Quarterly report [Sections 13 or 15(d)]

Construction Contract and Other Service Revenues

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Construction Contract and Other Service Revenues
 3 Months Ended
Mar. 31, 2026
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 March 31,
2026 2025
Construction contract revenue
Guaranteed maximum price $ 2,338  $ 2,630 
Firm fixed price 1,742  6,277 
Cost-plus fee 1,609  1,071 
Other 352  281 
$ 6,041  $ 10,259 

We recognized an insignificant amount of revenue in the three months ended March 31, 2026 and 2025 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 Three Months Ended March 31,
2026 2025
Beginning balance $ 4,036  $ 8,828 
Ending balance $ 2,538  $ 4,328 

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 Three Months Ended March 31,
2026 2025
Beginning balance $ 17,925  $ 17,050 
Ending balance $ 15,213  $ 10,239 
Contract liabilities are included in other liabilities on our consolidated balance sheets. Changes in contract liabilities were as follows (in thousands):
For the Three Months Ended March 31,
2026 2025
Beginning balance $ 2,183  $ 2,016 
Ending balance $ 1,960  $ 2,401 
Portion of beginning balance recognized in revenue during period $ 236  $ 100 

Revenue allocated to the remaining performance obligations under existing contracts as of March 31, 2026 that will be recognized as revenue in future periods was $34.5 million, of which we expect to recognize approximately $30 million in the nine months ending December 31, 2026, and the remainder in 2027.
We have no deferred incremental costs incurred to obtain or fulfill our construction contracts or other service revenues as of March 31, 2026 and December 31, 2025. Credit loss expense or recoveries on construction contracts receivable and unbilled construction revenue were insignificant for the three months ended March 31, 2026 and 2025.