Investment and Development Risks - The company plans to make significant investments in horizontal development at its communities, focusing on infrastructure costs such as grading and installing roads, sidewalks, and utilities [90]. - Existing communities are all located in California, making the company susceptible to risks associated with the state's economic and regulatory environment [91]. - The company is highly dependent on homebuilders to purchase lots, and any decline in demand from these builders could adversely affect revenue [95]. - Inflation has moderated somewhat, but elevated interest rates and mortgage rates could decrease demand for new homes and impact profit margins [99]. - The company faces risks from natural disasters in California, which could lead to increased costs and delays in development [94]. - Zoning and land use laws may increase expenses and limit the number of homes or commercial square footage that can be built, adversely affecting financial condition [108]. - The company may need to write down the carrying value of real estate assets due to fluctuations in market values and changes in development strategies [100]. - Competition from other developers in California could adversely affect the company's ability to attract purchasers and sell properties at desirable prices [106]. - The company is required to pay state and local property taxes, which may increase and adversely impact financial condition [107]. - The pursuit of new growth strategies, including acquisitions and joint ventures, may disrupt ongoing business and present unforeseen risks [104]. - The company incurs significant costs and may face delays in obtaining entitlements, permits, and approvals before project development, which can take several years [111]. - There is a risk that the company may not have entitled land available for sale to builders for certain periods, potentially leading to lower profit margins or losses if demand declines [112]. - Environmental planning and protection laws require the company to obtain permits and approvals, which may be delayed or challenged, impacting project timelines and costs [113]. - Future government restrictions aimed at reducing greenhouse gas emissions could increase operating and compliance costs, affecting project profitability and development capacity [114]. - The company may incur substantial costs for environmental compliance and cleanup, particularly at sites like The San Francisco Shipyard, which is listed on the USEPA's National Priorities List [117]. - Increasing scrutiny from investors and regulators regarding environmental, social, and governance practices may impose additional costs and risks on the company [120]. Financial Position and Performance - Total revenues for the year ended December 31, 2024, increased to $237,926,000, up 12.3% from $211,732,000 in 2023 [326]. - Net income attributable to the company for 2024 was $68,297,000, representing a 23.2% increase compared to $55,394,000 in 2023 [326]. - The company reported a significant increase in equity in earnings from unconsolidated entities, rising to $132,617,000 in 2024 from $76,595,000 in 2023, a growth of 73.3% [326]. - Cash and cash equivalents increased to $430,875,000 in 2024, compared to $353,801,000 in 2023, reflecting a growth of 21.8% [324]. - Total assets reached $3,076,417,000 in 2024, up from $2,969,288,000 in 2023, marking an increase of 3.6% [324]. - The company’s inventories rose to $2,298,080,000 in 2024, compared to $2,213,479,000 in 2023, an increase of 3.8% [324]. - Basic net income per Class A share for 2024 was $0.98, up from $0.80 in 2023, indicating a growth of 22.5% [326]. - Total liabilities decreased to $896,320,000 in 2024 from $962,184,000 in 2023, a reduction of 6.9% [324]. - The company’s retained earnings increased to $157,077,000 in 2024, compared to $88,780,000 in 2023, reflecting an increase of 77.2% [324]. - Net income for the year ended December 31, 2024, was $177,634,000, an increase from $113,716,000 in 2023 and a recovery from a net loss of $34,774,000 in 2022 [335]. - Cash flows from operating activities provided $115,986,000 in 2024, compared to $154,123,000 in 2023, and a cash outflow of $188,302,000 in 2022 [335]. - Total cash and cash equivalents at the end of 2024 were $431,867,000, up from $354,793,000 in 2023 and $132,763,000 in 2022 [335]. - The company reported a return on investment from Great Park Venture of $119,787,000 in 2024, compared to $78,200,000 in 2023 [335]. - The balance of total members' capital increased to $2,155,097,000 by December 31, 2024, from $1,982,104,000 in 2023 [333]. - The company’s total comprehensive income for 2024 was $749,436,000, reflecting growth from previous years [333]. Debt and Financing - As of December 31, 2024, the company had approximately $525.0 million in total indebtedness, including $523.5 million of 10.500% senior notes due January 2028 and $1.5 million of 7.875% senior notes due November 2025 [150]. - The company has $125.0 million available to be borrowed under its revolving credit facility as of December 31, 2024 [150]. - If the tax receivable agreement (TRA) had been terminated on December 31, 2024, the estimated termination payment would have been approximately $110.6 million [140]. - The TRA provides for payments equal to 85% of the cash savings in income tax realized from the structure of the formation transactions [138]. - The company may need additional capital to execute its development plans, and there is no assurance that it will be able to obtain new debt or equity financing on favorable terms [147]. - The company’s ability to obtain funds from Community Facilities District (CFD) bond issuances and tax increment financing depends on various external factors, including property values and market interest rates [148]. - The operating company's limited partnership agreement may delay or prevent acquisitions, which could discourage third parties from making proposals involving an acquisition [143]. - The company may increase leverage to execute its development plan, which could exacerbate risks associated with its substantial indebtedness [154]. - Future debt financings may adversely affect the market price of the company's Class A common shares, as holders of debt will receive distributions prior to Class A shareholders upon bankruptcy or liquidation [155]. - The company may face substantial liquidity problems if cash flows and cash on hand are insufficient to fund debt service obligations, potentially leading to asset disposals or restructuring [157]. - The company does not expect to generate sufficient cash flow from operations to service all of its indebtedness, which may force it to rely on cash on hand [156]. - The company has an effective shelf registration statement for the resale of Class A common shares and may issue additional shares, which could dilute existing shareholders [167]. - The company’s financial position and results of operations could be materially adversely affected if it cannot refinance its indebtedness on commercially reasonable terms [158]. Governance and Regulatory Risks - The company is dependent on the operating company's ability to make distributions, which is influenced by its obligations to creditors and financing arrangements [127]. - Lennar, owning approximately 39% of the company's voting interests, may engage in transactions with the company and could compete for properties, potentially impacting business operations [132]. - The company faces risks related to litigation that could result in significant costs, settlements, or judgments, adversely affecting financial condition and operations [121]. - The company maintains comprehensive insurance coverage, but there are risks of increased costs or limitations on coverage that could impact financial stability [123]. - Lennar and GFFP control approximately 56% of the voting power of the outstanding common shares, with Class A and Class B shares representing about 39% and 17% of the voting power, respectively [134]. - The company has not entered into any transactions using derivative financial instruments, which may expose it to market risks related to interest rates [312]. - The company’s operations and financial results could be adversely impacted by cyber-attacks or disruptions to its information technology systems [171]. Revenue Recognition and Performance Metrics - The company recognizes revenues from land sales when control passes to customers, typically at the close of escrow [349]. - Revenues from management services are recognized as the customer consumes the benefits over time, with significant assumptions made regarding incentive compensation [350]. - The company allocates capitalized inventory costs to individual parcels using the relative sales value method, affecting profit margins on subsequent sales [368]. - The company did not recognize any impairment losses on its long-lived assets during the years ended December 31, 2024, 2023, and 2022 [359]. - The company evaluates its investments in unconsolidated entities for other-than-temporary impairment, with no such impairments identified during the years ended December 31, 2024, 2023, or 2022 [366]. - The company incurred interest expense capitalized into inventories of $61.5 million, $53.8 million, and $54.2 million for the years ended December 31, 2024, 2023, and 2022, respectively [367]. - Selling and advertising costs were $3.3 million, $3.6 million, and $6.0 million during the years ended December 31, 2024, 2023, and 2022, respectively [367]. - The opening and closing balances of the Company's contract assets for the year ended December 31, 2024, were $72.1 million and $101.8 million, respectively, resulting in a net increase of $29.7 million [392]. - The Company incurred $5.9 million in third-party costs related to debt modification for the years ended December 31, 2024, and 2023 [381]. - The annual fixed base fee under the A&R DMA increased to $13.5 million for 2025, up from $12.0 million in 2022 [389]. - The Company received $50.9 million in incentive compensation payments from the Great Park Venture during the year ended December 31, 2024 [392]. Ventures and Partnerships - As of December 31, 2024, the Great Park Venture made total distributions of $18.1 million to Legacy Interest holders and $485.1 million to Percentage Interest holders, with the Company receiving $181.9 million for its 37.5% Percentage Interest [398]. - The Great Park Venture recognized $612.8 million in total land sale revenues for the year ended December 31, 2024, an increase of 10.4% from $554.8 million in 2023 [403]. - The net income of the Great Park Venture for the year ended December 31, 2024, was $349.2 million, representing a 39.3% increase from $250.6 million in 2023 [403]. - The Company's share of net income from the Great Park Venture for 2024 was $130.9 million, up 39.3% from $94.0 million in 2023 [403]. - The carrying value of the Company's investment in the Great Park Venture decreased to $151.6 million as of December 31, 2024, from $213.8 million in 2023 [405]. - The Gateway Commercial Venture sold its remaining interests in the Five Point Gateway Campus for a total purchase price of $88.5 million, which included $45.0 million in cash and a $43.5 million note [408]. - The Gateway Commercial Venture reported a net income of $16.5 million for the year ended December 31, 2024, compared to a net loss of $3.9 million in 2023 [410]. - The Company's investment in the Gateway Commercial Venture was valued at $32.9 million as of December 31, 2024, down from $37.8 million in 2023 [410]. - The Valencia Landbank Venture generated equity in earnings of $0.5 million for the year ended December 31, 2024, compared to $0.6 million in 2023 [412]. - Total tax distributions to partners of the Operating Company for the year ended December 31, 2024, amounted to $7.7 million, an increase from $4.0 million in 2023 [419]. Ownership Structure and Control - The San Francisco Venture has three classes of units: Class A, Class B, and Class C [420]. - The Operating Company acquired a controlling interest in the San Francisco Venture by acquiring all outstanding Class B units in May 2016 [420]. - Class A units are owned by Lennar and GFFP, which acquired interests previously owned by Castlelake in October 2024 [420]. - Class A units of the San Francisco Venture are intended to be economically equivalent to Class A Common Units of the Operating Company [420]. - Holders of Class A units can redeem their units for Class A Common Units on a one-for-one basis [421]. - Redemption requests that would reduce the Holding Company's ownership below 50.1% are subject to restrictions [421].

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 ...

Revenue Performance - Revenues increased by $29.8 million, or 139.8%, to $51.2 million for the three months ended June 30, 2024, compared to $21.3 million for the same period in 2023[91] - Total revenues for the reportable segments reached $383.966 million, with a significant contribution from the Great Park segment[92] - Total revenues for the three months ended June 30, 2024, were $51,192 thousand, an increase of 139.5% from $21,349 thousand in the prior year[198] - Management fee revenues under the A&R DMA were $50.2 million for Q2 2024, up from $20.7 million in Q2 2023, representing a year-over-year increase of 142%[140] - Total reportable segment revenues for Q2 2024 were $192.8 million, a decrease of 50% from $384.0 million in Q2 2023[153] - Land sales revenues decreased to $139.4 million for the three months ended June 30, 2024, from $360.6 million for the same period in 2023, primarily due to fewer homesites sold[210] - Land sales and related party land sales revenues decreased to $232.1 million for the six months ended June 30, 2024, from $369.2 million for the same period in 2023, reflecting a decrease of 37.1%[211] Cost and Expense Management - Cost of management services rose by $1.6 million, or 16.9%, to $11.3 million for the three months ended June 30, 2024, primarily due to increased intangible asset amortization expense[91] - Selling, general, and administrative expenses decreased by $0.5 million, or 4.1%, to $12.2 million for the three months ended June 30, 2024, mainly due to reduced selling and marketing expenses[91] - Total costs and expenses amounted to $221.194 million, reflecting an increase in management services costs[92] - Total costs and expenses for the three months ended June 30, 2024, were $25,379 thousand, an increase of 4.9% from $24,190 thousand in the prior year[198] - Total costs and expenses for the three months ended June 30, 2024, were $167.28 million, compared to $184.24 million for the same period in 2023, indicating a reduction of approximately 9.2%[210] - Cost of land sales for the three months ended June 30, 2024, was $29.0 million, compared to $165.7 million for the same period in 2023, reflecting a significant decrease[210] - Management services costs and expenses rose by $3.2 million, or 26.3%, to $15.2 million for the six months ended June 30, 2024, from $12.0 million for the same period in 2023[211] Profitability and Earnings - The segment profit before income tax provision was $166.244 million, indicating strong operational performance[92] - Consolidated net income for Q2 2024 was $38.2 million, down from $50.6 million in Q2 2023[164] - Net income attributable to the company for the three months ended June 30, 2024, was $14,722 thousand, a decrease of 37.5% compared to $23,571 thousand for the same period in 2023[198] - The net income of the Great Park Venture was $98.1 million for the six months ended June 30, 2024, compared to $170.9 million for the same period in 2023, a decrease of 42.5%[212] Assets and Liabilities - As of June 30, 2024, the San Francisco Venture had total combined assets of $1.39 billion, primarily comprised of $1.39 billion in inventories[137] - The San Francisco Venture's total combined liabilities as of June 30, 2024, were $65.7 million, including $60.7 million in related party liabilities[137] - The Company reported liabilities of $173.4 million under the tax receivable agreement (TRA) as of June 30, 2024[117] - The company had outstanding performance bonds of $299.0 million as of June 30, 2024, predominantly related to the Valencia community[214] - As of June 30, 2024, the company had consolidated net indebtedness of $524.1 million, with none bearing interest based on floating rates[218] Cash Flow and Liquidity - Cash and cash equivalents increased to $217.4 million as of June 30, 2024, compared to $193.2 million on June 30, 2023, marking a growth of 12.5%[150] - The total cash, cash equivalents, and restricted cash amounted to $218.4 million as of June 30, 2024, compared to $194.2 million a year earlier[150] - Cash and cash equivalents totaled $217.4 million, with an additional $125.0 million available under the revolving credit facility, resulting in total liquidity of $342.4 million[164] - Net cash used in operating activities was $49.7 million for the six months ended June 30, 2024, compared to $37.9 million net cash provided in the same period of 2023[183] - The company expects to meet its cash requirements for at least the next 12 months with available cash, distributions from unconsolidated entities, and proceeds from land sales[214] Shareholder Information - The company had 79,233,544 Class B common shares outstanding, which will convert to Class A common shares at a specified ratio[95] - Basic earnings per share for Class A common shares was $0.21 for the three months ended June 30, 2024, compared to $0.34 in the same period last year, reflecting a decline of 38.2%[198] Market and Operational Outlook - The company anticipates additional inventory will become available for sale in the second half of 2024, expecting strong demand in housing markets[164] - The company anticipates significant investments in horizontal development at Valencia over the next 12 months[214] - There were no material changes in risk factors from the previous annual report, indicating stability in the company's operational environment[96]

Exhibit 99.1 Five Point Holdings, LLC Reports Second Quarter 2024 Results Second Quarter 2024 Highlights Irvine, CA, July 18, 2024 (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 second quarter 2024 results. Dan Hedigan, Chief Executive Officer, said, "We had another strong quarter, with consolidated net income of $38.2 million on revenues of $51.2 million, ending with total ...

Financial Performance - Consolidated net income for Q1 2024 was $6.1 million, a significant improvement from a net loss of $9.7 million in Q1 2023[125]. - Total revenues increased by $4.2 million, or 74.3%, to $9.9 million in Q1 2024, primarily driven by higher management services revenue at the Great Park segment[133]. - Equity in earnings from unconsolidated entities rose to $17.6 million in Q1 2024, up from $1.0 million in Q1 2023, reflecting net income from the Great Park Venture[137]. - Total revenues for the three months ended March 31, 2024, were $105,193,000, a significant increase compared to the previous year[141]. - Net income for the period was $41,526,000, reflecting a decrease of 35,443,000 compared to the previous year[141]. - The company reported equity in earnings from unconsolidated entities of $17,586,000[141]. Revenue Sources - The Great Park segment reported revenues of $101,322,000, contributing the largest share to total revenues[141]. - Land sales generated $81,353,000 in revenue, with related party land sales contributing $11,888,000[141]. - The management services segment generated $8,726,000 in revenue, with related party management services contributing $8,613,000[142]. - Land sales and related party land sales revenues increased to $92.7 million for the three months ended March 31, 2024, from $8.6 million for the same period in 2023, primarily due to the sale of land at Great Park Neighborhoods[155]. Expenses and Costs - SG&A expenses decreased by $0.8 million, or 6.1%, to $12.9 million in Q1 2024, mainly due to lower corporate general and administrative costs[135]. - Total costs and expenses amounted to $60,866,000, with management fees related party accounting for $8,162,000[141]. - The cost of land sales for the three months ended March 31, 2024, was $30.0 million, compared to no cost of land sales for the same period in 2023[156]. - Selling, general, and administrative expenses increased by $0.5 million, or 20.7%, to $3.2 million for the three months ended March 31, 2024, compared to $2.6 million for the same period in 2023[146]. Cash Flow and Liquidity - At March 31, 2024, the company had total liquidity of $357.7 million, consisting of $232.7 million in cash and $125.0 million available under its revolving credit facility[129]. - Net cash used in operating activities was $26.4 million for the three months ended March 31, 2024, compared to $21.6 million in the same period of 2023[175]. - Net cash provided by investing activities was $6.2 million for the three months ended March 31, 2024, compared to $0.1 million in 2023[178]. - Net cash used in financing activities was $100.9 million for the three months ended March 31, 2024, compared to $3.6 million in 2023, primarily due to the repayment of senior notes[180]. Segment Performance - The Great Park Venture sold 82 homesites for a gross purchase price of $74.6 million in Q1 2024, with the company receiving $30.3 million in distributions[126]. - Guest builders sold 62 homes at Valencia in Q1 2024, a 100% increase from 31 homes sold in Q4 2023, totaling 1,312 homes sold since May 2021[127]. - Segment profit from operations for the Great Park segment was $57.8 million for the three months ended March 31, 2024, compared to $4.5 million in 2023[161]. - Net income of the Great Park Venture was $53.1 million for the three months ended March 31, 2024, up from $2.7 million in the same period of 2023[161]. Debt and Financial Instruments - The company completed a senior notes exchange, converting $623.5 million of existing notes into $100.0 million in cash and $523.5 million in new notes with an initial rate of 10.500%[128]. - The consolidated net indebtedness as of March 31, 2024, was $523.3 million, with none of the debt bearing interest based on floating rates[187]. - The company has not entered into any transactions using derivative financial instruments or derivative commodity instruments[187]. - The primary market risk for the company arises from its indebtedness, which bears interest at fixed rates[186]. Future Outlook - The company anticipates additional inventory becoming available for sale throughout 2024, which may support home buyer activity despite the challenging interest rate environment[127]. - The company aims to reduce floating rate exposure and does not plan to enter into hedging arrangements for speculative purposes[186].

Exhibit 99.1 First Quarter 2024 and Recent Highlights • Great Park Venture distributions and incentive compensation payments to the Company totaled $30.3 million. • Great Park builder sales of 69 homes during the quarter. • On January 16, 2024, exchanged $623.5 million of existing 7.875% Senior Notes due November 2025 for $100.0 million in cash and $523.5 million in new 10.500% initial rate Senior Notes due January 2028. • In April 2024, S&P Global Ratings upgraded our outlook to stable, upgraded our corpor ...

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, 2023 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 | | --- | --- | --- ...

IRVINE, Calif.--(BUSINESS WIRE)--Five Point Holdings, LLC (“Five Point” or the “Company”) (NYSE:FPH), an owner and developer of large mixed-use planned communities in coastal California, today announced the appointment of Mike Alvarado as Chief Operating Officer of the Company, effective immediately. Mr. Alvarado will also continue to serve in his position as the Company’s Chief Legal Officer, Vice President and Secretary. Mr. Alvarado is an experienced executive with over 30 years of experience in real es ...