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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 at Great Park Venture and incentive compensation revenue.
Closed the acquisition of a 75% stake in Hearthstone Residential Holdings for $57.6 million, expanding into national land banking and capital solutions for homebuilders.
Successfully refinanced senior notes, issuing $450 million in new 8% notes due 2030 and redeeming $523.5 million of 10.5% notes due 2028, improving liquidity and reducing annual cash interest by over $20 million.
Upsized and extended the revolving credit facility to $217.5 million, maturing July 2029, with $125 million in borrowing availability at quarter-end.
Moody’s upgraded the corporate credit rating to B2 with a stable outlook; Fitch and S&P reaffirmed or upgraded ratings.
Financial highlights
Q3 2025 consolidated revenues were $13.5 million, primarily from management services, with net income attributable to the company of $21.1 million and $34.6 million attributable to noncontrolling interests.
Equity in earnings from unconsolidated entities was $70.1 million in Q3 2025, mainly from the Great Park Venture.
For the nine months ended September 30, 2025, net income was $124 million, with $158.7 million in equity in earnings from unconsolidated entities.
Great Park Venture generated $456.3 million in net income from $613.6 million in land sales at a 75% gross margin.
Management services revenue totaled $32.3 million, including $18.3 million in incentive compensation from Great Park and $3.4 million from Hearthstone operations.
Outlook and guidance
Full-year 2025 consolidated net income is expected to be in line with 2024’s $176.3 million, supported by land sales and management services revenue.
Expect to close a commercial sale in Valencia in Q4 2025 and two residential land sales in 2026.
Anticipate gradual rebound in home sales activity as mortgage rates normalize, with long-term fundamentals remaining favorable due to structural undersupply in core California markets.
Sufficient capital expected to fund development and growth strategies for several years.
No residential lot sales expected in Valencia until 2026, as market conditions are being closely monitored.
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?
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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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