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Revenues
 9 Months Ended
Sep. 30, 2024
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, 2024Nine Months Ended September 30, 2024
Valencia San Francisco
Great Park(1)
Commercial(1)
TotalValencia San Francisco
Great Park(1)
Commercial(1)
Total
Land sales and land sales—related party
$372 $— $— $— $372 $1,214 $— $— $— $1,214 
Management services—related party
— — 15,915 115 16,030 — — 74,679 356 75,035 
Operating properties128 — — — 128 371 — — — 371 
500 — 15,915 115 16,530 1,585 — 74,679 356 76,620 
Operating properties leasing revenues312 171 — — 483 1,013 507 — — 1,520 
$812 $171 $15,915 $115 $17,013 $2,598 $507 $74,679 $356 $78,140 

Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
Valencia San Francisco
Great Park(1)
Commercial(1)
TotalValencia San Francisco
Great Park(1)
Commercial(1)
Total
Land sales and land sales—related party
$60,694 $— $— $— $60,694 $61,280 $— $— $— $61,280 
Management services—related party
— — 4,392 110 4,502 — — 29,191 321 29,512 
Operating properties250 — — — 250 749 — — — 749 
60,944 — 4,392 110 65,446 62,029 — 29,191 321 91,541 
Operating properties leasing revenues312 165 — — 477 943 489 — — 1,432 
$61,256 $165 $4,392 $110 $65,923 $62,972 $489 $29,191 $321 $92,973 
(1) The tables above do not include revenues of the Great Park Venture and the Gateway Commercial Venture, which are included in the Company’s reporting segment totals (see Notes 4 and 13).
The opening and closing balances of the Company’s contract assets for the nine months ended September 30, 2024 were $72.1 million ($69.1 million related party, see Note 8) and $110.0 million ($108.8 million related party, see Note 8), respectively. The net increase of $37.9 million for the nine months ended September 30, 2024 between the opening and closing balances of the Company’s contract assets primarily resulted from 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 (“A&R DMA”) with the Great Park Venture (see Note 8) partially offset by the receipt of marketing fees from homebuilders from prior period land sales and the receipt of $25.1 million in incentive compensation payments from the Great Park Venture.
The opening and closing balances of the Company’s contract assets for the nine months ended September 30, 2023 were $86.5 million ($79.9 million related party, see Note 8) and $79.7 million ($75.6 million related party, see Note 8), respectively. The decrease of $6.8 million for the nine months ended September 30, 2023 between the opening and closing balances of the Company’s contract assets primarily resulted from the receipt of marketing fees from homebuilders from prior period land sales and the receipt of $24.6 million in incentive compensation payments from the Great Park Venture partially offset by additional incentive compensation revenue earned during the period from the Company’s A&R DMA with the Great Park Venture (see Note 8).
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, 2024 and 2023 were insignificant.