Five Point Holdings, LLC Reports Fourth Quarter and Year-End 2025 Results

Fourth Quarter 2025 Highlights

• Valencia closed the sale of 13.8 acres of commercial land for a purchase price of $42.5 million.
• Great Park Venture sold 187 homesites on 19.7 acres of land for an aggregate base purchase price of $181.5 million.
• Great Park Venture distributions and incentive compensation payments to the Company totaled $73.6 million.
• Great Park builder sales of 78 homes during the quarter.
• Valencia builder sales of 70 homes during the quarter.
• Consolidated revenues of $75.9 million; consolidated net income of $58.7 million.
• Cash and cash equivalents of $425.5 million as of December 31, 2025.
• Debt to total capitalization ratio of 16.3% and liquidity of $643.0 million as of December 31, 2025.
• On October 21, 2025, increased the total borrowing capacity under our revolving credit facility to $217.5 million and extended the maturity date to July 2029.

Additional 2025 Highlights

• Great Park Venture sold 920 homesites on 75.6 acres of land for an aggregate base purchase price of $781.7 million.
• Great Park Venture distributions and incentive compensation payments to the Company totaled $319.9 million.
• Great Park builder sales of 611 homes during the year.
• Valencia builder sales of 238 homes during the year.
• Consolidated revenues of $110.0 million; consolidated net income of $183.5 million.
• In July 2025, closed the acquisition of a 75% interest in our new land banking venture, Hearthstone Residential Holdings, LLC, for $57.6 million.
• In September 2025, issued $450.0 million in new 8.000% Senior Notes due October 2030, and purchased or redeemed all of the existing $523.5 million 10.500% initial rate Senior Notes due January 2028.
• In September 2025, our senior notes and corporate ratings were respectively upgraded to B2/B2 by Moody’s Ratings and re-affirmed at B+/B by S&P Global Ratings, and we received initial ratings of BB-/B from Fitch Ratings.

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 fourth quarter and year-end 2025 results.

Dan Hedigan, President and Chief Executive Officer, said, “I am very pleased to report that we ended 2025 with another strong quarter, generating consolidated net income of $58.7 million, which allowed us to exceed the high end of our revised guidance by achieving record consolidated net income for the full year of $183.5 million. We ended the year with cash and cash equivalents totaling $425.5 million and total liquidity of $643.0 million. These results reflect continued pricing strength at the Great Park and disciplined execution across our platform in the face of challenging market conditions in the broader housing market. During the fourth quarter, we completed meaningful residential land sales at the Great Park and an industrial land sale at Valencia, and we secured critical entitlement approvals at both Valencia and the Great Park, which will accelerate future development and enhance long-term land value. As we enter 2026, we continue to monitor the impacts of affordability and consumer confidence as we focus on optimizing land sales across our communities. Our strong liquidity and reduced leverage levels provide us with capital allocation flexibility, including the ability to grow our asset-light revenue streams and create long-term value for our shareholders. Based on our current expectations, we believe that we will see consolidated annual net income for 2026 of approximately $100 million.”

Consolidated Results

Liquidity and Capital Resources

As of December 31, 2025, total liquidity of $643.0 million was comprised of cash and cash equivalents totaling $425.5 million and borrowing availability of $217.5 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 December 31, 2025

Revenues. Revenues of $75.9 million for the three months ended December 31, 2025 were primarily generated from management services at our Great Park segment and land sales at our Valencia segment. At Valencia we closed the sale of 13.8 acres of commercial land for a purchase price of $42.5 million.

Equity in earnings from unconsolidated entities. Equity in earnings from unconsolidated entities was $44.9 million for the three months ended December 31, 2025. The Great Park Venture generated net income of $128.2 million during the three months ended December 31, 2025, and our share of the net income from our 37.5% percentage interest, adjusted for basis differences, was $44.2 million.

During the three months ended December 31, 2025, the Great Park Venture sold 187 homesites on 19.7 acres of land at the Great Park Neighborhoods for an aggregate purchase price of $181.5 million. The Great Park Venture made aggregate distributions of $154.6 million to holders of Percentage Interests during the three months ended December 31, 2025. We received $58.0 million for our 37.5% Percentage Interest.

Selling, general, and administrative. Selling, general, and administrative expenses were $16.0 million for the three months ended December 31, 2025.

Net income. Consolidated net income for the quarter was $58.7 million. Net income attributable to noncontrolling interests totaled $35.4 million, resulting in net income attributable to the Company of $23.3 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.

Results of Operations for the Twelve Months Ended December 31, 2025

Revenues. Revenues of $110.0 million for the twelve months ended December 31, 2025 were primarily generated from management services at our Great Park segment and land sales at our Valencia segment. At Valencia we closed the sale of 13.8 acres of commercial land for a purchase price of $42.5 million.

Equity in earnings from unconsolidated entities. Equity in earnings from unconsolidated entities was $203.6 million for the twelve months ended December 31, 2025. The Great Park Venture generated net income of $584.5 million during the twelve months ended December 31, 2025, and our share of the net income from our 37.5% percentage interest, adjusted for basis differences, was $201.3 million.

During the twelve months ended December 31, 2025, the Great Park Venture sold 920 homesites on 75.6 acres of land at the Great Park Neighborhoods for an aggregate purchase price of $781.7 million. The Great Park Venture made aggregate distributions of $672.0 million to holders of Percentage Interests during the twelve months ended December 31, 2025. We received $252.0 million for our 37.5% Percentage Interest.

Selling, general, and administrative. Selling, general, and administrative expenses were $60.6 million for the twelve months ended December 31, 2025.

Net income. Consolidated net income for the year was $183.5 million. Net income attributable to noncontrolling interests totaled $112.6 million, resulting in net income attributable to the Company of $71.0 million.

Conference Call Information

In conjunction with this release, Five Point will host a conference call on Thursday, January 29, 2026 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 [phone] (domestic) or [phone] (international). A telephonic replay will be available starting approximately three hours after the end of the call by dialing [phone], or for international callers, [phone]. The passcode for the live call and the replay is 13758371. The telephonic replay will be available until 11:59 p.m. Eastern Time on February 7, 2026.

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 CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) (Unaudited)
	Three Months Ended December 31,						Twelve Months Ended December 31,
	2025			2024			2025			2024
REVENUES:
Land sales	$	42,380		$	137,883		$	42,450		$	139,097
Land sales—related party		—			—			—			—
Management services—related party		32,968			21,369			65,304			96,404
Operating properties		554			534			2,266			2,425
Total revenues		75,902			159,786			110,020			237,926
COSTS AND EXPENSES:
Land sales		29,719			90,109			29,719			90,109
Management services		9,543			4,385			20,389			23,852
Operating properties		1,792			1,035			6,683			5,134
Selling, general, and administrative		15,972			14,220			60,617			51,233
Total costs and expenses		57,026			109,749			117,408			170,328
OTHER INCOME (EXPENSE):
Interest income		3,753			2,283			17,254			10,858
(Loss) on debt extinguishment		5			—			(1,819	)		—
Miscellaneous		16			(120	)		820			(5,977	)
Total other income		3,774			2,163			16,255			4,881
EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES		44,871			87,546			203,592			132,617
INCOME BEFORE INCOME TAX PROVISION		67,521			139,746			212,459			205,096
INCOME TAX PROVISION		(8,863	)		(18,757	)		(28,925	)		(27,462	)
NET INCOME		58,658			120,989			183,534			177,634
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		35,367			74,496			112,568			109,337
NET INCOME ATTRIBUTABLE TO THE COMPANY	$	23,291		$	46,493		$	70,966		$	68,297
NET INCOME ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE
Basic	$	0.33		$	0.67		$	1.01		$	0.98
Diluted	$	0.31		$	0.65		$	0.96		$	0.96
WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING
Basic		70,821,440			69,318,760			69,976,942			69,224,327
Diluted		150,306,904			147,357,691			149,299,535			146,944,944
NET INCOME ATTRIBUTABLE TO THE COMPANY PER CLASS B SHARE
Basic and diluted	$	0.00		$	0.00		$	0.00		$	0.00
WEIGHTED AVERAGE CLASS B SHARES OUTSTANDING
Basic and diluted		76,539,701			79,233,544			78,554,548			79,233,544

FIVE POINT HOLDINGS, LLC CONSOLIDATED BALANCE SHEETS (In thousands, except shares) (Unaudited)
	December 31, 2025			December 31, 2024
ASSETS
INVENTORIES	$	2,443,279		$	2,298,080
INVESTMENT IN UNCONSOLIDATED ENTITIES		153,087			185,324
PROPERTIES AND EQUIPMENT, NET		29,264			29,487
INTANGIBLE ASSET, NET—RELATED PARTY		17,250			9,037
GOODWILL		69,812			—
CASH AND CASH EQUIVALENTS		425,546			430,875
RESTRICTED CASH AND CERTIFICATES OF DEPOSIT		992			992
RELATED PARTY ASSETS		89,509			101,670
OTHER ASSETS		20,264			20,952
TOTAL	$	3,249,003		$	3,076,417
LIABILITIES AND CAPITAL
LIABILITIES:
Notes payable, net	$	443,348		$	525,737
Accounts payable and other liabilities		106,199			100,292
Related party liabilities		70,973			63,297
Deferred income tax liability, net		58,343			33,570
Payable pursuant to tax receivable agreement		181,544			173,424
Total liabilities		860,407			896,320
REDEEMABLE NONCONTROLLING INTERESTS		70,155			25,000
CAPITAL:
Class A common shares; No par value; Issued and outstanding: December 31, 2025—71,100,768 shares; December 31, 2024—69,369,234 shares
Class B common shares; No par value; Issued and outstanding: December 31, 2025—76,096,410 shares; December 31, 2024—79,233,544 shares
Contributed capital		616,751			593,827
Retained earnings		228,043			157,077
Accumulated other comprehensive loss		(1,549	)		(1,468	)
Total members’ capital		843,245			749,436
Noncontrolling interests		1,475,196			1,405,661
Total capital		2,318,441			2,155,097
TOTAL	$	3,249,003		$	3,076,417

FIVE POINT HOLDINGS, LLC SUPPLEMENTAL DATA (In thousands) (Unaudited)
Liquidity
	December 31, 2025
Cash and cash equivalents	$	425,546
Borrowing capacity^(1)		217,500
Total liquidity	$	643,046
(1) As of December 31, 2025, no borrowings or letters of credit were outstanding on the Company’s $217.5 million revolving credit facility.

Debt to Total Capitalization and Net Debt to Total Capitalization
	December 31, 2025
Debt^(1)	$	450,000
Total capital		2,318,441
Total capitalization	$	2,768,441
Debt to total capitalization		16.3	%
Debt^(1)	$	450,000
Less: Cash and cash equivalents		425,546
Net debt		24,454
Total capital		2,318,441
Total net capitalization	$	2,342,895
Net debt to total capitalization^(2)		1.0	%

(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 twelve months ended December 31, 2025 (in thousands):

	Three Months Ended December 31, 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	$	42,380	$	—		$	194,942	$	—	$	237,322	$	—		$	237,322		$	(194,942	)	$	42,380
Land sales—related party		—		—			—		—		—		—			—			—			—
Management services—related party^(2)		—		—			24,570		8,398		32,968		—			32,968			—			32,968
Operating properties		377		177			—		—		554		—			554			—			554
Total revenues		42,757		177			219,512		8,398		270,844		—			270,844			(194,942	)		75,902
COSTS AND EXPENSES:
Land sales		29,719		—			44,779		—		74,498		—			74,498			(44,779	)		29,719
Management services^(2)		—		—			3,953		5,590		9,543		—			9,543			—			9,543
Operating properties		1,792		—			—		—		1,792		—			1,792			—			1,792
Selling, general, and administrative		2,513		1,901			2,548		—		6,962		11,558			18,520			(2,548	)		15,972
Management fees—related party		—		—			21,264		—		21,264		—			21,264			(21,264	)		—
Total costs and expenses		34,024		1,901			72,544		5,590		114,059		11,558			125,617			(68,591	)		57,026
OTHER INCOME:
Interest income		—		5			1,837		17		1,859		3,731			5,590			(1,837	)		3,753
(Loss) on extinguishment of debt		—		—			—		—		—		5			5			—			5
Miscellaneous		16		—			—		—		16		—			16			—			16
Total other income		16		5			1,837		17		1,875		3,736			5,611			(1,837	)		3,774
EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES		35		—			—		223		258		418			676			44,195			44,871
SEGMENT PROFIT (LOSS)/INCOME BEFORE INCOME TAX PROVISION		8,784		(1,719	)		148,805		3,048		158,918		(7,404	)		151,514			(83,993	)		67,521
INCOME TAX PROVISION		—		—			—		—		—		(8,863	)		(8,863	)		—			(8,863	)
SEGMENT PROFIT (LOSS)/NET INCOME	$	8,784	$	(1,719	)	$	148,805	$	3,048	$	158,918	$	(16,267	)	$	142,651		$	(83,993	)	$	58,658

(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.

	Twelve Months Ended December 31, 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	$	42,450		$	—		$	825,659	$	—	$	868,109	$	—		$	868,109		$	(825,659	)	$	42,450
Land sales—related party		—			—			—		—		—		—			—			—			—
Management services—related party^(2)		—			—			53,512		11,792		65,304		—			65,304			—			65,304
Operating properties		1,567			699			—		—		2,266		—			2,266			—			2,266
Total revenues		44,017			699			879,171		11,792		935,679		—			935,679			(825,659	)		110,020
COSTS AND EXPENSES:
Land sales		29,719			—			195,900		—		225,619		—			225,619			(195,900	)		29,719
Management services^(2)		—			—			12,058		8,331		20,389		—			20,389			—			20,389
Operating properties		6,683			—			—		—		6,683		—			6,683			—			6,683
Selling, general, and administrative		11,142			5,435			9,621		—		26,198		44,040			70,238			(9,621	)		60,617
Management fees—related party		—			—			43,013		—		43,013		—			43,013			(43,013	)		—
Total costs and expenses		47,544			5,435			260,592		8,331		321,902		44,040			365,942			(248,534	)		117,408
OTHER INCOME (EXPENSE):
Interest income		—			25			7,354		24		7,403		17,205			24,608			(7,354	)		17,254
Loss on extinguishment of debt		—			—			—		—		—		(1,819	)		(1,819	)		—			(1,819	)
Miscellaneous		820			—			—		—		820		—			820			—			820
Total other income		820			25			7,354		24		8,223		15,386			23,609			(7,354	)		16,255
EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES		460			—			—		397		857		1,446			2,303			201,289			203,592
SEGMENT (LOSS) PROFIT/INCOME BEFORE INCOME TAX PROVISION		(2,247	)		(4,711	)		625,933		3,882		622,857		(27,208	)		595,649			(383,190	)		212,459
INCOME TAX PROVISION		—			—			—		—		—		(28,925	)		(28,925	)		—			(28,925	)
SEGMENT (LOSS) PROFIT/NET INCOME	$	(2,247	)	$	(4,711	)	$	625,933	$	3,882	$	622,857	$	(56,133	)	$	566,724		$	(383,190	)	$	183,534

(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.

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 consolidated statements of operations for the three and twelve months ended December 31, 2025 (in thousands):

	Three Months Ended December 31, 2025			Twelve Months Ended December 31, 2025
Segment profit from operations	$	148,805		$	625,933
Less net income of management company attributed to the Great Park segment		20,617			41,454
Net income of the Great Park Venture		128,188			584,479
The Company’s share of net income of the Great Park Venture		48,071			219,180
Basis difference amortization, net		(3,876	)		(17,891	)
Equity in earnings from the Great Park Venture	$	44,195		$	201,289