Third Quarter 2025 and Recent Highlights

Great Park Venture sold 326 homesites on 26.6 acres of land for an aggregate base purchase price of $257.7 million.
Great Park builder sales of 187 homes during the quarter.
Valencia builder sales of 50 homes during the quarter.
Consolidated revenues of $13.5 million; consolidated net income of $55.7 million.
In September 2025, our senior notes and corporate ratings were respectively upgraded to B2/B2 by Moody's Ratings and re-affirmed at B+/B by S&P Global Ratings, and we received initial ratings of BB-/B from Fitch Ratings.
Closed the acquisition of a 75% interest in our new land banking venture, Hearthstone Residential Holdings, LLC, for $57.6 million.
Issued $450.0 million in new 8.000% Senior Notes due October 2030, and purchased or redeemed all of the existing $523.5 million 10.500% initial rate Senior Notes due January 2028.
Cash and cash equivalents of $351.1 million as of September 30, 2025.
Debt to total capitalization ratio of 16.5% and liquidity of $476.1 million as of September 30, 2025.
On October 21, 2025, increased the total borrowing capacity under our revolving credit facility to $217.5 million and extended the maturity date to July 2029.

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 third quarter 2025 results.

Dan Hedigan, President and Chief Executive Officer, said, "I am pleased to report that Five Point delivered another strong quarter, generating consolidated net income of $55.7 million and ending the quarter with total liquidity of $476.1 million. These results demonstrate continued profitability and reflect strong execution across our platform. At the Great Park, we closed land sales to four builders totaling 326 homesites for an aggregate base purchase price of $257.7 million, further reinforcing the strength of this community. In addition, we successfully completed the acquisition of a 75% interest in our new Hearthstone land banking venture, an important milestone that will supplement our recurring fee-based revenue streams and will immediately establish a national footprint in land banking. We also took meaningful steps to enhance our capital structure, including the refinancing of our senior notes and the recent upsizing of our revolving credit facility. These actions have further strengthened our balance sheet and enhanced our ability to pursue long-term growth opportunities. We continue to monitor the evolving economic landscape and believe that moderating interest rates and persistent supply-demand imbalances will support builder interest across our communities. We continue to expect full-year 2025 consolidated net income to be in line with our 2024 results."

Consolidated Results

Liquidity and Capital Resources

As of September 30, 2025, total liquidity of $476.1 million was comprised of cash and cash equivalents totaling $351.1 million and borrowing availability of $125.0 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 September 30, 2025

Revenues. Revenues of $13.5 million for the three months ended September 30, 2025 were primarily generated from management services.

Equity in earnings from unconsolidated entities. Equity in earnings from unconsolidated entities was $70.1 million for the three months ended September 30, 2025. The Great Park Venture generated net income of $201.6 million during the three months ended September 30, 2025, and our share of the net income from our 37.5% percentage interest, adjusted for basis differences, was $69.5 million.

During the three months ended September 30, 2025, the Great Park Venture sold 326 homesites on 26.6 acres of land at the Great Park Neighborhoods for an aggregate purchase price of $257.7 million. The Great Park Venture made aggregate distributions of $216.4 million to holders of Percentage Interests during the three months ended September 30, 2025. We received $81.1 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 September 30, 2025.

Net income. Consolidated net income for the quarter was $55.7 million. Net income attributable to noncontrolling interests totaled $34.6 million, resulting in net income attributable to the Company of $21.1 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 allocated to noncontrolling interests in subsequent periods.

Conference Call Information

In conjunction with this release, Five Point will host a conference call on Wednesday, October 29, 2025 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 13756805. The telephonic replay will be available until 11:59 p.m. Eastern Time on November 7, 2025.

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 23 million square feet of commercial space. Five Point is also engaged in the residential land banking business through its Hearthstone residential asset and investment management platform.

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 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 September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
REVENUES:
Land sales	$	(12	)	$	372		$	70		$	1,214
Land sales—related party		—			—			—			—
Management services—related party		12,826			16,030			32,336			75,035
Operating properties		674			611			1,712			1,891
Total revenues		13,488			17,013			34,118			78,140
COSTS AND EXPENSES:
Land sales		—			—			—			—
Management services		5,455			4,256			10,846			19,467
Operating properties		1,631			1,231			4,891			4,099
Selling, general, and administrative		14,294			11,911			44,645			37,013
Total costs and expenses		21,380			17,398			60,382			60,579
OTHER INCOME (EXPENSE):
Interest income		4,484			2,595			13,501			8,575
Loss on debt extinguishment		(1,824	)		—			(1,824	)		—
Miscellaneous		8			24			804			(5,857	)
Total other income		2,668			2,619			12,481			2,718
EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES		70,137			11,987			158,721			45,071
INCOME BEFORE INCOME TAX PROVISION		64,913			14,221			144,938			65,350
INCOME TAX PROVISION		(9,199	)		(1,886	)		(20,062	)		(8,705	)
NET INCOME		55,714			12,335			124,876			56,645
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		34,643			7,579			77,201			34,841
NET INCOME ATTRIBUTABLE TO THE COMPANY	$	21,071		$	4,756		$	47,675		$	21,804

NET INCOME ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE
Basic	$	0.30		$	0.07		$	0.68		$	0.31
Diluted	$	0.28		$	0.07		$	0.65		$	0.31
WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING
Basic		69,796,339			69,279,028			69,692,349			69,192,620
Diluted		149,430,920			146,565,417			149,267,968			146,394,307
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		79,233,544			79,233,544			79,233,544			79,233,544

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

	September 30, 2025			December 31, 2024
ASSETS
INVENTORIES	$	2,448,353		$	2,298,080
INVESTMENT IN UNCONSOLIDATED ENTITIES		168,867			185,324
PROPERTIES AND EQUIPMENT, NET		29,253			29,487
INTANGIBLE ASSET, NET—RELATED PARTY		19,863			9,037
GOODWILL		69,812			—
CASH AND CASH EQUIVALENTS		351,127			430,875
RESTRICTED CASH AND CERTIFICATES OF DEPOSIT		992			992
RELATED PARTY ASSETS		78,194			101,670
OTHER ASSETS		18,821			20,952
TOTAL	$	3,185,282		$	3,076,417

LIABILITIES AND CAPITAL
LIABILITIES:
Notes payable, net	$	444,533		$	525,737
Accounts payable and other liabilities		102,423			100,292
Related party liabilities		65,344			63,297
Deferred income tax liability, net		49,624			33,570
Payable pursuant to tax receivable agreement		173,849			173,424
Total liabilities		835,773			896,320

REDEEMABLE NONCONTROLLING INTERESTS		69,527			25,000
CAPITAL:
Class A common shares; No par value; Issued and outstanding: September 30, 2025—69,861,335 shares; December 31, 2024—69,369,234 shares
Class B common shares; No par value; Issued and outstanding: September 30, 2025—79,233,544 shares; December 31, 2024—79,233,544 shares
Contributed capital		599,741			593,827
Retained earnings		204,752			157,077
Accumulated other comprehensive loss		(1,450	)		(1,468	)
Total members' capital		803,043			749,436
Noncontrolling interests		1,476,939			1,405,661
Total capital		2,279,982			2,155,097
TOTAL	$	3,185,282		$	3,076,417

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

Liquidity
	September 30, 2025
Cash and cash equivalents	$	351,127
Borrowing capacity⁽¹⁾		125,000
Total liquidity	$	476,127

(1)	As of September 30, 2025, no borrowings or letters of credit were outstanding on the Company's $125.0 million revolving credit facility.

Debt to Total Capitalization and Net Debt to Total Capitalization
	September 30, 2025
Debt⁽¹⁾	$	451,500
Total capital		2,279,982
Total capitalization	$	2,731,482
Debt to total capitalization		16.5	%

Debt⁽¹⁾	$	451,500
Less: Cash and cash equivalents		351,127
Net debt		100,373
Total capital		2,279,982
Total net capitalization	$	2,380,355
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 nine months ended September 30, 2025 (in thousands):

	Three Months Ended September 30, 2025
	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	$	(12	)	$	—		$	273,072	$	—	$	273,060	$	—		$	273,060		$	(273,072	)	$	(12	)
Land sales—related party		—			—			—		—		—		—			—			—			—
Management services—related party⁽²⁾		—			—			9,432		3,394		12,826		—			12,826			—			12,826
Operating properties		498			176			—		—		674		—			674			—			674
Total revenues		486			176			282,504		3,394		286,560		—			286,560			(273,072	)		13,488
COSTS AND EXPENSES:
Land sales		—			—			64,883		—		64,883		—			64,883			(64,883	)		—
Management services⁽²⁾		—			—			2,714		2,741		5,455		—			5,455			—			5,455
Operating properties		1,631			—			—		—		1,631		—			1,631			—			1,631
Selling, general, and administrative		2,230			1,156			2,532		—		5,918		10,908			16,826			(2,532	)		14,294
Management fees—related party		—			—			6,138		—		6,138		—			6,138			(6,138	)		—
Total costs and expenses		3,861			1,156			76,267		2,741		84,025		10,908			94,933			(73,553	)		21,380
OTHER INCOME (EXPENSE):
Interest income		—			3			2,115		7		2,125		4,474			6,599			(2,115	)		4,484
Loss on extinguishment of debt		—			—			—		—		—		(1,824	)		(1,824	)		—			(1,824	)
Miscellaneous		8			—			—		—		8		—			8			—			8
Total other income		8			3			2,115		7		2,133		2,650			4,783			(2,115	)		2,668
EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES		—			—			—		174		174		415			589			69,548			70,137
SEGMENT (LOSS) PROFIT/INCOME BEFORE INCOME TAX PROVISION		(3,367	)		(977	)		208,352		834		204,842		(7,843	)		196,999			(132,086	)		64,913
INCOME TAX PROVISION		—			—			—		—		—		(9,199	)		(9,199	)		—			(9,199	)
SEGMENT (LOSS) PROFIT/NET INCOME	$	(3,367	)	$	(977	)	$	208,352	$	834	$	204,842	$	(17,042	)	$	187,800		$	(132,086	)	$	55,714

(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.
	After the sale of the Gateway Commercial Venture's commercial operating assets in December 2024, the Company's commercial segment is no longer operating. The equity in earnings from the Company's investment in the Gateway Commercial Venture is reported within the corporate and unallocated column in the table above.
(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.

	Nine Months Ended September 30, 2025
	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	$	70		$	—		$	630,717	$	—	$	630,787	$	—		$	630,787		$	(630,717	)	$	70
Land sales—related party		—			—			—		—		—		—			—			—			—
Management services—related party⁽²⁾		—			—			28,942		3,394		32,336		—			32,336			—			32,336
Operating properties		1,190			522			—		—		1,712		—			1,712			—			1,712
Total revenues		1,260			522			659,659		3,394		664,835		—			664,835			(630,717	)		34,118
COSTS AND EXPENSES:
Land sales		—			—			151,121		—		151,121		—			151,121			(151,121	)		—
Management services⁽²⁾		—			—			8,105		2,741		10,846		—			10,846			—			10,846
Operating properties		4,891			—			—		—		4,891		—			4,891			—			4,891
Selling, general, and administrative		8,629			3,534			7,073		—		19,236		32,482			51,718			(7,073	)		44,645
Management fees—related party		—			—			21,749		—		21,749		—			21,749			(21,749	)		—
Total costs and expenses		13,520			3,534			188,048		2,741		207,843		32,482			240,325			(179,943	)		60,382
OTHER INCOME (EXPENSE):
Interest income		—			20			5,517		7		5,544		13,474			19,018			(5,517	)		13,501
Loss on extinguishment of debt		—			—			—		—		—		(1,824	)		(1,824	)		—			(1,824	)
Miscellaneous		804			—			—		—		804		—			804			—			804
Total other income		804			20			5,517		7		6,348		11,650			17,998			(5,517	)		12,481
EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES		425			—			—		174		599		1,028			1,627			157,094			158,721
SEGMENT (LOSS) PROFIT/INCOME BEFORE INCOME TAX PROVISION		(11,031	)		(2,992	)		477,128		834		463,939		(19,804	)		444,135			(299,197	)		144,938
INCOME TAX PROVISION		—			—			—		—		—		(20,062	)		(20,062	)		—			(20,062	)
SEGMENT (LOSS) PROFIT/NET INCOME	$	(11,031	)	$	(2,992	)	$	477,128	$	834	$	463,939	$	(39,866	)	$	424,073		$	(299,197	)	$	124,876

(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.
	After the sale of the Gateway Commercial Venture's commercial operating assets in December 2024, the Company's commercial segment is no longer operating. The equity in earnings from the Company's investment in the Gateway Commercial Venture is reported within the corporate and unallocated column in the table above.
(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 nine months ended September 30, 2025 (in thousands):

	Three Months Ended September 30, 2025			Nine Months Ended September 30, 2025
Segment profit from operations	$	208,352		$	477,128
Less net income of management company attributed to the Great Park segment		6,718			20,837
Net income of the Great Park Venture		201,634			456,291
The Company's share of net income of the Great Park Venture		75,613			171,109
Basis difference amortization, net		(6,065	)		(14,015	)
Equity in earnings from the Great Park Venture	$	69,548		$	157,094

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Kim.Tobler@fivepoint.com

or

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