Five 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.

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.

Products and 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.

Customers and end 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.

Value-chain role

Land developer and community planner sitting between raw land ownership and homebuilder/commercial developer end users. FPH entitles, plans, and develops land infrastructure, then sells finished or partially developed parcels. It also acts as development manager and asset manager for joint venture entities it does not fully consolidate.

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.

Source: SEC 10-K, filed 2026-03-06

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