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Five Point (FPH) investor relations material
Five Point Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Achieved consolidated net income of $55.7 million for Q3 2025, driven by strong land sales and performance at the Great Park Venture, with total liquidity of $476.1 million as of September 30, 2025.
Closed the acquisition of a 75% stake in Hearthstone Residential Holdings for $57.6 million, expanding into national land banking and capital solutions for home builders.
Issued $450 million in new 8% senior notes due 2030, using proceeds to refinance $523.5 million of 10.5% notes due 2028, improving capital structure.
Increased revolving credit facility to $217.5 million and extended maturity to July 2029, with $125 million available at quarter-end.
Maintained focus on optimizing home site value, lean operations, disciplined capital deployment, and selective growth.
Financial highlights
Q3 2025 net income: $55.7 million; nine-month net income: $124 million; consolidated revenues: $13.5 million, primarily from management services.
Equity in earnings from unconsolidated entities was $70.1 million in Q3 2025, mainly from the Great Park Venture.
Management services revenue: $32.3 million for nine months, including $3.4 million from Hearthstone.
Liquidity at quarter-end: $476.1 million, with $351.1 million in cash and $125 million in credit availability.
Net income attributable to the company was $21.1 million, with $34.6 million attributable to noncontrolling interests.
Outlook and guidance
Full-year 2025 consolidated net income is expected to be consistent with 2024’s $176.3 million.
Anticipate gradual rebound in home sales as mortgage rates normalize and affordability improves.
Expectation to close a commercial sale in Valencia in Q4 2025 and two residential land sales in 2026.
Continued investment in horizontal development at Valencia and co-investment in Hearthstone funds planned over the next 12 months.
Sufficient capital expected to fund development and growth strategies for several years.
Hearthstone's recurring fee-based revenue structure?
Great Park Venture's cash flow impact on FPH?
Annual interest savings from senior notes refinance?
Hearthstone fee income growth outlook?
Explain the mid-term land strategy.
Impact of new senior note dividend covenant?
Hearthstone AUM growth strategy?
Valencia residential land sale strategy?
San Francisco community development plan?
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Next Five Point earnings date
Q4 202522 Jan, 2026
Next Five Point earnings date
Q4 202522 Jan, 2026
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Frequently asked questions
Five Point Holdings, LLC is a U.S.-based real estate development company engaged in the planning and management of large-scale mixed-use communities. The company specializes in creating master-planned communities that integrate residential, commercial, and recreational spaces, along with infrastructure and amenities. Five Point’s projects focus on sustainability and long-term value creation, serving diverse markets in California, including Los Angeles County, Orange County, and the San Francisco Bay Area. The company is headquartered in Irvine, California, and its shares are listed on the New York Stock Exchange.
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