Quarterly report [Sections 13 or 15(d)]

Construction Contract and Other Service Revenues

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Construction Contract and Other Service Revenues
 9 Months Ended
Sep. 30, 2025
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 Three Months Ended September 30, For the Nine Months Ended September 30,
2025 2024 2025 2024
Construction contract revenue
Firm fixed price $ 3,525  $ 8,158  $ 15,338  $ 29,343 
Guaranteed maximum price 3,310  6,318  10,764  28,410 
Cost-plus fee 1,323  1,868  4,230  4,574 
Other 327  318  870  1,196 
$ 8,485  $ 16,662  $ 31,202  $ 63,523 

We recognized an insignificant amount of revenue in the three and nine months ended September 30, 2025 and 2024 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 Nine Months Ended September 30,
2025 2024
Beginning balance $ 8,828  $ 10,500 
Ending balance $ 2,308  $ 3,836 

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 Nine Months Ended September 30,
2025 2024
Beginning balance $ 17,050  $ 15,086 
Ending balance $ 14,795  $ 22,540 
Contract liabilities are included in other liabilities on our consolidated balance sheets. Changes in contract liabilities were as follows (in thousands):
For the Nine Months Ended September 30,
2025 2024
Beginning balance $ 2,016  $ 4,176 
Ending balance $ 2,210  $ 2,536 
Portion of beginning balance recognized in revenue during:
Three months ended September 30,
 $ 16  $ 87 
Nine months ended September 30,
 $ 201  $ 2,198 

Revenue allocated to the remaining performance obligations under existing contracts as of September 30, 2025 that will be recognized as revenue in future periods was $30.7 million, of which we expect to recognize approximately $26 million in the three months ending December 31, 2025 and the remainder in 2026.
We have no deferred incremental costs incurred to obtain or fulfill our construction contracts or other service revenues as of September 30, 2025 and December 31, 2024. Credit loss expense or recoveries on construction contracts receivable and unbilled construction revenue were insignificant for the three and nine months ended September 30, 2025 and 2024.