Five Point Holdings LLC (FPH)

Five Point Holdings, LLC Reports First Quarter 2026 ResultsApril 23, 2026 4:13 PM
Business Wire
Announces $40 Million Share Repurchase Authorization


First Quarter 2026 Highlights



Great Park builder sales of 82 homes during the quarter.



Valencia builder sales of 90 homes during the quarter.



Consolidated revenues of $13.6 million; consolidated net loss of $5.0 million.



Cash and cash equivalents of $332.6 million as of March 31, 2026.



Debt to total capitalization ratio of 16.3% and liquidity of $550.1 million as of March 31, 2026.



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 first quarter 2026 results.


Dan Hedigan, President and Chief Executive Officer, said, “As expected, we began 2026 with a relatively quiet first quarter from a land sales perspective, reflecting the timing of transactions that we anticipate closing in the third and fourth quarters. During the first quarter, we generated $13.6 million in revenue and reported a consolidated net loss of $5.0 million, while maintaining a strong liquidity position of $550.1 million, including $332.6 million of cash and cash equivalents. Our balance sheet strength provides us with the flexibility to navigate the current market environment and to adjust the pace and structure of our land sales in order to protect long-term value. We are also pleased to announce that our Board of Directors has approved a $40 million share repurchase, which we believe represents an attractive opportunity to deploy capital given current share price levels. The size and structure of the authorized repurchase will provide us with the flexibility to repurchase shares while continuing to execute on our development activities and strategic growth initiatives. Looking ahead, we are maintaining our prior guidance for 2026 of approximately $100 million of consolidated net income for the full year.”


Consolidated Results


Liquidity and Capital Resources


As of March 31, 2026, total liquidity of $550.1 million was comprised of cash and cash equivalents totaling $332.6 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 March 31, 2026


Revenues. Revenues of $13.6 million for the three months ended March 31, 2026 were primarily generated from management services at our Great Park and Hearthstone segments.


Selling, general, and administrative. Selling, general, and administrative expenses were $14.7 million for the three months ended March 31, 2026.


Net loss. Consolidated net loss for the quarter was $5.0 million. Net loss attributable to noncontrolling interests totaled $2.7 million, resulting in net loss attributable to the Company of $2.2 million. Net loss attributable to noncontrolling interests primarily represents the portion of loss 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 or loss allocated to noncontrolling interests in subsequent periods.


Share Repurchase Authorization


Today, the Company announced that its Board of Directors authorized a share repurchase of up to $40 million of the Company’s outstanding Class A common shares, effective immediately. Repurchases may be made at management’s discretion from time to time on the open market, through privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), in accordance with applicable securities laws and other restrictions, including Rule 10b-18 under the Exchange Act. The share repurchase program has no expiration date and may be modified, suspended for periods or discontinued at any time and does not obligate the Company to repurchase any shares. The timing and total amount of share repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing share prices, and other considerations. The Company expects to fund repurchases with existing cash balances and cash flow from operations.


Conference Call Information


In conjunction with this release, Five Point will host a conference call on Thursday, April 23, 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 13760204. The telephonic replay will be available until 11:59 p.m. Eastern Time on May 2, 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 20 million square feet of commercial space. Five Point’s Hearthstone platform provides management services to residential land banking funds and oversees approximately $3.4 billion in assets under management.


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 our share repurchase program and other 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




CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS




(In thousands, except share and per share amounts)




(Unaudited)








 



 






Three Months Ended March 31,








 






 






2026






 






 






 






2025






 








REVENUES:






 






 






 








Land sales






$






—






 






 






$






98






 








Land sales—related party






 






—






 






 






 






—






 








Management services—related party






 






12,984






 






 






 






12,551






 








Operating properties






 






597






 






 






 






508






 








Total revenues






 






13,581






 






 






 






13,157






 








COSTS AND EXPENSES:






 






 






 








Land sales






 






—






 






 






 






—






 








Management services






 






6,894






 






 






 






3,061






 








Operating properties






 






1,580






 






 






 






1,487






 








Selling, general, and administrative






 






14,749






 






 






 






14,765






 








Total costs and expenses






 






23,223






 






 






 






19,313






 








OTHER INCOME:






 






 






 








Interest income






 






3,267






 






 






 






4,050






 








Miscellaneous






 






608






 






 






 






775






 








Total other income






 






3,875






 






 






 






4,825






 








EQUITY IN (LOSS) EARNINGS FROM UNCONSOLIDATED ENTITIES






 






(145






)






 






 






71,439






 








(LOSS) INCOME BEFORE INCOME TAX BENEFIT (PROVISION)






 






(5,912






)






 






 






70,108






 








INCOME TAX BENEFIT (PROVISION)






 






942






 






 






 






(9,522






)








NET (LOSS) INCOME






 






(4,970






)






 






 






60,586






 








LESS NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS






 






(2,743






)






 






 






37,302






 








NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY






$






(2,227






)






 






$






23,284






 








 






 






 






 








NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE






 






 






 








Basic






$






(0.03






)






 






$






0.33






 








Diluted






 






(0.03






)






 






 






0.32






 








WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING






 






 






 








Basic






 






71,515,710






 






 






 






69,513,757






 








Diluted






 






71,515,710






 






 






 






148,824,110






 








NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY PER CLASS B SHARE






 






 






 








Basic and diluted






$






(0.00






)






 






$






0.00






 








WEIGHTED AVERAGE CLASS B SHARES OUTSTANDING






 






 






 








Basic and diluted






 






76,096,410






 






 






 






79,233,544






 














 




FIVE POINT HOLDINGS, LLC




CONDENSED CONSOLIDATED BALANCE SHEETS




(In thousands, except shares)




(Unaudited)










 



 






March 31, 2026






 






December 31, 2025








ASSETS






 






 






 








INVENTORIES






$






2,476,421






 






 






$






2,443,279






 








INVESTMENT IN UNCONSOLIDATED ENTITIES






 






152,277






 






 






 






153,087






 








PROPERTIES AND EQUIPMENT, NET






 






29,167






 






 






 






29,264






 








INTANGIBLE ASSET, NET—RELATED PARTY






 






16,417






 






 






 






17,250






 








GOODWILL






 






69,812






 






 






 






69,812






 








CASH AND CASH EQUIVALENTS






 






332,566






 






 






 






425,546






 








RESTRICTED CASH AND CERTIFICATES OF DEPOSIT






 






992






 






 






 






992






 








RELATED PARTY ASSETS






 






91,129






 






 






 






89,509






 








OTHER ASSETS






 






18,686






 






 






 






20,264






 








TOTAL






$






3,187,467






 






 






$






3,249,003






 








 






 






 






 








LIABILITIES AND CAPITAL






 






 






 








LIABILITIES:






 






 






 








Notes payable, net






$






443,698






 






 






$






443,348






 








Accounts payable and other liabilities






 






105,504






 






 






 






106,199






 








Related party liabilities






 






21,621






 






 






 






70,973






 








Deferred income tax liability, net






 






57,277






 






 






 






58,343






 








Payable pursuant to tax receivable agreement






 






181,945






 






 






 






181,544






 








Total liabilities






 






810,045






 






 






 






860,407






 








 






 






 






 








REDEEMABLE NONCONTROLLING INTERESTS






 






69,831






 






 






 






70,155






 








CAPITAL:






 






 






 








Class A common shares; No par value; Issued and outstanding: March 31, 2026—72,320,181 shares; December 31, 2025—71,100,768 shares






 






 






 








Class B common shares; No par value; Issued and outstanding: March 31, 2026—76,096,410 shares; December 31, 2025—76,096,410 shares






 






 






 








Contributed capital






 






617,784






 






 






 






616,751






 








Retained earnings






 






225,816






 






 






 






228,043






 








Accumulated other comprehensive loss






 






(1,551






)






 






 






(1,549






)








Total members’ capital






 






842,049






 






 






 






843,245






 








Noncontrolling interests






 






1,465,542






 






 






 






1,475,196






 








Total capital






 






2,307,591






 






 






 






2,318,441






 








TOTAL






$






3,187,467






 






 






$






3,249,003






 














 




FIVE POINT HOLDINGS, LLC




SUPPLEMENTAL DATA




(In thousands)




(Unaudited)











Liquidity








 






March 31, 2026








Cash and cash equivalents






$






332,566








Borrowing capacity(1)






 






217,500








Total liquidity






$






550,066









(1)






As of March 31, 2026, 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








 






March 31, 2026








Debt(1)






$






450,000






 








Total capital






 






2,307,591






 








Total capitalization






$






2,757,591






 








Debt to total capitalization






 






16.3






%








 






 








Debt(1)






$






450,000






 








Less: Cash and cash equivalents






 






332,566






 








Net debt






 






117,434






 








Total capital






 






2,307,591






 








Total net capitalization






$






2,425,025






 








Net debt to total capitalization(2)






 






4.8






%









(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 table reconciles the results of operations of our segments to our consolidated results for the three months ended March 31, 2026 (in thousands):
























 



 






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






$






—






 






 






$






—






 






 






$






3,607






 






$






—






 






$






3,607






 






 






$






—






 






 






$






3,607






 






 






$






(3,607






)






 






$






—






 








Land sales—related party






 






—






 






 






 






—






 






 






 






—






 






 






—






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Management services—related party(2)






 






—






 






 






 






—






 






 






 






6,856






 






 






6,128






 






 






12,984






 






 






 






—






 






 






 






12,984






 






 






 






—






 






 






 






12,984






 








Operating properties






 






420






 






 






 






177






 






 






 






—






 






 






—






 






 






597






 






 






 






—






 






 






 






597






 






 






 






—






 






 






 






597






 








Total revenues






 






420






 






 






 






177






 






 






 






10,463






 






 






6,128






 






 






17,188






 






 






 






—






 






 






 






17,188






 






 






 






(3,607






)






 






 






13,581






 








COSTS AND EXPENSES:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Land sales






 






—






 






 






 






—






 






 






 






—






 






 






—






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Management services(2)






 






—






 






 






 






—






 






 






 






2,111






 






 






4,783






 






 






6,894






 






 






 






—






 






 






 






6,894






 






 






 






—






 






 






 






6,894






 








Operating properties






 






1,580






 






 






 






—






 






 






 






—






 






 






—






 






 






1,580






 






 






 






—






 






 






 






1,580






 






 






 






—






 






 






 






1,580






 








Selling, general, and administrative






 






2,500






 






 






 






1,561






 






 






 






1,150






 






 






—






 






 






5,211






 






 






 






10,688






 






 






 






15,899






 






 






 






(1,150






)






 






 






14,749






 








Management fees—related party






 






—






 






 






 






—






 






 






 






7,130






 






 






—






 






 






7,130






 






 






 






—






 






 






 






7,130






 






 






 






(7,130






)






 






 






—






 








Total costs and expenses






 






4,080






 






 






 






1,561






 






 






 






10,391






 






 






4,783






 






 






20,815






 






 






 






10,688






 






 






 






31,503






 






 






 






(8,280






)






 






 






23,223






 








OTHER INCOME:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Interest income






 






—






 






 






 






1






 






 






 






1,869






 






 






14






 






 






1,884






 






 






 






3,252






 






 






 






5,136






 






 






 






(1,869






)






 






 






3,267






 








Miscellaneous






 






608






 






 






 






—






 






 






 






—






 






 






—






 






 






608






 






 






 






—






 






 






 






608






 






 






 






—






 






 






 






608






 








Total other income






 






608






 






 






 






1






 






 






 






1,869






 






 






14






 






 






2,492






 






 






 






3,252






 






 






 






5,744






 






 






 






(1,869






)






 






 






3,875






 








EQUITY IN EARNINGS (LOSS) FROM UNCONSOLIDATED ENTITIES






 






207






 






 






 






—






 






 






 






—






 






 






302






 






 






509






 






 






 






397






 






 






 






906






 






 






 






(1,051






)






 






 






(145






)








SEGMENT (LOSS) PROFIT/LOSS BEFORE INCOME TAX BENEFIT






 






(2,845






)






 






 






(1,383






)






 






 






1,941






 






 






1,661






 






 






(626






)






 






 






(7,039






)






 






 






(7,665






)






 






 






1,753






 






 






 






(5,912






)








INCOME TAX BENEFIT






 






—






 






 






 






—






 






 






 






—






 






 






—






 






 






—






 






 






 






942






 






 






 






942






 






 






 






—






 






 






 






942






 








SEGMENT (LOSS) PROFIT/NET LOSS






$






(2,845






)






 






$






(1,383






)






 






$






1,941






 






$






1,661






 






$






(626






)






 






$






(6,097






)






 






$






(6,723






)






 






$






1,753






 






 






$






(4,970






)









(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.



(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 loss from our investment in the Great Park Venture that is reflected in the condensed consolidated statement of operations for the three months ended March 31, 2026 (in thousands):










 





 



Segment profit from operations






$






1,941






 








Less net income of management company attributed to the Great Park segment






 






4,745






 








Net loss of the Great Park Venture






 






(2,804






)








The Company’s share of net loss of the Great Park Venture






 






(1,051






)








Basis difference amortization, net






 






—






 








Equity in loss from the Great Park Venture






$






(1,051






)







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423513937/en/
Investor Relations:

Kim Tobler, 949-425-5211

Kim.Tobler@fivepoint.com
or
Media:

Eric Morgan, 949-349-1088

Eric.Morgan@fivepoint.com


Original: Five Point Holdings, LLC Reports First Quarter 2026 Results