FPH
Five Point Holdings, LLC5.58
+0.02+0.36%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Light Q&A clarifies devex, entitlements
Q&A stayed light, largely reaffirming prepared remarks amid audio glitches. Management quantified 2026 development spending for Valencia and San Francisco at about $125 million, matching 2025's pace to support permitting and infrastructure. They clarified Great Park entitlements convert 100 commercial acres to residential, additive to 155 remaining net acres. No contradictions or new risks emerged. Q&A added scant incremental color. Investors will eye land sales absorption and Hearthstone scaling amid steady capex.
Key Stats
Market Cap
818.78MP/E (TTM)
4.29Basic EPS (TTM)
1.30Dividend Yield
0%Recent Filings
10-K
FY2025 results
Five Point Holdings delivered record FY2025 net income of $183.5M, up from $177.6M in 2024, driven by the Great Park Venture's $825.7M land sales of 920 homesites—its strongest year yet—yielding the company $252M in distributions from its 37.5% stake plus $68M in management fees. Valencia contributed $42.5M from its first major industrial sale in 15 years, while newly acquired Hearthstone added $11.8M in fees on $3.4B AUM; San Francisco preps Candlestick infrastructure for H1 2026 starts. Q4 momentum shone in Great Park's accelerated homesite closings versus Q3, with robust $425.5M cash and $643M liquidity post-$450M notes refinancing that cut debt $75M. No dividends or buybacks. Hunters Point litigation delays Shipyard transfers.
8-K
Warrants issued for land bank JV
Five Point Holdings issued warrants to Blue Owl affiliates for 1,500,000 Class A shares at $7.00 each on February 6, 2026, tied to a new Hearthstone residential land banking partnership. Warrants vest over five years upon Blue Owl's capital contributions hitting $500 million to $1.7 billion thresholds. Full exercise dilutes shares by 1%. No immediate dilution hits.
8-K
Q4 net income $58.7M
Five Point Holdings reported Q4 2025 net income of $58.7 million on $75.9 million revenue, driven by Valencia's $42.5 million commercial land sale and $44.2 million equity earnings from Great Park Venture's 187 homesite deal. Full-year net income hit record $183.5 million, with $425.5 million cash and 16.3% debt ratio. Strong balance sheet fuels flexibility. Expects ~$100 million net income in 2026.
10-Q
Q3 FY2025 results
Five Point Holdings swung to a solid Q3, posting net income of $55.7 million, up sharply from $12.3 million a year earlier, thanks to robust equity earnings of $70.1 million from the Great Park Venture—its 37.5% stake in a community that sold 326 homesites for $257.7 million base price. Revenues dipped 20.7% year-over-year to $13.5 million, reflecting softer management fees, yet the nine-month tally shows $34.1 million, with YTD equity earnings soaring 252% to $158.7 million on stronger land sales. The $57.6 million all-cash acquisition of a 75% stake in Hearthstone closed in July, adding $69.8 million goodwill and $13.7 million intangibles amortized over seven years, while boosting management services. Cash sits at $351.1 million with $125 million revolver availability, after refinancing $450 million 8% notes due 2030 to retire pricier debt. Litigation over Shipyard contamination lingers as a key risk.
8-K
Q3 net income $55.7M
Five Point Holdings posted Q3 net income of $55.7M, fueled by Great Park Venture's $257.7M homesite sales on 26.6 acres. Balance sheet strengthened: refinanced $523.5M 10.5% notes with $450M 8% notes due 2030, closed 75% Hearthstone stake for $57.6M, liquidity hit $476.1M. Debt ratio now 16.5%. Ratings upgraded.
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