The following tables present the Company’s consolidated revenues disaggregated by revenue source and reporting segment (in thousands):


	Three Months Ended June 30, 2026										Six Months Ended June 30, 2026
	Valencia		San Francisco		Great Park(1)		Hearthstone		Total		Valencia		San Francisco		Great Park(1)		Hearthstone		Total
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 properties	154		—		—		—		154		212		—		—		—		212
	(1,268)		—		9,132		5,580		13,444		(1,210)		—		15,988		11,708		26,486
Operating properties leasing revenues	278		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, 2025						Six Months Ended June 30, 2025
	Valencia		San Francisco		Great Park(1)		Total		Valencia		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 properties	101		—		—		101		186		—		—		186
	85		—		6,959		7,044		268		—		19,510		19,778
Operating properties leasing revenues	257		172		—		429		506		346		—		852
	$	342	$	172	$	6,959	$	7,473	$	774	$	346	$	19,510	$	20,630