Sign in

    Benjamin Fader-Rattner

    Research Analyst at Space Summit Capital

    Benjamin Fader-Rattner is Managing Member and founder of Space Summit Capital LLC, a hedge fund specializing in special situations and distressed debt since January 2021. He has led investments in companies such as Guitar Center, Boardriders, JC Penney, and Red Lobster, demonstrating a strong track record managing high yield and stressed opportunities across retail and consumer sectors. His career began as an analyst at Bear Stearns, followed by leveraged buyout roles at The Carlyle Group, debt investments at Glenview Capital, and twelve years as Managing Director at Canyon Partners before founding Space Summit Capital. Fader-Rattner holds a B.S. in Economics from The Wharton School, University of Pennsylvania, and has served as director for Osiris Acquisition Corp. and M3-Brigade Acquisition III Corp.

    Benjamin Fader-Rattner's questions to Five Point Holdings (FPH) leadership

    Benjamin Fader-Rattner's questions to Five Point Holdings (FPH) leadership • Q1 2025

    Question

    Benjamin Fader-Rattner from Space Summit Capital questioned the company's strategy of holding a large cash balance rather than proactively repaying debt, highlighting the negative carry. He also sought clarification on whether recent Great Park land sales at nearly $12 million per acre set a new pricing standard and asked about the timeline for re-entitling commercial land to residential use.

    Answer

    CFO Kim Tobler addressed the debt question, explaining that the 200-basis-point premium for early repayment makes it imprudent until the premium is removed later in the year, though they are monitoring markets. Executive Daniel Hedigan clarified that while recent sales were strong at around $11.8 million per acre, the company is not setting $12 million as a new standard. He also stated that discussions with the city of Irvine on land conversion are ongoing with no definitive timeline yet.

    Ask Fintool Equity Research AI