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Revenue
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
All of the Company's revenue for the three and nine months ended September 30, 2024 and 2023 was generated in the United States.
The following tables summarize the Company’s revenue by line of business, customer type, and contract fee type (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenue by Line of Business
Asset management$7,380 $10,606 $19,626 $22,502 
Property management3,253 2,6058,701 7,731 
Parking management2,362 1,2526,059 3,472 
Total revenue$12,995 $14,463 $34,386 $33,705 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenue by Customer Type
Related party$12,042 $14,162 $32,196 $32,856 
Commercial953 301 2,190 849 
Total revenue$12,995 $14,463 $34,386 $33,705 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenue by Contract Fee Type (1)
Fixed-price$3,048 $1,299 $6,129 $4,063 
Cost-plus5,759 10,090 16,275 20,685 
Variable4,188 3,074 11,982 8,957 
Total revenue$12,995 $14,463 $34,386 $33,705 
(1)
Certain contracts contain multiple revenue streams with characteristics that lend to classification in more than one category
Pursuant to the terms of the asset management agreement with CP dated as of June 13, 2022 (the "2022 AMA"), the Company may earn and recognize incentive fee revenue for certain commercial assets in its managed portfolio based on specific dates and measurement criteria that are defined in the agreement. (See Note 12 for additional information).
On September 11, 2024, the Company entered into an amendment to the 2022 AMA that deferred an incentive fee trigger event for seven specified commercial assets in its managed portfolio. The amendment modified the trigger event originally scheduled on October 1, 2024 to be, at the election of the Company upon the occurrence of the event and with consent from CP, either (a) October 1, 2027, (b) upon the sale of the asset, (c) upon the refinance of the asset, or (d) the period of time in which an 85% leased rate has been achieved if the asset is a commercial asset. (See Note 12 for additional information). The Company recognized no revenue from incentive fees for the three and nine months ended September 30, 2024.
For the three and nine months ended September 30, 2023, the Company recognized revenue from incentive fees of $4.8 million, stemming from triggering events for three operating assets on October 1, 2023 pursuant to the original terms of the 2022 AMA. These operating asset triggering events were part of a series of annual operating asset triggering events that began on October 1, 2022 and were scheduled each October 1 through 2024 prior to the aforementioned 2022 AMA amendment. All incentive fees recognized in fiscal year 2023 were related to services performed in prior periods for which revenue recognition criteria were previously constrained.