Five Point Holdings, LLC
fivepoint.comFive Point Holdings LLC (NYSE: FPH) is a real estate land development company that plans and develops three mixed-use planned communities in California. Revenue is generated through three streams: selling residential and commercial land sites to homebuilders, commercial developers, and commercial buyers; providing development management services; and providing asset management services to land banking funds focused on residential lot option programs. Total consolidated revenues were $110.0 million for the year ended December 31, 2025, down from $237.9 million in FY2024. The two largest revenue segments in FY2025 were management services from related parties ($65.3 million) and land sales ($42.5 million). A material portion of earnings comes through equity in earnings from unconsolidated entities, which totaled $203.6 million in FY2025. The company carries $450.0 million in senior notes payable due in the 3-to-5-year window. FPH operates across four reportable segments: Valencia, San Francisco, Great Park, and Hearthstone, the last added via acquisition of the Hearthstone Venture.
Products & Services
Planned mixed-use community development (Valencia, San Francisco, Great Park, Hearthstone); residential and commercial land site sales; development management services; asset management services for residential lot option land banking funds; income-producing commercial and multi-family properties held opportunistically.
Revenue Model
Transactional land sales to homebuilders and commercial buyers; fee-based development management services and asset management services charged to related-party ventures; and income from operating properties. Equity method earnings from unconsolidated joint ventures, including the Great Park Venture and Gateway Commercial Venture, are a significant contributor to net income.
Customers & Markets
Homebuilders, commercial developers, and commercial land buyers are the direct customers for land sales. Management and asset management services are provided primarily to related-party ventures. End markets are residential housing and commercial real estate in California.
Geographic Exposure
California, across three planned communities: Valencia (Los Angeles County area), San Francisco, and Great Park (Orange County area), plus the Hearthstone segment added in FY2025.
Financial Snapshot
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