v3.26.1
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company’s reportable segments consist of:
• Valencia—includes the community of Valencia being developed in northern Los Angeles County, California. The Valencia segment derives revenues from the sale of residential and commercial land sites to homebuilders, commercial developers and commercial buyers.
• San Francisco—includes the Candlestick and The San Francisco Shipyard communities located on bayfront property in the City of San Francisco, California. The San Francisco segment derives revenues from the sale of residential and commercial land sites to homebuilders, commercial developers and commercial buyers.
• Great Park—includes the Great Park Neighborhoods being developed adjacent to and around the Orange County Great Park, a metropolitan park under construction in Orange County, California. This segment also includes management services provided by the Management Company to the Great Park Venture, the owner of the Great Park Neighborhoods. As of June 30, 2026, the Company had a 37.5% percentage interest in the Great Park Venture and accounted for the investment under the equity method. The reported segment information for the Great Park segment includes the results of 100% of the
Great Park Venture at the historical basis of the venture, which did not apply push down accounting at acquisition date. The Great Park segment derives revenues at the Great Park Neighborhoods from sales of residential and commercial land sites to homebuilders, commercial developers and commercial buyers and management services provided by the Company to the Great Park Venture.
• Hearthstone—includes the Hearthstone Venture residential asset management platform focused on managing residential land banking programs across multiple U.S. markets. The Hearthstone segment derives revenues from management fees.
Segment operating results and reconciliations to the Company’s consolidated balances for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands):
Three Months Ended June 30, 2026
ValenciaSan FranciscoGreat ParkHearthstoneTotal reportable segments
Removal of Great Park Venture(1)
Add investment in Great Park Venture
Corporate and unallocated(2)
Total Consolidated
Revenues$(990)$180 $170,803 $5,580 $175,573 $(161,671)$— $— $13,902 
Less:
Cost of land sales— — 37,622 — 37,622 (37,622)— — — 
Management services— — 2,351 3,236 5,587 — — — 5,587 
Selling, general, and administrative2,352 1,426 2,412 — 6,190 (2,412)— 10,516 14,294 
Management fees-related party— — 9,016 — 9,016 (9,016)— — — 
Other segment items(3)
1,257 (1)(1,620)(808)(1,172)1,620 (39,665)3,304 (35,913)
Segment profit (loss) / Net income (loss)(4,599)(1,245)121,022 3,152 118,330 (114,241)39,665 (13,820)29,934 
Other segment disclosures:
Depreciation and amortization12 — 540 489 1,041 — — 56 1,097 
Interest income— 1 1,620 19 1,640 (1,620)— 2,639 2,659 
Expenditures for long-lived assets, net(4)
37,050 11,053 20,299 — 68,402 (20,299)— (2)48,101 
(1) Represents the removal of the Great Park Venture operating results, which are included in the Great Park segment operating results at 100% of its historical basis, but are not included in the Company’s consolidated results as the Company accounts for its investment in the venture using the equity method of accounting.
(2) Corporate and unallocated activity is primarily comprised of corporate general and administrative expenses, interest income, income tax provision of $6.2 million and equity in earnings from the Gateway Commercial Venture.
(3) Other segment items for each reportable segment include:
• Valencia—operating properties expenses, pension costs and equity in earnings from unconsolidated entities.
• San Francisco—interest income.
• Great Park—interest income.
• Hearthstone—interest income and equity in earnings from Hearthstone Funds.
(4) Expenditures for long-lived assets are net of inventory cost reimbursements and other inventory cost recoveries and include noncash project accruals and capitalized interest. For the three months ended June 30, 2026, Valencia’s net expenditures include $1.0 million and Great Park Venture’s net expenditures include $6.7 million in inventory cost reimbursements and recoveries received.
Three Months Ended June 30, 2025
ValenciaSan FranciscoGreat ParkTotal reportable segments
Removal of Great Park Venture(1)
Add investment in Great Park Venture
Corporate and unallocated(2)
Total Consolidated
Revenues$342 $172 $79,201 $79,715 $(72,242)$— $— $7,473 
Less:
Cost of land sales— — 16,022 16,022 (16,022)— — — 
Management services— — 2,330 2,330 — — — 2,330 
Selling, general, and administrative3,103 1,215 1,781 6,099 (1,781)— 11,268 15,586 
Management fees-related party— — 7,753 7,753 (7,753)— — — 
Other segment items(3)
1,541 (2)(1,709)(170)1,709 (16,692)(3,866)(19,019)
Segment profit (loss) / Net income (loss)(4,302)(1,041)53,024 47,681 (48,395)16,692 (7,402)8,576 
Other segment disclosures:
Depreciation and amortization12 — 475 487 — — 61 548 
Interest income— 2 1,709 1,711 (1,709)— 4,965 4,967 
Expenditures for long-lived assets, net(4)
38,425 12,374 818 51,617 (818)— — 50,799 
(1) Represents the removal of the Great Park Venture operating results, which are included in the Great Park segment operating results at 100% of its historical basis, but are not included in the Company’s consolidated results as the Company accounts for its investment in the venture using the equity method of accounting.
(2) Corporate and unallocated activity is primarily comprised of corporate general and administrative expenses, interest income, income tax provision of $1.3 million and equity in earnings from the Gateway Commercial Venture.
(3) Other segment items for each reportable segment include:
• Valencia—operating properties expenses, pension costs and equity in earnings from unconsolidated entities.
• San Francisco—interest income.
• Great Park—interest income.
(4) Expenditures for long-lived assets are net of inventory cost reimbursements and other inventory cost recoveries and include noncash project accruals and capitalized interest. For the three months ended June 30, 2025, Valencia’s net expenditures include $1.2 million and Great Park Venture’s net expenditures include $21.6 million in inventory cost reimbursements and recoveries received.
Six Months Ended June 30, 2026
ValenciaSan FranciscoGreat ParkHearthstoneTotal reportable segments
Removal of Great Park Venture(1)
Add investment in Great Park Venture
Corporate and unallocated(2)
Total Consolidated
Revenues$(570)$357 $181,266 $11,708 $192,761 $(165,278)$— $— $27,483 
Less:
Cost of land sales— — 37,622 — 37,622 (37,622)— — — 
Management services— — 4,462 8,019 12,481 — — — 12,481 
Selling, general, and administrative4,852 2,987 3,562 — 11,401 (3,562)— 21,204 29,043 
Management fees-related party— — 16,146 — 16,146 (16,146)— — — 
Other segment items(3)
2,022 (2)(3,489)(1,124)(2,593)3,489 (38,614)(1,287)(39,005)
Segment profit (loss) / Net income (loss)(7,444)(2,628)122,963 4,813 117,704 (111,437)38,614 (19,917)24,964 
Other segment disclosures:
Depreciation and amortization25 — 885 977 1,887 — — 112 1,999 
Interest income— 2 3,489 33 3,524 (3,489)— 5,891 5,926 
Expenditures for long-lived assets(4)
59,603 21,643 17,845 — 99,091 (17,845)— 6 81,252 
(1) Represents the removal of the Great Park Venture operating results, which are included in the Great Park segment operating results at 100% of its historical basis, but are not included in the Company’s consolidated results as the Company accounts for its investment in the venture using the equity method of accounting.
(2) Corporate and unallocated activity is primarily comprised of corporate general and administrative expenses, interest income, income tax provision of $5.3 million and equity in earnings from the Gateway Commercial Venture.
(3) Other segment items for each reportable segment include:
• Valencia—operating properties expenses, pension costs, miscellaneous other income and equity in earnings from unconsolidated entities.
• San Francisco—interest income.
• Great Park—interest income.
• Hearthstone—interest income and equity in earnings from Hearthstone Funds.
(4) Expenditures for long-lived assets are net of inventory cost reimbursements and other inventory cost recoveries and include noncash project accruals and capitalized interest. For the six months ended June 30, 2026, Valencia’s net expenditures include $1.4 million, San Francisco’s net expenditures include $0.6 million and Great Park Venture’s net expenditures include $18.2 million in inventory cost reimbursements and recoveries received.
Six Months Ended June 30, 2025
ValenciaSan FranciscoGreat ParkTotal reportable segments
Removal of Great Park Venture(1)
Add investment in Great Park Venture
Corporate and unallocated(2)
Total Consolidated
Revenues$774 $346 $377,155 $378,275 $(357,645)$— $— $20,630 
Less:
Cost of land sales— — 86,238 86,238 (86,238)— — — 
Management services— — 5,391 5,391 — — — 5,391 
Selling, general, and administrative6,399 2,378 4,541 13,318 (4,541)— 21,574 30,351 
Management fees-related party— — 15,611 15,611 (15,611)— — — 
Other segment items(3)
2,039 (17)(3,402)(1,380)3,402 (87,546)1,250 (84,274)
Segment profit (loss) / Net income (loss)(7,664)(2,015)268,776 259,097 (254,657)87,546 (22,824)69,162 
Other segment disclosures:
Depreciation and amortization25 — 1,707 1,732 — — 124 1,856 
Interest income— 17 3,402 3,419 (3,402)— 9,000 9,017 
Expenditures for long-lived assets(4)
70,392 32,223 35,963 138,578 (35,963)— — 102,615 
(1) Represents the removal of the Great Park Venture operating results, which are included in the Great Park segment operating results at 100% of its historical basis, but are not included in the Company’s consolidated results as the Company accounts for its investment in the venture using the equity method of accounting.
(2) Corporate and unallocated activity is primarily comprised of corporate general and administrative expenses, interest income, income tax provision of $10.9 million and equity in earnings from the Gateway Commercial Venture.
(3) Other segment items for each reportable segment include:
• Valencia—operating properties expenses, pension costs, miscellaneous other income and equity in earnings from unconsolidated entities.
• San Francisco—interest income.
• Great Park—interest income.
(4) Expenditures for long-lived assets are net of inventory cost reimbursements and other inventory cost recoveries and include noncash project accruals and capitalized interest. For the six months ended June 30, 2025, Valencia’s net expenditures include $1.8 million, San Francisco’s net expenditures include $0.6 million and Great Park Venture’s net expenditures include $29.0 million in inventory cost reimbursements and recoveries received.
Segment assets and reconciliations to the Company’s consolidated balances at June 30, 2026 and December 31, 2025 are as follows (in thousands):
June 30, 2026December 31, 2025
Segment assetsInventory assetsSegment assetsInventory assets
Valencia$1,059,593 $1,023,095 $1,000,295 $963,661 
San Francisco1,502,320 1,501,261 1,479,713 1,479,618 
Great Park461,678 133,527 449,637 153,117 
Hearthstone127,519 — 122,081 — 
Total reportable segments3,151,110 2,657,883 3,051,726 2,596,396 
Removal of Great Park Venture(1)
(385,898)(133,527)(368,781)(153,117)
Add investment in Great Park Venture105,201 — 100,953 — 
Corporate and unallocated(2)
349,773 — 465,105 — 
Total Consolidated$3,220,186 $2,524,356 $3,249,003 $2,443,279 
(1) Represents the removal of the Great Park Venture balances, which are included in the Great Park segment balances at 100% of its historical basis, but are not included in the Company’s balances as the Company accounts for its investment in the venture using the equity method of accounting.
(2) Corporate and unallocated assets consist of cash and cash equivalents, investment in the Gateway Commercial Venture, leasehold improvements, ROU assets, prepaid expenses and deferred financing costs.