of variable price participation consideration from homebuilders from prior period land sales partially offset by additional incentive compensation revenue recognized during the period that resulted from changes in the estimated constrained transaction price of the A&R DMA (see Note 9).
Other than the incentive compensation contract liability, the opening and closing balances of the Company’s other receivables from contracts with customers and contract liabilities for the six months ended June 30, 2026 and 2025 were insignificant.