Five Point Holdings, LLC
fivepoint.comWhat Do They Do?
Develops mixed-use communities in California, sells land to homebuilders and commercial buyers, and provides development and asset-management services to community ventures and residential land-banking funds.
10-K for FY2025, filed Mar 6, 2026We are an owner and developer of mixed-use planned communities in California. Our three existing communities have the general plan and…View ↗
We are primarily engaged in the business of planning and developing our three mixed-use planned communities, and our revenues are…View ↗
Five Point Land, LLC, which owns The Newhall Land & Farming Company, a California limited partnership, the entity that is developing…View ↗
How Do They Make Money?
Land buyers pay when a lot sale closes; development and asset-management customers pay fees over the service period, with Hearthstone base fees generally payable monthly. Operating-property income also includes lease revenue.
10-K for FY2025, filed Mar 6, 2026Land sales and Land sales—related party—Revenues from land sales are recognized when the Company satisfies the performance obligation at a…View ↗
Management Services—related party—Revenues from development management services and asset management services are recognized as the…View ↗
The Hearthstone Venture generates asset management fee revenues, primarily from the management of land banking funds. Asset management…View ↗
Operating properties—Included in operating properties revenues in the consolidated statements of operations are revenues from the Company’s…View ↗
-
10-K for FY2025, filed Mar 6, 2026
FY2025 revenue by product or service (Revenue from customers) ↗
$110M
-
10-K for FY2025, filed Mar 6, 2026
$110M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Land sales
Sold outright
10-K for FY2025, filed Mar 6, 2026 |
39%
FY2022: 2.1%
|
Land sales, FY2025
$42.5M Sources
|
Sold outright |
|
Management services
Recurring
10-K for FY2025, filed Mar 6, 2026 |
60% |
Management services, FY2025
$65.3M Sources
|
Recurring |
|
Operating properties
Mix
|
0.4%
FY2022: 6.6%
|
Operating properties, FY2025
$405K Sources
|
Mix |
Who Are Their Customers?
Homebuilders and commercial builders or buyers purchase lots through competitive sales or direct negotiations; community ventures and land-banking funds buy development and asset-management services.
10-K for FY2025, filed Mar 6, 2026Land sales. After horizontal development for a given development area or parcel is completed, graded lots are typically sold to…View ↗
The Company, through Five Point Communities, LP (“FP LP”), and Five Point Communities Management, Inc., (“FP Inc.” and together with FP LP…View ↗
The Hearthstone Venture generates asset management fee revenues, primarily from the management of land banking funds. Asset management…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 65 cents of every revenue dollar as net income in FY2025 and turned 95 cents into free cash flow.
How Are They Changing?
- Net income
-
Sources
10-Q for Q3 FY2026, filed Oct 23, 2026
−$2.6MView ↗
- ▼ Now a loss
- vs $21.1M in Q3 FY2025
10-Q for Q3 FY2026, filed Oct 23, 2026
Open tableView ↗
-
Jul 23, 2026
Kept full-year earnings guidance unchanged
Maintained guidance for approximately $100 million in consolidated net income for 2026.
Sources
8-K, filed Jul 23, 2026
Dan Hedigan, President and Chief Executive Officer, said, “I am pleased to report that Five Point generated consolidated net income of…View ↗
-
Apr 23, 2026
Reaffirmed full-year earnings guidance
Maintained prior guidance for approximately $100 million in consolidated net income for 2026.
Sources
8-K, filed Apr 23, 2026
Dan Hedigan, President and Chief Executive Officer, said, “As expected, we began 2026 with a relatively quiet first quarter from a land…View ↗
Shrinking. Revenue fell 51% in 4 years, from $224.4M in FY2021 to $110M in FY2025, about 16% a year.
Expanded into fund management
The older report describes planning and developing mixed-use communities with land sales as the principal revenue source. The latest report also includes a residential asset-management platform serving land-banking funds and development management services.
10-K for FY2022, filed Mar 6, 2023 10-K for FY2025, filed Mar 6, 2026We are primarily engaged in the business of planning and developing our three mixed-use planned communities, and our principal source of…View ↗
Loading...
