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

—

(1,819

)

—

Miscellaneous

(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

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

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

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

—

1,837

1,859

3,731

5,590

(1,837

)

3,753

(Loss) on extinguishment of debt

—

Miscellaneous

—

Total other income

1,837

1,875

3,736

5,611

(1,837

)

3,774

EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES

—

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

—

7,354

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

7,354

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)

(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