Annual report pursuant to Section 13 and 15(d)

Construction Contract and Other Service Revenues

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Construction Contract and Other Service Revenues
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Construction Contract and Other Service Revenues Construction Contract and Other Service Revenues
We disaggregate in the table below our construction contract and other service revenues by compensation arrangement as we believe it best depicts the nature, timing and uncertainty of our revenue (in thousands):
For the Years Ended December 31,
2024 2023 2022
Construction contract revenue:
FFP $ 36,073  $ 30,846  $ 15,119 
GMP 32,002  18,178  129,149 
Cost-plus fee 5,875  9,843  8,320 
Other 1,600  1,312  2,044 
$ 75,550  $ 60,179  $ 154,632 

We derived 98% of our construction contract revenue from the USG in 2024, 88% in 2023 and 90% in 2022.
We recognized an insignificant amount of revenue in 2024, 2023 and 2022 from performance obligations satisfied (or partially satisfied) in previous periods.

Accounts receivable related to our construction contract services is included in accounts receivable, net on our consolidated balance sheets. The beginning and ending balances of accounts receivable related to our construction contracts were as follows (in thousands):
For the Years Ended December 31,
2024 2023
Beginning balance $ 10,500  $ 7,618 
Ending balance $ 8,828  $ 10,500 

Contract assets are included in prepaid expenses and other assets, net on our consolidated balance sheets. The beginning and ending balances of our contract assets were as follows (in thousands):
For the Years Ended December 31,
2024 2023
Beginning balance $ 15,086  $ 22,331 
Ending balance $ 17,050  $ 15,086 

Contract liabilities are included in other liabilities on our consolidated balance sheets. Changes in contract liabilities were as follows (in thousands):
For the Years Ended December 31,
2024 2023
Beginning balance $ 4,176  $ 2,867 
Ending balance $ 2,016  $ 4,176 
Portion of beginning balance recognized in revenue during the year $ 2,290  $ 326 

Revenue allocated to the remaining performance obligations under existing contracts as of December 31, 2024 that will be recognized as revenue in future periods was $34.5 million, all of which we expect to recognize in 2025.

We have no deferred incremental costs incurred to obtain or fulfill our construction contracts or other service revenues as of December 31, 2024 and 2023. We had credit loss recoveries on construction contracts receivable and unbilled construction revenue of $740,000 in 2022 and no significant credit loss expense or recoveries in 2024 or 2023.