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REVENUES
 9 Months Ended
Sep. 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 September 30, 2026Nine Months Ended September 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)
Management services—related party
— — 7,410 6,522 13,932 — — 23,398 18,230 41,628 
Operating properties166 — — — 166 378 — — — 378 
166 — 7,410 6,522 14,098 (1,044)— 23,398 18,230 40,584 
Operating properties leasing revenues327 190 — — 517 967 547 — — 1,514 
$493 $190 $7,410 $6,522 $14,615 $(77)$547 $23,398 $18,230 $42,098 
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
Valencia San Francisco
Great Park(1)
HearthstoneTotalValencia San Francisco
Great Park(1)
HearthstoneTotal
Land sales and land sales—related party
$(12)$— $— $— $(12)$70 $— $— $— $70 
Management services—related party
— — 9,432 3,394 12,826 — — 28,942 3,394 32,336 
Operating properties145 — — — 145 331 — — — 331 
133 — 9,432 3,394 12,959 401 — 28,942 3,394 32,737 
Operating properties leasing revenues353 176 — — 529 859 522 — — 1,381 
$486 $176 $9,432 $3,394 $13,488 $1,260 $522 $28,942 $3,394 $34,118 
(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 nine months ended September 30, 2026 were $89.7 million ($87.5 million related party, see Note 9) and $82.1 million ($81.4 million related party, see Note 9), respectively. The net decrease of $7.6 million for the nine months ended September 30, 2026 between the opening and closing balances of the Company’s contract assets primarily resulted from the receipt of $13.4 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 $4.5 million in incentive compensation payments from the Great Park Venture related to the second renewal term during the nine months ended September 30, 2026 (see Note 9). At September 30, 2026 and December 31, 2025, the Company had a $2.7 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 nine months ended September 30, 2025 were $101.8 million ($100.8 million related party, see Note 9) and $76.2 million ($75.5 million related party, see Note 9), respectively. The net decrease of $25.6 million for the nine months ended September 30, 2025 between the opening and closing balances of the Company’s contract assets primarily resulted from the receipt of $52.3 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 A&R DMA with the Great Park Venture (see Note 9) and (ii) $8.9 million primarily recognized as part of the Hearthstone Venture’s acquisition (see Note 3).
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 nine months ended September 30, 2026 and 2025 were insignificant.