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


	Three Months Ended September 30, 2026										Nine Months Ended September 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)
Management services—related party	—		—		7,410		6,522		13,932		—		—		23,398		18,230		41,628
Operating properties	166		—		—		—		166		378		—		—		—		378
	166		—		7,410		6,522		14,098		(1,044)		—		23,398		18,230		40,584
Operating properties leasing revenues	327		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, 2025										Nine Months Ended September 30, 2025
	Valencia		San Francisco		Great Park(1)		Hearthstone		Total		Valencia		San Francisco		Great Park(1)		Hearthstone		Total
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 properties	145		—		—		—		145		331		—		—		—		331
	133		—		9,432		3,394		12,959		401		—		28,942		3,394		32,737
Operating properties leasing revenues	353		176		—		—		529		859		522		—		—		1,381
	$	486	$	176	$	9,432	$	3,394	$	13,488	$	1,260	$	522	$	28,942	$	3,394	$	34,118