Second Quarter 2026 Highlights

Great Park Venture sold 17.7 acres of commercial land planned for senior living uses for a purchase price of $159.3 million.
Great Park Venture distributions and incentive compensation payments to the Company totaled $43.6 million.
Gateway Commercial Venture distribution to the Company of $33.1 million.
Great Park builder sales of 56 homes during the quarter.
Valencia builder sales of 78 homes during the quarter.
Consolidated revenues of $13.9 million; consolidated net income of $29.9 million.
Cash and cash equivalents of $348.4 million as of June 30, 2026.
Debt to total capitalization ratio of 16.2% and liquidity of $565.9 million as of June 30, 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 second quarter 2026 results.

Dan Hedigan, President and Chief Executive Officer, said, "I am pleased to report that Five Point generated consolidated net income of $29.9 million in the second quarter and ended the quarter with total liquidity of $565.9 million, including $348.4 million of cash and cash equivalents. During the quarter, the Great Park Venture completed the sale of 17.7 acres planned for a senior living retirement community for $159.3 million, further demonstrating the substantial value embedded in our California communities. We also received $79.6 million in distributions and incentive compensation payments from our joint ventures, while continuing to grow our recurring management and investment income through our Hearthstone Venture and the Great Park Venture. These results reflect the progress we are making toward a more diversified and capital-efficient business model. Although housing market conditions remain uncertain, the scarcity of entitled land in our markets continues to support the long-term value of our communities. We remain actively engaged with builders regarding additional homesite sales, and we expect that our remaining land sales activity will occur during the fourth quarter, subject to market conditions. At this time, we are not updating or altering our prior guidance of approximately $100 million in consolidated net income for 2026."

Consolidated Results

Liquidity and Capital Resources

As of June 30, 2026, total liquidity of $565.9 million was comprised of cash and cash equivalents totaling $348.4 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 June 30, 2026

Revenues. Revenues of $13.9 million for the three months ended June 30, 2026 were primarily generated from management services at our Great Park and Hearthstone segments.

Equity in earnings from unconsolidated entities. Equity in earnings from unconsolidated entities was $41.0 million for the three months ended June 30, 2026. The Great Park Venture generated net income of $114.2 million during the three months ended June 30, 2026, and our share of the net income from our 37.5% percentage interest, adjusted for basis differences, was $39.7 million.

During the three months ended June 30, 2026, the Great Park Venture sold 17.7 acres of commercial land planned for senior living uses at the Great Park Neighborhoods for a purchase price of $159.3 million. The Great Park Venture made aggregate distributions of $91.6 million to holders of percentage interests during the three months ended June 30, 2026. We received $34.4 million for our 37.5% percentage interest.

Selling, general, and administrative. Selling, general, and administrative expenses were $14.3 million for the three months ended June 30, 2026.

Net income. Consolidated net income for the quarter was $29.9 million. Net income attributable to noncontrolling interests totaled $19.1 million, resulting in net income attributable to the Company of $10.9 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 or loss allocated to noncontrolling interests in subsequent periods.

Conference Call Information

In conjunction with this release, Five Point will host a conference call on Thursday, July 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 13761889. The telephonic replay will be available until 11:59 p.m. Eastern Time on August 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 June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
REVENUES:
Land sales	$	(211	)	$	(16	)	$	(211	)	$	82
Land sales—related party		(1,211	)		—			(1,211	)		—
Management services—related party		14,712			6,959			27,696			19,510
Operating properties		612			530			1,209			1,038
Total revenues		13,902			7,473			27,483			20,630
COSTS AND EXPENSES:
Land sales		—			—			—			—
Management services		5,587			2,330			12,481			5,391
Operating properties		1,605			1,773			3,185			3,260
Selling, general, and administrative		14,294			15,586			29,043			30,351
Total costs and expenses		21,486			19,689			44,709			39,002
OTHER INCOME:
Interest income		2,659			4,967			5,926			9,017
Miscellaneous		36			21			644			796
Total other income		2,695			4,988			6,570			9,813
EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES		41,030			17,145			40,885			88,584
INCOME BEFORE INCOME TAX PROVISION		36,141			9,917			30,229			80,025
INCOME TAX PROVISION		(6,207	)		(1,341	)		(5,265	)		(10,863	)
NET INCOME		29,934			8,576			24,964			69,162
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		19,073			5,256			16,330			42,558
NET INCOME ATTRIBUTABLE TO THE COMPANY	$	10,861		$	3,320		$	8,634		$	26,604

NET INCOME ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE
Basic	$	0.15		$	0.05		$	0.12		$	0.38
Diluted	$	0.15			0.05		$	0.12		$	0.36
WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING
Basic		72,138,474			69,763,845			71,828,813			69,639,492
Diluted		149,093,240			148,724,073			149,303,258			148,743,245
NET INCOME ATTRIBUTABLE TO THE COMPANY PER CLASS B SHARE
Basic and diluted	$	0.00		$	0.00		$	0.00		$	0.00
WEIGHTED AVERAGE CLASS B SHARES OUTSTANDING
Basic and diluted		76,096,410			79,233,544			76,096,410			79,233,544

FIVE POINT HOLDINGS, LLC CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except shares) (Unaudited)

	June 30, 2026			December 31, 2025
ASSETS
INVENTORIES	$	2,524,356		$	2,443,279
INVESTMENT IN UNCONSOLIDATED ENTITIES		124,904			153,087
PROPERTIES AND EQUIPMENT, NET		29,217			29,264
INTANGIBLE ASSETS, NET—RELATED PARTY		15,389			17,250
GOODWILL		69,812			69,812
CASH AND CASH EQUIVALENTS		348,382			425,546
RESTRICTED CASH AND CERTIFICATES OF DEPOSIT		992			992
RELATED PARTY ASSETS		87,175			89,509
OTHER ASSETS		19,959			20,264
TOTAL	$	3,220,186		$	3,249,003

LIABILITIES AND CAPITAL
LIABILITIES:
Notes payable, net	$	444,048		$	443,348
Accounts payable and other liabilities		107,994			106,199
Related party liabilities		17,736			70,973
Deferred income tax liability, net		63,602			58,343
Payable pursuant to tax receivable agreement		181,501			181,544
Total liabilities		814,881			860,407

REDEEMABLE NONCONTROLLING INTERESTS		69,920			70,155
CAPITAL:
Class A common shares; No par value; Issued and outstanding: June 30, 2026—71,783,254 shares; December 31, 2025—71,100,768 shares
Class B common shares; No par value; Issued and outstanding: June 30, 2026—76,096,410 shares; December 31, 2025—76,096,410 shares
Contributed capital		613,863			616,751
Retained earnings		236,677			228,043
Accumulated other comprehensive loss		(1,545	)		(1,549	)
Total members’ capital		848,995			843,245
Noncontrolling interests		1,486,390			1,475,196
Total capital		2,335,385			2,318,441
TOTAL	$	3,220,186		$	3,249,003

FIVE POINT HOLDINGS, LLC SUPPLEMENTAL DATA (In thousands) (Unaudited)

Liquidity

	June 30, 2026
Cash and cash equivalents	$	348,382
Borrowing capacity⁽¹⁾		217,500
Total liquidity	$	565,882

(1)

As of June 30, 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

	June 30, 2026
Debt⁽¹⁾	$	450,000
Total capital		2,335,385
Total capitalization	$	2,785,385
Debt to total capitalization		16.2	%

Debt⁽¹⁾	$	450,000
Less: Cash and cash equivalents		348,382
Net debt		101,618
Total capital		2,335,385
Total net capitalization	$	2,437,003
Net debt to total capitalization⁽²⁾		4.2	%

(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 six months ended June 30, 2026 (in thousands):

	Three Months Ended June 30, 2026
	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	$	(211	)	$	—		$	161,671	$	—	$	161,460		$	—		$	161,460		$	(161,671	)	$	(211	)
Land sales—related party		(1,211	)		—			—		—		(1,211	)		—			(1,211	)		—			(1,211	)
Management services—related party⁽²⁾		—			—			9,132		5,580		14,712			—			14,712			—			14,712
Operating properties		432			180			—		—		612			—			612			—			612
Total revenues		(990	)		180			170,803		5,580		175,573			—			175,573			(161,671	)		13,902
COSTS AND EXPENSES:
Land sales		—			—			37,622		—		37,622			—			37,622			(37,622	)		—
Management services⁽²⁾		—			—			2,351		3,236		5,587			—			5,587			—			5,587
Operating properties		1,605			—			—		—		1,605			—			1,605			—			1,605
Selling, general, and administrative		2,352			1,426			2,412		—		6,190			10,516			16,706			(2,412	)		14,294
Management fees—related party		—			—			9,016		—		9,016			—			9,016			(9,016	)		—
Total costs and expenses		3,957			1,426			51,401		3,236		60,020			10,516			70,536			(49,050	)		21,486
OTHER INCOME:
Interest income		—			1			1,620		19		1,640			2,639			4,279			(1,620	)		2,659
Miscellaneous		36			—			—		—		36			—			36			—			36
Total other income		36			1			1,620		19		1,676			2,639			4,315			(1,620	)		2,695
EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES		312			—			—		789		1,101			264			1,365			39,665			41,030
SEGMENT (LOSS) PROFIT/INCOME BEFORE INCOME TAX PROVISION		(4,599	)		(1,245	)		121,022		3,152		118,330			(7,613	)		110,717			(74,576	)		36,141
INCOME TAX PROVISION		—			—			—		—		—			(6,207	)		(6,207	)		—			(6,207	)
SEGMENT (LOSS) PROFIT/NET INCOME	$	(4,599	)	$	(1,245	)	$	121,022	$	3,152	$	118,330		$	(13,820	)	$	104,510		$	(74,576	)	$	29,934

(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.

	Six Months Ended June 30, 2026
	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	$	(211	)	$	—		$	165,278	$	—	$	165,067		$	—		$	165,067		$	(165,278	)	$	(211	)
Land sales—related party		(1,211	)		—			—		—		(1,211	)		—			(1,211	)		—			(1,211	)
Management services—related party⁽²⁾		—			—			15,988		11,708		27,696			—			27,696			—			27,696
Operating properties		852			357			—		—		1,209			—			1,209			—			1,209
Total revenues		(570	)		357			181,266		11,708		192,761			—			192,761			(165,278	)		27,483
COSTS AND EXPENSES:
Land sales		—			—			37,622		—		37,622			—			37,622			(37,622	)		—
Management services⁽²⁾		—			—			4,462		8,019		12,481			—			12,481			—			12,481
Operating properties		3,185			—			—		—		3,185			—			3,185			—			3,185
Selling, general, and administrative		4,852			2,987			3,562		—		11,401			21,204			32,605			(3,562	)		29,043
Management fees—related party		—			—			16,146		—		16,146			—			16,146			(16,146	)		—
Total costs and expenses		8,037			2,987			61,792		8,019		80,835			21,204			102,039			(57,330	)		44,709
OTHER INCOME:
Interest income		—			2			3,489		33		3,524			5,891			9,415			(3,489	)		5,926
Miscellaneous		644			—			—		—		644			—			644			—			644
Total other income		644			2			3,489		33		4,168			5,891			10,059			(3,489	)		6,570
EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES		519			—			—		1,091		1,610			661			2,271			38,614			40,885
SEGMENT (LOSS) PROFIT/INCOME BEFORE INCOME TAX PROVISION		(7,444	)		(2,628	)		122,963		4,813		117,704			(14,652	)		103,052			(72,823	)		30,229
INCOME TAX PROVISION		—			—			—		—		—			(5,265	)		(5,265	)		—			(5,265	)
SEGMENT (LOSS) PROFIT/NET INCOME	$	(7,444	)	$	(2,628	)	$	122,963	$	4,813	$	117,704		$	(19,917	)	$	97,787		$	(72,823	)	$	24,964

(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 earnings from our investment in the Great Park Venture that is reflected in the condensed consolidated statements of operations for the three and six months ended June 30, 2026 (in thousands):

	Three Months Ended June 30, 2026			Six Months Ended June 30, 2026
Segment profit from operations	$	121,022		$	122,963
Less net income of management company attributed to the Great Park segment		6,781			11,526
Net income of the Great Park Venture		114,241			111,437
The Company’s share of net income of the Great Park Venture		42,840			41,789
Basis difference amortization, net		(3,175	)		(3,175	)
Equity in earnings from the Great Park Venture	$	39,665		$	38,614

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Investor Relations:

Kim Tobler, 949-425-5211

Kim.Tobler@fivepoint.com

Media:

Eric Morgan, 949-349-1088

Eric.Morgan@fivepoint.com