Related Party Transactions

6 Months Ended

Jun. 30, 2025

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

The Company provides general contracting services to Harbor Point Parcel 3. See Note 6 for more information. During the three and six months ended June 30, 2025, the Company recognized gross profit of less than $0.1 million and $0.1 million, respectively, relating to Harbor Point Parcel 3. During the three and six months ended June 30, 2024, the Company recognized gross profit of less than $0.1 million and $0.3 million, respectively, relating to Harbor Point Parcel 3.

Prior to the Company’s consolidation of Harbor Point Parcel 4, the Company provided general contracting services to Harbor Point Parcel 4. During the three and six months ended June 30, 2025, the Company recognized gross profit of less than $0.2 million and $0.2 million, respectively, relating to Harbor Point Parcel 4. During the three and six months ended June 30, 2024, the Company recognized gross profit of less than $0.1 million and $0.1 million, respectively, relating to Harbor Point Parcel 4. As disclosed above, on April 29, 2025, the Company entered into a binding term sheet with its partner for the Harbor Point Parcel 4 project, which set forth the terms upon which the Company obtained control of the project from the partner in the joint venture that owns Harbor Point Parcel 4, and, therefore, the joint venture is fully consolidated in the Company’s financial statements as of such date and any gross profit from Harbor Point Parcel 4 is eliminated in consolidation following such date.