[Second Quarter 2025 Highlights and CEO Commentary](index=1&type=section&id=Second%20Quarter%202025%20Highlights) This section summarizes Q2 2025 highlights, including CEO commentary, key financial metrics, and operational achievements [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Dan Hedigan discusses Q2 2025 consolidated net income, significant land sales, strong liquidity, and future growth strategies - Consolidated net income for Q2 2025 was **$8.6 million**, meeting expectations[4](index=4&type=chunk) - Completed a significant land sale in the Great Park community[4](index=4&type=chunk) - The company maintained strong liquidity of **$581.6 million** at the end of Q2 2025[4](index=4&type=chunk) - Anticipates 2025 consolidated net income to be consistent with **$177.6 million** in 2024, with the Hearthstone, Inc. land banking joint venture expected to close in Q3 to introduce new recurring revenue streams and expand the institutional capital partnership platform[4](index=4&type=chunk) [Key Financial and Operational Highlights](index=1&type=section&id=Key%20Financial%20and%20Operational%20Highlights) Q2 2025 saw successful land and home sales in Great Park and Valencia, alongside reported consolidated revenue and net income, and a strategic acquisition - Great Park Venture sold **82 homesites** on **5.7 acres** for a total purchase price of **$63.6 million**[10](index=10&type=chunk) - Great Park builders sold **112 homes** and Valencia builders sold **47 homes** during the quarter[10](index=10&type=chunk) Consolidated Financial Data for Q2 2025 | Metric | Amount | | :--- | :--- | | Consolidated Revenue | $7.5 million | | Consolidated Net Income | $8.6 million | - Agreement reached to acquire Hearthstone, Inc.'s business and operations for **$56.25 million**[10](index=10&type=chunk) Liquidity and Capitalization as of June 30, 2025 | Metric | Amount | | :--- | :--- | | Cash and Cash Equivalents | $456.6 million | | Total Liquidity | $581.6 million | | Debt to Capitalization Ratio | 19.1% | [Company Information](index=2&type=section&id=About%20Five%20Point) This section outlines Five Point's business model, detailing its master-planned communities, and addresses forward-looking statements [About Five Point](index=2&type=section&id=About%20Five%20Point) Five Point designs and develops large-scale, mixed-use master-planned communities in California, integrating residential, commercial, and public amenities - Five Point designs and develops large-scale, mixed-use master-planned communities in California, including Great Park, Valencia, Candlestick, and The San Francisco Shipyard[12](index=12&type=chunk) - These communities are planned to include approximately **40,000 homes** and **23 million square feet** of commercial space[12](index=12&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements subject to risks and uncertainties, based on current views and available information, with actual results potentially differing materially from expectations, as detailed in the company's SEC filings - This press release contains forward-looking statements regarding expectations for future sales, financial performance, market conditions, and transactions[13](index=13&type=chunk) - Forward-looking statements are subject to risks, trends, uncertainties, and factors beyond the company's control, and actual results may differ materially from expectations[13](index=13&type=chunk) - The company undertakes no obligation to update or revise any forward-looking statements, except as required by applicable law[13](index=13&type=chunk) [Consolidated Financial Performance](index=1&type=section&id=Consolidated%20Financial%20Performance) This section details the company's consolidated operating results, balance sheet, and liquidity and capital resources [Consolidated Results of Operations](index=1&type=section&id=Consolidated%20Results%20of%20Operations) The company's consolidated operating results for Q2 and the first half of 2025 show a significant year-over-year decrease in total revenue, primarily due to reduced management service income, yet net income attributable to the company increased for the six-month period driven by substantial growth in earnings from unconsolidated entities - Total revenue for Q2 2025 was **$7.473 million**, primarily from management services, a significant decrease from **$51.192 million** in the same period of 2024[6](index=6&type=chunk)[16](index=16&type=chunk) - Earnings from unconsolidated entities for Q2 2025 were **$17.145 million**, with Great Park Venture contributing **$16.7 million**[7](index=7&type=chunk)[16](index=16&type=chunk) - Consolidated net income for Q2 2025 was **$8.576 million**, with net income attributable to the company at **$3.32 million**[9](index=9&type=chunk)[16](index=16&type=chunk) [Three Months Ended June 30, 2025](index=1&type=section&id=Three%20Months%20Ended%20June%2030%2C%202025) For the three months ended June 30, 2025, the company experienced a substantial decline in total revenue and net income attributable to the company compared to the prior year, despite an increase in earnings from unconsolidated entities Consolidated Results of Operations (Three Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenue | $7,473 | $51,192 | | Total Costs and Expenses | $19,689 | $25,379 | | Earnings from Unconsolidated Entities | $17,145 | $15,498 | | Net Income | $8,576 | $38,227 | | Net Income Attributable to the Company | $3,320 | $14,722 | | Class A Basic EPS | $0.05 | $0.21 | - Total revenue for Q2 2025 decreased by **85.4%** year-over-year, primarily due to a reduction in management service revenue from **$50.279 million** to **$6.959 million**[16](index=16&type=chunk) - Net income attributable to the company decreased from **$14.722 million** in Q2 2024 to **$3.32 million** in Q2 2025[16](index=16&type=chunk) [Six Months Ended June 30, 2025](index=3&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025) For the six months ended June 30, 2025, total revenue significantly decreased, but net income attributable to the company increased due to a substantial rise in earnings from unconsolidated entities Consolidated Results of Operations (Six Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenue | $20,630 | $61,127 | | Total Costs and Expenses | $39,002 | $43,181 | | Earnings from Unconsolidated Entities | $88,584 | $33,084 | | Net Income | $69,162 | $44,310 | | Net Income Attributable to the Company | $26,604 | $17,048 | | Class A Basic EPS | $0.38 | $0.25 | - Total revenue for the first half of 2025 decreased by **66.3%** year-over-year, primarily due to a reduction in management service revenue from **$59.005 million** to **$19.51 million**[16](index=16&type=chunk) - Earnings from unconsolidated entities significantly increased from **$33.084 million** in the first half of 2024 to **$88.584 million** in the first half of 2025[16](index=16&type=chunk) - Net income attributable to the company increased from **$17.048 million** in the first half of 2024 to **$26.604 million** in the first half of 2025[16](index=16&type=chunk) [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, Five Point's total assets increased to $3.1588 billion from $3.0764 billion at December 31, 2024, primarily driven by an increase in inventory, while total liabilities slightly rose and total capitalization grew to $2.2251 billion Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | $3,158,817 | $3,076,417 | | Inventory | $2,400,597 | $2,298,080 | | Cash and Cash Equivalents | $456,640 | $430,875 | | Total Liabilities | $908,685 | $896,320 | | Notes Payable, Net | $527,462 | $525,737 | | Total Capital | $2,225,132 | $2,155,097 | - Inventory increased by **$102.5 million** as of June 30, 2025, compared to December 31, 2024[18](index=18&type=chunk) - Cash and cash equivalents increased by **$25.765 million** as of June 30, 2025, compared to December 31, 2024[18](index=18&type=chunk) [Liquidity and Capital Resources](index=1&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, Five Point maintained strong liquidity of $581.6 million, comprising cash and available borrowing capacity, with a debt-to-capitalization ratio of 19.1% and a net debt-to-capitalization ratio of 3.0%, indicating relatively low leverage - Total liquidity was **$581.6 million** as of June 30, 2025[5](index=5&type=chunk)[20](index=20&type=chunk) - Liquidity consists of **$456.6 million** in cash and cash equivalents and **$125 million** available under an unsecured revolving credit facility[5](index=5&type=chunk)[20](index=20&type=chunk) - No outstanding borrowings or letters of credit were on the revolving credit facility as of June 30, 2025[20](index=20&type=chunk) [Liquidity](index=5&type=section&id=Liquidity) As of June 30, 2025, the company reported total liquidity of $581.6 million, composed of cash and available borrowing capacity Liquidity as of June 30, 2025 (in thousands) | Metric | Amount | | :--- | :--- | | Cash and Cash Equivalents | $456,640 | | Borrowing Capacity | $125,000 | | Total Liquidity | $581,640 | - Total capital was **$2.2 billion** as of June 30, 2025, reflecting **$3.2 billion** in assets and **$0.9 billion** in liabilities and redeemable noncontrolling interests[5](index=5&type=chunk) [Debt to Total Capitalization](index=5&type=section&id=Debt%20to%20Total%20Capitalization) The company's debt to total capitalization ratio was 19.1% and net debt to total capitalization ratio was 3.0% as of June 30, 2025, indicating a conservative capital structure Debt to Total Capitalization as of June 30, 2025 (in thousands) | Metric | Amount | | :--- | :--- | | Debt | $524,994 | | Total Capital | $2,225,132 | | Total Capitalization | $2,750,126 | | Debt to Total Capitalization Ratio | 19.1% | | Net Debt | $68,354 | | Net Debt to Total Capitalization Ratio | 3.0% | - Net debt to total capitalization ratio is a non-GAAP financial measure used to assess the company's leverage in its operations[21](index=21&type=chunk) [Segment Results](index=6&type=section&id=Segment%20Results) This section details the financial performance of operating segments and reconciles Great Park Venture results for the reporting periods [Three Months Ended June 30, 2025 Segment Performance](index=6&type=section&id=Three%20Months%20Ended%20June%2030%2C%202025%20Segment%20Performance) In Q2 2025, the Great Park segment was the primary contributor to revenue and profit among reported segments, driven by land sales, while Valencia and San Francisco segments both recorded losses, and the commercial segment ceased operations after an asset sale in December 2024 Q2 2025 Segment Revenue (in thousands) | Segment | Land Sales | Management Services—Related Parties | Operating Properties | Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Valencia | $(16) | — | $358 | $342 | | San Francisco | — | — | $172 | $172 | | Great Park | $72,242 | $6,959 | — | $79,201 | Q2 2025 Segment (Loss) Profit/Income Before Taxes (in thousands) | Segment | Segment (Loss) Profit/Income Before Taxes | | :--- | :--- | | Valencia | $(4,302) | | San Francisco | $(1,041) | | Great Park | $53,024 | | Corporate and Unallocated | $(6,061) | - The commercial segment ceased operations after the sale of commercial operating assets of the Gateway Commercial Venture in December 2024[23](index=23&type=chunk) [Six Months Ended June 30, 2025 Segment Performance](index=7&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025%20Segment%20Performance) For the first half of 2025, the Great Park segment continued its strong performance, generating substantial revenue from land sales and significantly contributing to segment profit, while Valencia and San Francisco segments consistently recorded losses H1 2025 Segment Revenue (in thousands) | Segment | Land Sales | Management Services—Related Parties | Operating Properties | Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Valencia | $82 | — | $692 | $774 | | San Francisco | — | — | $346 | $346 | | Great Park | $357,645 | $19,510 | — | $377,155 | H1 2025 Segment (Loss) Profit/Income Before Taxes (in thousands) | Segment | Segment (Loss) Profit/Income Before Taxes | | :--- | :--- | | Valencia | $(7,664) | | San Francisco | $(2,015) | | Great Park | $268,776 | | Corporate and Unallocated | $(11,961) | - The Great Park segment generated **$357.6 million** in land sales revenue and contributed **$268.8 million** in segment profit before taxes for the first half of 2025[24](index=24&type=chunk) [Great Park Venture Reconciliation](index=7&type=section&id=Great%20Park%20Venture%20Reconciliation) This section reconciles the Great Park segment's operating results with the company's equity in earnings from the Great Park Venture, which is accounted for using the equity method, showing the venture's net income and the company's share after basis amortization Great Park Venture Reconciliation (in thousands) | Metric | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :--- | :--- | :--- | | Operating Segment Profit | $53,024 | $268,776 | | Great Park Venture Net Income | $48,395 | $254,657 | | Company's Share of Great Park Venture Net Income | $18,148 | $95,496 | | Equity in Earnings of Great Park Venture | $16,692 | $87,546 | - The company's share of Great Park Venture net income for Q2 2025 was **$18.148 million**, which was **$16.692 million** after basis amortization[26](index=26&type=chunk) - Equity in earnings of Great Park Venture for the six months ended June 30, 2025, was **$87.546 million**[26](index=26&type=chunk) [Company Information](index=2&type=section&id=Conference%20Call%20Information) This section provides details for the Q2 2025 earnings conference call and contact information for investor relations and media [Conference Call Information](index=2&type=section&id=Conference%20Call%20Information) Five Point held a conference call on Thursday, July 24, 2025, at 5:00 PM ET to discuss its Q2 2025 results, with a live webcast available on the company's website and a replay service until August 2, 2025 - The conference call was held on Thursday, July 24, 2025, at **5:00 PM ET**[11](index=11&type=chunk) - Investors can listen to the live webcast via ir.fivepoint.com[11](index=11&type=chunk) - A telephone replay service will be available until **11:59 PM ET** on August 2, 2025[11](index=11&type=chunk) [Investor Relations](index=2&type=section&id=Investor%20Relations) This section provides contact information for Five Point Holdings, LLC's investor relations and media inquiries - Investor Relations contact: Kim Tobler, Phone: **949-425-5211**, Email: Kim.Tobler@fivepoint.com[14](index=14&type=chunk) - Media Contact: Eric Morgan, Phone: **949-349-1088**, Email: Eric.Morgan@fivepoint.com[14](index=14&type=chunk)

Business Focus - The company is hosting a 2025 Investor Event focused on changing clinical practice[22] - The company's long-term growth aspirations extend to a total addressable market of ~150+ million hospital patients and ~100+ million homecare patients[35] - The company provides physicians with speaking fees or charitable donations for their time, and reimburses expenses related to events[10] Clinical Practice and Evidence - Nasal high flow clinical papers are published annually, supporting global practice change[25] - There are 193 ongoing clinical trials across 25+ countries for Anaesthesia Optiflow[100] - Clinical evidence is driving practice change, particularly in Anaesthesia Optiflow, with numerous publications including systematic reviews, randomized controlled trials, and non-comparative studies[97, 98] - Nasal high flow is recommended or acknowledged alongside other oxygenation techniques in various guidelines across multiple countries[105] Product Application - Optiflow is used in various settings including neonatal care, anaesthesia, the ED, and the ward[9, 87, 108] - The company's therapies cover a range of applications including invasive and noninvasive ventilation, hospital respiratory support, anesthesia support, home respiratory care, and obstructive sleep apnea[35]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the company's unaudited financial statements and management's analysis for the quarter ended March 31, 2025 [Financial Statements](index=4&type=section&id=ITEM%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q1 2025, highlighting a significant increase in net income primarily due to the Great Park Venture Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$3,158,963** | **$3,076,417** | | Cash and cash equivalents | $528,329 | $430,875 | | Inventories | $2,349,856 | $2,298,080 | | Investment in unconsolidated entities | $143,347 | $185,324 | | **Total Liabilities** | **$919,135** | **$896,320** | | Notes payable, net | $526,587 | $525,737 | | **Total Capital** | **$2,214,828** | **$2,155,097** | Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total revenues | $13,157 | $9,935 | | Equity in earnings from unconsolidated entities | $71,439 | $17,586 | | **Net Income** | **$60,586** | **$6,083** | | Net income attributable to the Company | $23,284 | $2,326 | | **Diluted EPS (Class A)** | **$0.32** | **$0.03** | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $56,729 | $(26,424) | | Net cash provided by investing activities | $42,501 | $6,247 | | Net cash used in financing activities | $(1,776) | $(100,940) | | **Net increase (decrease) in cash** | **$97,454** | **$(121,117)** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) These notes detail the company's accounting policies, business structure, segment revenues, investments in unconsolidated entities, debt, and segment performance - The company is an owner and developer of mixed-use planned communities in California, conducting all operations through the Five Point Operating Company, LP[31](index=31&type=chunk) Revenues by Segment (Three Months Ended March 31, 2025, in thousands) | Segment | Land Sales | Management Services | Operating Properties | Total | | :--- | :--- | :--- | :--- | :--- | | Valencia | $98 | $— | $334 | $432 | | San Francisco | $— | $— | $174 | $174 | | Great Park | $— | $12,551 | $— | $12,551 | | **Total Consolidated** | **$98** | **$12,551** | **$508** | **$13,157** | - The Great Park Venture, a 37.5% owned equity method investee, generated net income of **$206.3 million** in Q1 2025, up from **$53.1 million** in Q1 2024, with the company receiving **$112.9 million** in distributions from this venture during the quarter[50](index=50&type=chunk)[54](index=54&type=chunk) - The company's reportable segments are Valencia, San Francisco, and Great Park, with the Great Park segment including 100% of the Great Park Venture's results for segment reporting purposes, which are then eliminated in consolidation[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) - The company is involved in the Hunters Point Litigation related to alleged fraudulent environmental testing by a U.S. Navy contractor at The San Francisco Shipyard, believing it has meritorious defenses[96](index=96&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the significant increase in Q1 2025 net income to strong Great Park Venture performance, detailing operational results, cash flow activities, and capital resources across all communities - Consolidated net income rose to **$60.6 million** in Q1 2025 from **$6.1 million** in Q1 2024, largely driven by incentive compensation revenue and equity in earnings from the Great Park Venture[129](index=129&type=chunk) - The Great Park Venture closed sales of **325 homesites** for **$278.9 million** in Q1 2025, leading to **$143.3 million** in distributions and related payments to the company[130](index=130&type=chunk) - Total liquidity as of March 31, 2025, was **$653.3 million**, consisting of **$528.3 million** in cash and **$125.0 million** available under the revolving credit facility[129](index=129&type=chunk) Summary of Cash Flows (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Operating activities | $56,729 | $(26,424) | | Investing activities | $42,501 | $6,247 | | Financing activities | $(1,776) | $(100,940) | [Segment Results](index=32&type=section&id=Segment%20Results) This section details performance across Valencia, San Francisco, and Great Park segments, highlighting Great Park's significant land sales and San Francisco's ongoing development delays - **Valencia:** Guest builders sold **69 homes** during Q1 2025, bringing the total to **1,668 homes** sold since sales began in May 2021[131](index=131&type=chunk) - **San Francisco:** Development at The San Francisco Shipyard is delayed due to U.S. Navy re-evaluation of environmental data, though the company received approvals to transfer approximately **two million sq. ft.** of commercial space to the Candlestick portion of the project[149](index=149&type=chunk)[152](index=152&type=chunk) - **Great Park:** Land sales revenue increased to **$285.4 million** in Q1 2025 from **$92.7 million** in Q1 2024, driven by the sale of **325 homesites** compared to **82** in the prior-year period[157](index=157&type=chunk) - Management fee revenues from the Great Park Venture increased, primarily due to a higher annual fixed base fee (increased to **$13.5 million** for 2025) and higher variable incentive compensation[160](index=160&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with **$528.3 million** in cash and an available **$125.0 million** revolving credit facility, expecting to meet future cash requirements through various sources - As of March 31, 2025, the company had **$528.3 million** in cash and cash equivalents and a fully available **$125.0 million** unsecured revolving credit facility[165](index=165&type=chunk) - The company expects to meet cash requirements for at least the next 12 months with available cash, distributions from unconsolidated entities (like Great Park Venture), management fees, and proceeds from land sales[167](index=167&type=chunk) - The company has outstanding performance bonds of **$376.1 million**, primarily for the Valencia community, and the San Francisco Venture has guarantees of **$198.3 million** for infrastructure and park obligations[170](index=170&type=chunk)[171](index=171&type=chunk) - Payments under the Tax Receivable Agreement (TRA) are expected to be substantial but are not anticipated to begin for the majority of payments until after 2028[173](index=173&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is its **$526.6 million** fixed-rate indebtedness, with no current use of derivative financial instruments for hedging - As of March 31, 2025, the company's outstanding consolidated net indebtedness of **$526.6 million** bears interest at fixed rates, minimizing risk from interest rate changes[187](index=187&type=chunk) - The company has not entered into any transactions using derivative financial instruments or derivative commodity instruments[187](index=187&type=chunk) [Controls and Procedures](index=39&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes in internal control over financial reporting - Based on an evaluation as of March 31, 2025, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective[188](index=188&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[189](index=189&type=chunk) [PART II. OTHER INFORMATION](index=41&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers various other required disclosures, including legal proceedings, risk factors, equity sales, defaults, and exhibits [Legal Proceedings](index=41&type=section&id=ITEM%201.%20Legal%20Proceedings) This section refers to Note 11 for legal proceedings, primarily the Hunters Point Litigation concerning The San Francisco Shipyard - For disclosures of legal proceedings, the report incorporates by reference Note 11 to the condensed consolidated financial statements[191](index=191&type=chunk) [Risk Factors](index=41&type=section&id=ITEM%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for 2024 - There have been no material changes in risk factors from those disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024[192](index=192&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[193](index=193&type=chunk) [Defaults Upon Senior Securities](index=41&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - None[193](index=193&type=chunk) [Mine Safety Disclosures](index=41&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[193](index=193&type=chunk) [Other Information](index=41&type=section&id=ITEM%205.%20Other%20Information) The company reported no other information required to be disclosed under this item - None[193](index=193&type=chunk) [Exhibits](index=41&type=section&id=ITEM%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data - The report lists required certifications under the Sarbanes-Oxley Act (Sections 302 and 906) and various Inline XBRL documents as exhibits[193](index=193&type=chunk)

Financial Data and Key Metrics Changes - The company reported a net income of $60.6 million for Q1 2025, exceeding guidance by approximately $10 million [7][36] - Total liquidity at the end of the quarter was $653.3 million, consisting of $528.3 million in cash and cash equivalents, an increase of $97.5 million from year-end [9][40] - The company received a credit rating upgrade from S&P from B- to B, with senior notes upgraded from B to B+ [9] Business Line Data and Key Metrics Changes - The Great Park Venture generated $206.3 million in net income, with land sales revenue of $278.9 million and a gross margin of 75% [38] - Home sales in the Great Park communities increased to 233 homes in Q1 2025 from 143 homes in Q4 2024 [19] - Valencia community saw home sales of 69 homes in Q1 2025, slightly down from 74 in Q4 2024 [23] Market Data and Key Metrics Changes - The company noted a modest decline in the pace of sales due to rising mortgage rates and consumer sentiment issues [10][18] - California markets remain chronically undersupplied, which supports ongoing demand for home sites [11][18] Company Strategy and Development Direction - The company is focused on optimizing home site value within existing communities and managing fixed costs while pursuing growth opportunities [13][15] - Growth initiatives include new acquisitions, joint ventures, and strategic relationships to ensure sustainable long-term growth [15][30] - The company is actively exploring opportunities to convert commercial land to residential uses in response to market needs [21][64] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging economic environment due to tariff policies and higher mortgage rates but remains confident in meeting prior guidance for 2025 [10][16] - The company is monitoring evolving market conditions closely and expects to maintain its guidance for net income close to $200 million for the full year [16][43] Other Important Information - The company generated net cash flow of $97.5 million during the quarter, with significant inflows from the Great Park Venture [41] - The company is considering refinancing options for its senior notes as market conditions improve [44][82] Q&A Session Summary Question: Will regulatory changes benefit developments? - Management confirmed that any expedited processes in California would support housing delivery [47] Question: Any updates on CapEx plans for San Francisco? - Management indicated that insights on CapEx plans would be provided towards the end of the year [51] Question: Why not reduce debt with excess cash? - Management explained that the cost of paying down debt is currently not prudent due to market conditions, but they are monitoring the situation [56][57] Question: What is the expected price for future land sales? - Management stated that the blended number for recent sales is about $11.8 million per acre, with future sales expected to be consistent with this figure [62] Question: How much commercial land is left in Irvine? - Management confirmed there are 100 acres of commercial land between four sites available for potential residential conversion [70]

Financial Data and Key Metrics Changes - The company reported a net income of $60.6 million for Q1, exceeding guidance by approximately $10 million [4][23] - Total liquidity at the end of the quarter was $653.3 million, consisting of $528.3 million in cash and cash equivalents, an increase of $97.5 million from year-end [5][24] - The company received a credit rating upgrade from S&P, moving from B- to B with a stable outlook [5][22] Business Line Data and Key Metrics Changes - The Great Park Venture closed on four residential land sales, generating an aggregate purchase price of $278.9 million [5][23] - Builders in the Great Park community sold 233 homes in Q1, up from 143 homes in Q4 2024 [11] - Valencia community sales remained steady with 69 homes sold in Q1 compared to 74 in Q4 [13] Market Data and Key Metrics Changes - The Federal Reserve cut rates by 100 basis points since September, but recent tariff policies have created upward pressure on interest rates [10] - Consumer sentiment has been negatively impacted by tariff uncertainties, affecting new home sales [10] Company Strategy and Development Direction - The company is focused on optimizing homesite value within existing communities and managing fixed costs while pursuing growth opportunities [7][8] - Growth initiatives will complement existing communities and are aimed at maximizing land value and maintaining margins [6][8] - The company is exploring acquisitions and joint ventures to expand its reach and diversify its platform [19][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging economic environment but remains confident in meeting prior guidance for 2025 net income of close to $200 million [9][26] - The company is actively monitoring market conditions and is prepared to adjust strategies as necessary [10][26] Other Important Information - The company generated net cash flow of $97.5 million during the quarter, with significant inflows from the Great Park Venture [24] - The company plans to provide more insight on capital expenditure plans for San Francisco developments towards the end of the year [31] Q&A Session Summary Question: Will regulatory changes expedite development processes? - Management confirmed that any regulatory changes to expedite processes would be beneficial for delivering housing [29] Question: What is the status of CapEx plans for next year? - Management indicated that insights on CapEx plans would be provided towards the end of the year [31] Question: Why is the company not reducing debt with excess cash? - Management explained that the cost of paying down debt is currently not prudent due to market conditions, but they are monitoring the situation [34][35] Question: What is the expected future sales price for land? - Management stated that the blended number for recent land sales is about $11.8 million per acre, with future sales expected to be consistent with this figure [40] Question: How much commercial land is left entitled in Irvine? - Management confirmed they have 100 acres of commercial land between four sites [45] Question: Will the recent wildfires impact housing supply? - Management noted that the wildfires have created a need for housing, but the impact on government approval processes is still being assessed [56]

First Quarter 2025 Results Overview [First Quarter 2025 Highlights](index=1&type=section&id=First%20Quarter%202025%20Highlights) Five Point Holdings, LLC reported a strong first quarter in 2025, achieving significant consolidated net income and maintaining robust liquidity. Key operational achievements included substantial homesite sales at Great Park Neighborhoods and positive credit rating upgrades **First Quarter 2025 Key Financial Highlights:** | Metric | Amount (Millions) | | :-------------------------------- | :---------------- | | Consolidated Net Income | $60.6 | | Total Cash and Cash Equivalents | $528.3 | | Total Liquidity | $653.3 | | Debt to Total Capitalization Ratio | 19.2% | - Great Park Venture sold **325 homesites** on **23.6 acres** for an aggregate purchase price of **$278.9 million**[8](index=8&type=chunk)[11](index=11&type=chunk) - Great Park Venture distributions and incentive compensation payments to the Company totaled **$143.3 million**[11](index=11&type=chunk) - S&P Global Ratings upgraded the Company's senior notes rating to **B+** and corporate rating to **B** in April 2025, with a stable outlook[11](index=11&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Dan Hedigan highlighted a strong start to 2025 with solid financial performance and continued homebuilder demand. The company is closely monitoring market uncertainties, including tariff policy and mortgage rates, but maintains its full-year 2025 net income guidance due to an undersupplied housing market - The company generated consolidated net income of **$60.6 million** in Q1 2025[4](index=4&type=chunk) - Homebuilder demand remained strong during the first quarter, with significant homesite sales and purchase agreements at Great Park Neighborhoods[4](index=4&type=chunk) - The company is monitoring market conditions, particularly the impact of elevated mortgage rates and recent tariff policy announcements[4](index=4&type=chunk) - Despite market uncertainty, the company believes housing markets remain materially undersupplied and is maintaining its 2025 guidance of just under **$200 million** in consolidated annual net income[4](index=4&type=chunk) Company Information [About Five Point](index=3&type=section&id=About%20Five%20Point) Five Point is an owner and developer of large mixed-use planned communities in California, integrating residential, commercial, retail, educational, and recreational elements with public amenities. Its key communities include Great Park Neighborhoods, Valencia, Candlestick, and The San Francisco Shipyard - Five Point designs and develops large mixed-use planned communities in Orange County, Los Angeles County, and San Francisco County[14](index=14&type=chunk) - Communities combine residential, commercial, retail, educational, and recreational elements with public amenities[14](index=14&type=chunk) - Key communities include Great Park Neighborhoods, Valencia, Candlestick, and The San Francisco Shipyard, designed to include up to approximately **40,000 residential homes** and **23 million square feet of commercial space**[14](index=14&type=chunk) Consolidated Financial Performance [Results of Operations for the Three Months Ended March 31, 2025](index=1&type=section&id=Results%20of%20Operations%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202025) For the first quarter of 2025, Five Point reported consolidated revenues primarily from management services, a significant increase in equity in earnings from unconsolidated entities, and a substantial rise in net income attributable to the company compared to the prior year [Revenues](index=1&type=section&id=Revenues) **Revenues (Three Months Ended March 31):** | Metric | 2025 (Thousands) | 2024 (Thousands) | Change (YoY) | | :-------------------------- | :--------------- | :--------------- | :----------- | | Total Revenues | $13,157 | $9,935 | +32.4% | | Management Services—related party | $12,551 | $8,726 | +43.8% | [Equity in Earnings from Unconsolidated Entities](index=1&type=section&id=Equity%20in%20Earnings%20from%20Unconsolidated%20Entities) **Equity in Earnings from Unconsolidated Entities (Three Months Ended March 31):** | Metric | 2025 (Thousands) | 2024 (Thousands) | Change (YoY) | | :-------------------------------- | :--------------- | :--------------- | :----------- | | Equity in Earnings | $71,439 | $17,586 | +306.2% | | Great Park Venture Net Income | $206,300 | N/A | N/A | | Company's Share of Great Park Venture Net Income | $70,900 | N/A | N/A | [Selling, General, and Administrative Expenses](index=1&type=section&id=Selling%2C%20General%2C%20and%20Administrative%20Expenses) **Selling, General, and Administrative Expenses (Three Months Ended March 31):** | Metric | 2025 (Thousands) | 2024 (Thousands) | Change (YoY) | | :-------------------------------- | :--------------- | :--------------- | :----------- | | Selling, General, and Administrative | $14,765 | $12,916 | +14.3% | [Net Income](index=1&type=section&id=Net%20Income) **Net Income (Three Months Ended March 31):** | Metric | 2025 (Thousands) | 2024 (Thousands) | Change (YoY) | | :-------------------------------- | :--------------- | :--------------- | :----------- | | Consolidated Net Income | $60,586 | $6,083 | +895.9% | | Net Income Attributable to the Company | $23,284 | $2,326 | +901.0% | | Basic EPS Attributable to the Company | $0.33 | $0.03 | +1000.0% | | Diluted EPS Attributable to the Company | $0.32 | $0.03 | +966.7% | [Liquidity and Capital Resources](index=1&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, Five Point maintained strong liquidity, primarily driven by cash and cash equivalents, complemented by available borrowing capacity. The company's capital structure reflects a healthy balance of assets and liabilities **Liquidity and Capital Resources (As of March 31, 2025):** | Metric | Amount (Millions) | | :-------------------------------- | :---------------- | | Total Liquidity | $653.3 | | Cash and Cash Equivalents | $528.3 | | Borrowing Availability (Unsecured Revolving Credit Facility) | $125.0 | | Total Capital | $2,200.0 | | Total Assets | $3,200.0 | | Total Liabilities and Redeemable Noncontrolling Interests | $900.0 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The condensed consolidated statements of operations show a significant year-over-year improvement for the three months ended March 31, 2025, with total revenues increasing by 32.4% and net income attributable to the company surging by 901.0%, largely driven by higher equity in earnings from unconsolidated entities **Condensed Consolidated Statements of Operations (Three Months Ended March 31, in thousands):** | Metric | 2025 | 2024 | Change (YoY) | | :-------------------------------- | :------- | :------- | :----------- | | Total Revenues | $13,157 | $9,935 | +32.4% | | Total Costs and Expenses | $19,313 | $17,802 | +8.5% | | Equity in Earnings from Unconsolidated Entities | $71,439 | $17,586 | +306.2% | | Net Income | $60,586 | $6,083 | +895.9% | | Net Income Attributable to the Company | $23,284 | $2,326 | +901.0% | | Basic EPS Attributable to the Company | $0.33 | $0.03 | +1000.0% | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of March 31, 2025, shows an increase in total assets and total capital compared to December 31, 2024, primarily driven by higher cash and cash equivalents and inventories, while liabilities also saw a modest increase **Condensed Consolidated Balance Sheets (As of, in thousands):** | Metric | March 31, 2025 | December 31, 2024 | Change (QoQ) | | :-------------------------------- | :--------------- | :---------------- | :----------- | | Inventories | $2,349,856 | $2,298,080 | +2.25% | | Investment in Unconsolidated Entities | $143,347 | $185,324 | -22.65% | | Cash and Cash Equivalents | $528,329 | $430,875 | +22.62% | | Total Assets | $3,158,963 | $3,076,417 | +2.68% | | Total Liabilities | $919,135 | $896,320 | +2.55% | | Total Capital | $2,214,828 | $2,155,097 | +2.77% | Supplemental Financial Data [Liquidity](index=6&type=section&id=Liquidity) Five Point's total liquidity as of March 31, 2025, was $653.3 million, primarily composed of cash and cash equivalents, supplemented by available borrowing capacity under its revolving credit facility **Liquidity (As of March 31, 2025, in thousands):** | Metric | Amount | | :---------------------- | :------- | | Cash and Cash Equivalents | $528,329 | | Borrowing Capacity | $125,000 | | Total Liquidity | $653,329 | - No borrowings or letters of credit were outstanding on the Company's **$125.0 million** revolving credit facility as of March 31, 2025[22](index=22&type=chunk) [Debt to Total Capitalization and Net Debt to Total Capitalization](index=6&type=section&id=Debt%20to%20Total%20Capitalization%20and%20Net%20Debt%20to%20Total%20Capitalization) The company reported a debt to total capitalization ratio of 19.2% and a net debt to total capitalization ratio of (0.2)% as of March 31, 2025, indicating a strong financial position with cash exceeding debt **Debt to Total Capitalization (As of March 31, 2025, in thousands):** | Metric | Amount | | :-------------------------- | :------- | | Debt | $524,994 | | Total Capital | $2,214,828 | | Total Capitalization | $2,739,822 | | Debt to Total Capitalization | 19.2% | | Net Debt | $(3,335) | | Net Debt to Total Capitalization | (0.2)% | - Net debt to total capitalization is a non-GAAP financial measure used to understand the leverage employed in the Company's operations[23](index=23&type=chunk) Segment Results [Overview of Segment Performance](index=7&type=section&id=Overview%20of%20Segment%20Performance) The Great Park segment was the primary driver of segment profit for the three months ended March 31, 2025, contributing significantly to total revenues and segment income, while Valencia and San Francisco segments reported losses **Segment Performance (Three Months Ended March 31, 2025, in thousands):** | Metric | Valencia | San Francisco | Great Park | Total Reportable Segments | | :-------------------------------- | :------- | :------------ | :--------- | :------------------------ | | Total Revenues | $432 | $174 | $297,954 | $298,560 | | Total Costs and Expenses | $4,783 | $1,163 | $83,895 | $89,841 | | Segment (Loss) Profit/Income Before Income Tax Provision | $(3,362) | $(974) | $215,752 | $211,416 | - The Gateway Commercial Venture's commercial operating assets were sold in December 2024, and its equity in earnings is now reported within the corporate and unallocated column[25](index=25&type=chunk) [Reconciliation of Great Park Segment Results](index=8&type=section&id=Reconciliation%20of%20Great%20Park%20Segment%20Results) The reconciliation details how the Great Park segment's operating profit translates into the equity in earnings from the Great Park Venture, accounting for the management company's net income and basis differences **Reconciliation of Great Park Segment Results (Three Months Ended March 31, 2025, in thousands):** | Metric | Amount | | :-------------------------------- | :------- | | Segment Profit from Operations | $215,752 | | Less Net Income of Management Company Attributed to Great Park Segment | $9,490 | | Net Income of the Great Park Venture | $206,262 | | The Company's Share of Net Income of the Great Park Venture | $77,348 | | Basis Difference Amortization, Net | $(6,494) | | Equity in Earnings from the Great Park Venture | $70,854 | Other Information [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) Details for accessing the Five Point Holdings, LLC first quarter 2025 earnings conference call and its telephonic replay are provided, including dates, times, and access numbers - A live Internet audio webcast of the conference call was available on the Five Point website on Thursday, April 24, 2025, at **5:00 p.m. Eastern Time**[13](index=13&type=chunk) - A telephonic replay was available until **11:59 p.m. Eastern Time** on May 3, 2025, with passcode **13753453**[13](index=13&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section serves as a cautionary note regarding forward-looking statements, emphasizing that they are subject to risks and uncertainties and are not guarantees of future performance. Investors are advised against undue reliance, and the company undertakes no obligation to update these statements - The press release contains forward-looking statements concerning expectations, beliefs, projections, plans, and strategies, identified by words like 'anticipate,' 'believe,' 'expect,' and 'intend'[15](index=15&type=chunk) - Forward-looking statements are subject to risks, trends, uncertainties, and factors beyond the company's control, detailed in SEC filings under 'Risk Factors'[15](index=15&type=chunk) - The company cautions against relying on these statements as they are not guarantees of future performance and undertakes no obligation to update them, except as required by law[15](index=15&type=chunk) [Investor Relations and Media Contacts](index=3&type=section&id=Investor%20Relations%20and%20Media%20Contacts) Contact information for investor relations and media inquiries is provided for Five Point Holdings, LLC - Investor Relations contact: Kim Tobler, **949-425-5211**, Kim.Tobler@fivepoint.com[16](index=16&type=chunk) - Media contact: Eric Morgan, **949-349-1088**, Eric.Morgan@fivepoint.com[16](index=16&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-38088 Five Point Holdings, LLC (Exact name of registrant as specified in its charter) | Delaware | | | 27-0599397 | | --- | --- | --- ...

Financial Data and Key Metrics Changes - The company reported its Q4 2024 earnings, with specific financial metrics to be discussed in detail during the call [1][4] - Forward-looking statements indicate that actual future results may differ from estimates due to various risks and uncertainties [2] Business Line Data and Key Metrics Changes - Specific performance metrics for different business lines were not detailed in the provided content [1] Market Data and Key Metrics Changes - No specific market data or key metrics changes were mentioned in the provided content [1] Company Strategy and Development Direction and Industry Competition - The management team, including the CEO and CFO, is focused on discussing the company's strategy and operational performance during the call [4] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the inherent risks in forward-looking statements and emphasized the uncertainty surrounding future results [2] Other Important Information - The call included a reminder that it is being recorded and that forward-looking statements are subject to risks [2][1] Q&A Session All Questions and Answers Question: What are the expectations for future performance? - The management team will address expectations and performance metrics during the call, but specific questions and answers were not provided in the content [1][4]

Exhibit 99.1 Five Point Holdings, LLC Reports Fourth Quarter and Year-End 2024 Results Fourth Quarter 2024 Highlights Additional 2024 Highlights Irvine, CA, January 23, 2025 (Business Wire) – 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 fourth quarter and year-end 2024 results. Dan Hedigan, Chief Executive Officer, said, "I am pleased to report that we finished 2024 strong, with consolidat ...

Five Point Holdings, LLC (NYSE: FPH ) is a small-cap real estate developer that skips on dividends but has been on my radar lately. They’ve got about 90 full-time employees who focus on designing and building mixed-use, master-planned communities in some prime spotsThe mission of Grassroots Trading rests on the following principles: providing objective, unbiased, and balanced research, backed by solid data and completely void of emotional influences or preference for companies; focusing on small- to mid-cap ...