FPHNYSEReal EstateUS GAAP · USD

Five Point Holdings, LLC

Five Point Holdings, LLC is a California-focused real estate developer that owns and develops large mixed-use planned communities in Los Angeles County, San Francisco County, and Orange County. In addition to land development, it operates a residential asset management platform through Hearthstone that provides capital solutions to U.S. homebuilders, primarily through land banking and lot option programs.

Kysy yhtiöstä
Liikevaihto110milj. USD
−53,4 %v/v
Nettotulos71,0milj. USD
+3,9 %v/v
Vapaa kassavirta105milj. USD
−8,8 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

050100150200250milj. USD2020: 152 milj. USD20202021: 224 milj. USD20212022: 41 milj. USD20222023: 210 milj. USD20232024: 236 milj. USD20242025: 110 milj. USD2025110
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Five Point Holdings, LLC

Liiketoiminta

Osuus liikevaihdosta
Community land development55 %

Entitled master-planned communities in California with homesites, infrastructure, and commercial parcels.

Land sales20 %

Sales of residential homesites and related land parcels to homebuilders and other buyers.

Development management services10 %

Fee-based management services for Great Park Neighborhoods and related development activities.

Asset management and land banking15 %

Hearthstone-managed capital solutions for homebuilders through lot option and land banking funds.

Tuotteet

Raportoitu · osuus liikevaihdosta
60,4%39,2%FY2025100 %
  • Management Service60,4 %
  • Land39,2 %
  • Operating Properties0,4 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Five Point sells primarily to homebuilders, including large public homebuilders and other residential developers that need entitled lots and development-ready land. It also earns fees from capital partners and fund investors in its Hearthstone platform, as well as from development management arrangements tied to Great Park Neighborhoods. A smaller portion of activity is tied to commercial and institutional counterparties involved in California mixed-use development.

Homebuilders

Buy homesites and entitled land for residential construction in California and other U.S. markets.

Hearthstone fund investors and capital partners

Provide capital to land banking funds and pay for asset management services tied to lot option programs.

Development venture partners

Participate in joint ventures such as Great Park and San Francisco projects and share in development economics.

Commercial and mixed-use counterparties

Buy or lease commercial land and space within the planned communities as projects mature.

Strategia

Five Point is focused on monetizing its large entitled land positions through phased development, homesite sales, and commercial buildout in California’s coastal markets. A key strategic addition is Hearthstone, which expands the company into fee-based asset management and capital solutions for homebuilders, reducing reliance on pure land development timing. Management also emphasizes balance sheet flexibility, debt reduction, and liquidity to support long-duration development projects and opportunistic growth.

Grow Hearthstone asset managementLyhyt aikaväli

Adds recurring fee income and broadens the business beyond California land sales.

Advance core California communitiesKeskipitkä aikaväli

Value creation depends on converting entitled land into homesites and commercial parcels over time.

Preserve balance sheet flexibilityLyhyt aikaväli

Long development cycles require liquidity and access to capital through market cycles.

Maantiede

The company’s core operating footprint is California, with major communities in northern Los Angeles County, San Francisco, and Orange County. Its Hearthstone platform broadens exposure across the United States through lot option and land banking programs in 16 states, while the legacy community portfolio remains concentrated in supply-constrained coastal California markets. This geographic mix makes the business highly sensitive to California land use, entitlement, and housing market conditions, while Hearthstone diversifies some exposure across multiple U.S. homebuilding markets.

Riskit

Five Point’s results depend on long-duration development projects, so delays, cost inflation, permitting issues, or construction problems can materially affect profitability and timing of cash flows. The company is also exposed to California-specific regulatory, environmental, and litigation risk, including contamination-related claims at The San Francisco Shipyard, while Hearthstone adds exposure to homebuilder demand and capital market conditions across U.S. housing markets.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Construction and development execution risk1California regulatory and entitlement risk2Contamination and litigation risk3Homebuilder demand and housing cycle risk4Cybersecurity and data privacy risk5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Construction and development execution riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company must build infrastructure and prepare lots over long timelines, exposing it to cost inflation and delays.

    KohdistuuValenciaSan FranciscoGreat Park
  2. California regulatory and entitlement riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Value depends on local zoning, land use approvals, and municipal processes in supply-constrained markets.

    Kohdistuu: California communities

  3. Contamination and litigation riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The San Francisco Shipyard has been subject to contamination-related lawsuits and related claims.

    Kohdistuu: San Francisco Shipyard

  4. Homebuilder demand and housing cycle riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Land sales and Hearthstone programs depend on homebuilder activity, financing, and housing demand.

    Kohdistuu: U.S. homebuilding markets

  5. Cybersecurity and data privacy riskVaikutus: KeskitasoTodennäköisyys: Matala

    The company stores sensitive employee and company data and could face costs and liability from breaches.

    Kohdistuu: Corporate systems

Kysy Clarifolta: Five Point Holdings, LLC

Kirjanpito

Harkinnanvaraiset erät
Land inventory and cost allocation

Capitalized development costs are allocated across parcels, affecting margins as lots are sold.

Vaikutus: Can materially change gross profit timing and level

Impairment of community assets

Recoverability depends on projected cash flows, sales pace, and discount rates for long-duration projects.

Vaikutus: Can trigger non-cash write-downs

Equity-method accounting

Results from Great Park and other ventures flow through equity earnings rather than consolidated revenue.

Vaikutus: Can make revenue and earnings less comparable period to period

Business combinations and fair value estimates

The Hearthstone acquisition requires fair value allocation of acquired assets and liabilities.

Vaikutus: Affects goodwill, intangible assets, and future amortization

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 24.9.2026

Five Point Holdings, LLC (FPH) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo