Five Point Holdings, LLC Reports Third Quarter 2025 Results

IRVINE, Calif.--( BUSINESS WIRE)--Five Point Holdings, LLC (“Five Point” or the “Company”) (NYSE:FPH), an owner and developer of large mixed-use planned communities in California, today reported its third quarter 2025 results.

Dan Hedigan, President and Chief Executive Officer, said, “I am pleased to report that Five Point delivered another strong quarter, generating consolidated net income of $55.7 million and ending the quarter with total liquidity of $476.1 million. These results demonstrate continued profitability and reflect strong execution across our platform. At the Great Park, we closed land sales to four builders totaling 326 homesites for an aggregate base purchase price of $257.7 million, further reinforcing the strength of this community. In addition, we successfully completed the acquisition of a 75% interest in our new Hearthstone land banking venture, an important milestone that will supplement our recurring fee-based revenue streams and will immediately establish a national footprint in land banking. We also took meaningful steps to enhance our capital structure, including the refinancing of our senior notes and the recent upsizing of our revolving credit facility. These actions have further strengthened our balance sheet and enhanced our ability to pursue long-term growth opportunities. We continue to monitor the evolving economic landscape and believe that moderating interest rates and persistent supply-demand imbalances will support builder interest across our communities. We continue to expect full-year 2025 consolidated net income to be in line with our 2024 results.”

Consolidated Results

Liquidity and Capital Resources

As of September 30, 2025, total liquidity of $476.1 million was comprised of cash and cash equivalents totaling $351.1 million and borrowing availability of $125.0 million under our unsecured revolving credit facility. Total capital was $2.3 billion, reflecting $3.2 billion in assets and $0.9 billion in liabilities and redeemable noncontrolling interests.

Results of Operations for the Three Months Ended September 30, 2025

Revenues. Revenues of $13.5 million for the three months ended September 30, 2025 were primarily generated from management services.

Equity in earnings from unconsolidated entities. Equity in earnings from unconsolidated entities was $70.1 million for the three months ended September 30, 2025. The Great Park Venture generated net income of $201.6 million during the three months ended September 30, 2025, and our share of the net income from our 37.5% percentage interest, adjusted for basis differences, was $69.5 million.

During the three months ended September 30, 2025, the Great Park Venture sold 326 homesites on 26.6 acres of land at the Great Park Neighborhoods for an aggregate purchase price of $257.7 million. The Great Park Venture made aggregate distributions of $216.4 million to holders of Percentage Interests during the three months ended September 30, 2025. We received $81.1 million for our 37.5% Percentage Interest.

Selling, general, and administrative. Selling, general, and administrative expenses were $14.3 million for the three months ended September 30, 2025.

Net income. Consolidated net income for the quarter was $55.7 million. Net income attributable to noncontrolling interests totaled $34.6 million, resulting in net income attributable to the Company of $21.1 million. Net income attributable to noncontrolling interests primarily represents the portion of income allocated to related party partners and members that hold units of the operating company and the San Francisco Venture. Holders of units of the operating company and the San Francisco Venture can redeem their interests for either, at our election, our Class A common shares on a one-for-one basis or cash. In connection with any redemption or exchange, our ownership of our operating subsidiaries will increase thereby reducing the amount of income allocated to noncontrolling interests in subsequent periods.

Conference Call Information

In conjunction with this release, Five Point will host a conference call on Wednesday, October 29, 2025 at 5:00 p.m. Eastern Time. Interested investors and other parties can listen to a live Internet audio webcast of the conference call that will be available on the Five Point website at ir.fivepoint.com. The conference call can also be accessed by dialing (877) 451-6152 (domestic) or (201) 389-0879 (international). A telephonic replay will be available starting approximately three hours after the end of the call by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the live call and the replay is 13756805. The telephonic replay will be available until 11:59 p.m. Eastern Time on November 7, 2025.

About Five Point

Five Point, headquartered in Irvine, California, designs and develops large mixed-use planned communities in Orange County, Los Angeles County, and San Francisco County that combine residential, commercial, retail, educational, and recreational elements with public amenities, including civic areas for parks and open space. Five Point’s communities include the Great Park Neighborhoods ® in Irvine, Valencia ® in Los Angeles County, and Candlestick ® and The San Francisco Shipyard ® in the City of San Francisco. These communities are designed to include up to approximately 40,000 residential homes and up to approximately 23 million square feet of commercial space. Five Point is also engaged in the residential land banking business through its Hearthstone residential asset and investment management platform.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. When used, the words “anticipate,” “believe,” “expect,” “intend,” “may,” “might,” “plan,” “estimate,” “project,” “should,” “will,” “would,” “result” and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. Forward-looking statements include, among others, statements that refer to: our expectations of our future home sales and/or builder sales; the impact of inflation and interest rates; our future revenues, costs and financial performance, including with respect to cash generation and profitability; future demographics and market conditions, including housing supply levels, in the areas where our communities are located; the timing and expected benefits of planned and potential transactions and acquisitions; and other statements that are not historical in nature. We caution you that any forward-looking statements included in this press release are based on our current views and information currently available to us. Forward-looking statements are subject to risks, trends, uncertainties and factors that are beyond our control. Some of these risks and uncertainties are described in more detail in our filings with the SEC, including our Annual Report on Form 10-K, under the heading “Risk Factors.” Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We caution you therefore against relying on any of these forward-looking statements. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. They are based on estimates and assumptions only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by applicable law.

FIVE POINT HOLDINGS, LLC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share amounts)

(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

REVENUES:

Land sales

(12

)

372

1,214

Land sales—related party

—

Management services—related party

12,826

16,030

32,336

75,035

Operating properties

674

611

1,712

1,891

Total revenues

13,488

17,013

34,118

78,140

COSTS AND EXPENSES:

Land sales

—

Management services

5,455

4,256

10,846

19,467

Operating properties

1,631

1,231

4,891

4,099

Selling, general, and administrative

14,294

11,911

44,645

37,013

Total costs and expenses

21,380

17,398

60,382

60,579

OTHER INCOME (EXPENSE):

Interest income

4,484

2,595

13,501

8,575

Loss on debt extinguishment

(1,824

)

—

(1,824

)

—

Miscellaneous

804

(5,857

)

Total other income

2,668

2,619

12,481

2,718

EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES

70,137

11,987

158,721

45,071

INCOME BEFORE INCOME TAX PROVISION

64,913

14,221

144,938

65,350

INCOME TAX PROVISION

(9,199

)

(1,886

)

(20,062

)

(8,705

)

NET INCOME

55,714

12,335

124,876

56,645

LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

34,643

7,579

77,201

34,841

NET INCOME ATTRIBUTABLE TO THE COMPANY

21,071

4,756

47,675

21,804

NET INCOME ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE

Basic

0.30

0.07

0.68

0.31

Diluted

0.28

0.07

0.65

0.31

WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING

Basic

69,796,339

69,279,028

69,692,349

69,192,620

Diluted

149,430,920

146,565,417

149,267,968

146,394,307

NET INCOME ATTRIBUTABLE TO THE COMPANY PER CLASS B SHARE

Basic and diluted

0.00

WEIGHTED AVERAGE CLASS B SHARES OUTSTANDING

Basic and diluted

79,233,544

FIVE POINT HOLDINGS, LLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except shares)

(Unaudited)

September 30, 2025

December 31, 2024

ASSETS

INVENTORIES

2,448,353

2,298,080

INVESTMENT IN UNCONSOLIDATED ENTITIES

168,867

185,324

PROPERTIES AND EQUIPMENT, NET

29,253

29,487

INTANGIBLE ASSET, NET—RELATED PARTY

19,863

9,037

GOODWILL

69,812

—

CASH AND CASH EQUIVALENTS

351,127

430,875

RESTRICTED CASH AND CERTIFICATES OF DEPOSIT

992

RELATED PARTY ASSETS

78,194

101,670

OTHER ASSETS

18,821

20,952

TOTAL

3,185,282

3,076,417

LIABILITIES AND CAPITAL

LIABILITIES:

Notes payable, net

444,533

525,737

Accounts payable and other liabilities

102,423

100,292

Related party liabilities

65,344

63,297

Deferred income tax liability, net

49,624

33,570

Payable pursuant to tax receivable agreement

173,849

173,424

Total liabilities

835,773

896,320

REDEEMABLE NONCONTROLLING INTERESTS

69,527

25,000

CAPITAL:

Class A common shares; No par value; Issued and outstanding: September 30, 2025—69,861,335 shares; December 31, 2024—69,369,234 shares

Class B common shares; No par value; Issued and outstanding: September 30, 2025—79,233,544 shares; December 31, 2024—79,233,544 shares

Contributed capital

599,741

593,827

Retained earnings

204,752

157,077

Accumulated other comprehensive loss

(1,450

)

(1,468

)

Total members’ capital

803,043

749,436

Noncontrolling interests

1,476,939

1,405,661

Total capital

2,279,982

2,155,097

TOTAL

3,185,282

3,076,417

FIVE POINT HOLDINGS, LLC

SUPPLEMENTAL DATA

(In thousands)

(Unaudited)

Liquidity

September 30, 2025

Cash and cash equivalents

351,127

Borrowing capacity (1)

125,000

Total liquidity

476,127

(1)

As of September 30, 2025, no borrowings or letters of credit were outstanding on the Company’s $125.0 million revolving credit facility.

Debt to Total Capitalization and Net Debt to Total Capitalization

September 30, 2025

Debt (1)

451,500

Total capital

2,279,982

Total capitalization

2,731,482

Debt to total capitalization

16.5

Debt (1)

451,500

Less: Cash and cash equivalents

351,127

Net debt

100,373

Total capital

2,279,982

Total net capitalization

2,380,355

Net debt to total capitalization (2)

4.2

(1)

For purposes of this calculation, debt is the amount due on the Company’s notes payable before offsetting for capitalized deferred financing costs.

(2)

Net debt to total capitalization is a non-GAAP financial measure defined as net debt (debt less cash and cash equivalents) divided by total net capitalization (net debt plus total capital). The Company believes the ratio of net debt to total capitalization is a relevant and a useful financial measure to investors in understanding the leverage employed in the Company’s operations. However, because net debt to total capitalization is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the Company’s GAAP results.

Segment Results

The following tables reconcile the results of operations of our segments to our consolidated results for the three and nine months ended September 30, 2025 (in thousands):

Three Months Ended September 30, 2025

Valencia

San

Francisco

Great Park

Hearthstone

Total

reportable

segments

Corporate and

unallocated

Total under

management

Removal of

unconsolidated

entities (1)

Total

consolidated

REVENUES:

Land sales

(12

)

—

273,072

—

273,060

—

273,060

(273,072

)

(12

)

Land sales—related party

—

Management services—related party (2)

—

9,432

3,394

12,826

—

12,826

—

12,826

Operating properties

498

176

—

674

—

674

—

674

Total revenues

486

176

282,504

3,394

286,560

—

286,560

(273,072

)

13,488

COSTS AND EXPENSES:

Land sales

—

64,883

—

64,883

—

64,883

(64,883

)

—

Management services (2)

—

2,714

2,741

5,455

—

5,455

—

5,455

Operating properties

1,631

—

1,631

—

1,631

—

1,631

Selling, general, and administrative

2,230

1,156

2,532

—

5,918

10,908

16,826

(2,532

)

14,294

Management fees—related party

—

6,138

—

6,138

—

6,138

(6,138

)

—

Total costs and expenses

3,861

1,156

76,267

2,741

84,025

10,908

94,933

(73,553

)

21,380

OTHER INCOME (EXPENSE):

Interest income

—

2,115

2,125

4,474

6,599

(2,115

)

4,484

Loss on extinguishment of debt

—

(1,824

)

(1,824

)

—

(1,824

)

Miscellaneous

—

Total other income

2,115

2,133

2,650

4,783

(2,115

)

2,668

EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES

—

174

415

589

69,548

70,137

SEGMENT (LOSS) PROFIT/INCOME BEFORE INCOME TAX PROVISION

(3,367

)

(977

)

208,352

834

204,842

(7,843

)

196,999

(132,086

)

64,913

INCOME TAX PROVISION

—

(9,199

)

(9,199

)

—

(9,199

)

SEGMENT (LOSS) PROFIT/NET INCOME

(3,367

)

(977

)

208,352

834

204,842

(17,042

)

187,800

(132,086

)

55,714

(1)

Represents the removal of the Great Park Venture operating results, which are included in the Great Park segment operating results at 100% of the venture’s historical basis but are not included in our consolidated results as we account for our investment in the venture using the equity method of accounting.

After the sale of the Gateway Commercial Venture’s commercial operating assets in December 2024, the Company’s commercial segment is no longer operating. The equity in earnings from the Company’s investment in the Gateway Commercial Venture is reported within the corporate and unallocated column in the table above.

(2)

The amounts for the Great Park segment represent the revenues and expenses attributable to the management company for providing services to the Great Park Venture as applicable.

Nine Months Ended September 30, 2025

Valencia

San

Francisco

Great Park

Hearthstone

Total

reportable

segments

Corporate and

unallocated

Total under

management

Removal of

unconsolidated

entities (1)

Total

consolidated

REVENUES:

Land sales

—

630,717

—

630,787

—

630,787

(630,717

)

Land sales—related party

—

Management services—related party (2)

—

28,942

3,394

32,336

—

32,336

—

32,336

Operating properties

1,190

522

—

1,712

—

1,712

—

1,712

Total revenues

1,260

522

659,659

3,394

664,835

—

664,835

(630,717

)

34,118

COSTS AND EXPENSES:

Land sales

—

151,121

—

151,121

—

151,121

(151,121

)

—

Management services (2)

—

8,105

2,741

10,846

—

10,846

—

10,846

Operating properties

4,891

—

4,891

—

4,891

—

4,891

Selling, general, and administrative

8,629

3,534

7,073

—

19,236

32,482

51,718

(7,073

)

44,645

Management fees—related party

—

21,749

—

21,749

—

21,749

(21,749

)

—

Total costs and expenses

13,520

3,534

188,048

2,741

207,843

32,482

240,325

(179,943

)

60,382

OTHER INCOME (EXPENSE):

Interest income

—

5,517

5,544

13,474

19,018

(5,517

)

13,501

Loss on extinguishment of debt

—

(1,824

)

(1,824

)

—

(1,824

)

Miscellaneous

804

—

804

—

804

—

804

Total other income

804

5,517

6,348

11,650

17,998

(5,517

)

12,481

EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES

425

—

174

599

1,028

1,627

157,094

158,721

SEGMENT (LOSS) PROFIT/INCOME BEFORE INCOME TAX PROVISION

(11,031

)

(2,992

)

477,128

834

463,939

(19,804

)

444,135

(299,197

)

144,938

INCOME TAX PROVISION

—

(20,062

)

(20,062

)

—

(20,062

)

SEGMENT (LOSS) PROFIT/NET INCOME

(11,031

)

(2,992

)

477,128

834

463,939

(39,866

)

424,073

(299,197

)

124,876

(1)

(2)

The amounts for the Great Park segment represent the revenues and expenses attributable to the management company for providing services to the Great Park Venture as applicable.

The table below reconciles the Great Park segment results to the equity in earnings from our investment in the Great Park Venture that is reflected in the condensed consolidated statements of operations for the three and nine months ended September 30, 2025 (in thousands):

Three Months Ended

September 30, 2025

Nine Months Ended

September 30, 2025

Segment profit from operations

208,352

477,128

Less net income of management company attributed to the Great Park segment

6,718

20,837

Net income of the Great Park Venture

201,634

456,291

The Company’s share of net income of the Great Park Venture

75,613

171,109

Basis difference amortization, net

(6,065

)

(14,015

)

Equity in earnings from the Great Park Venture

69,548

157,094