Alan Ratner

Ben Fader-Rattner

Benjamin Fader-Rattner

Kenneth Zener

Robert Heimowitz

- Five Point Holdings reported a **consolidated net income of $55.7 million** for Q3 2025, primarily driven by the Great Park Venture's sale of **326 home sites** on **26.6 acres** for an aggregate base purchase price of **$257.7 million**, resulting in Five Point's share of earnings being **$69.5 million**.  **[0001574197_2212838_1]** 
- The company successfully refinanced its debt by issuing **$450 million** in new **8% senior notes due 2030** to repurchase and redeem **$523.5 million** of its prior **10.5% senior notes due 2028**, which is expected to benefit future cash flows by saving over **$20 million a year**.  **[0001574197_2212838_1]** **[0001574197_2212838_5]**  Moody's upgraded the corporate credit rating and senior notes rating to **B2 with a stable outlook**.  **[0001574197_2212838_1]** 
- Five Point closed the acquisition of a **75% ownership interest** in the Hearthstone Residential Holdings Land Banking Venture for **$57.6 million** in July 2025, expanding its national platform for capital solutions to home builders and growing Hearthstone's assets under management to approximately **$3 billion**.  **[0001574197_2212838_1]** **[0001574197_2212838_3]** **[0001574197_2212838_5]** 
- Management reiterated its guidance to end 2025 with net income consistent with **2024 earnings of $176.3 million**, supported by expected land sales in Q4 and continuing management services revenues.  **[0001574197_2212838_2]** **[0001574197_2212838_6]**

Five Point Holdings Reports Q3 2025 Net Income and Strategic Advancements

- Five Point Holdings, LLC reported **consolidated net income of $55.7 million** and **net income attributable to the Company of $21.1 million** for the third quarter of 2025, with **consolidated revenues of $13.5 million**.  **[1574197_0001574197-25-000082_ex-991xfphx93025x8k.htm:0]** **[1574197_0001574197-25-000082_ex-991xfphx93025x8k.htm:1]** 
- The Great Park Venture sold **326 homesites** on 26.6 acres of land for an aggregate base purchase price of **$257.7 million** during Q3 2025.  **[1574197_0001574197-25-000082_ex-991xfphx93025x8k.htm:0]** **[1574197_0001574197-25-000082_ex-991xfphx93025x8k.htm:1]** 
- The company enhanced its capital structure by issuing **$450.0 million in new 8.000% Senior Notes due October 2030** and purchasing or redeeming **$523.5 million 10.500% Senior Notes due January 2028**.  **[1574197_0001574197-25-000082_ex-991xfphx93025x8k.htm:0]** 
- As of September 30, 2025, Five Point Holdings, LLC maintained **cash and cash equivalents of $351.1 million** and **total liquidity of $476.1 million**.  **[1574197_0001574197-25-000082_ex-991xfphx93025x8k.htm:0]** 
- The company expects **full-year 2025 consolidated net income to be in line with its 2024 results**.  **[1574197_0001574197-25-000082_ex-991xfphx93025x8k.htm:0]**

Five Point Holdings, LLC Announces Q3 2025 Results and Capital Structure Enhancements

- Five Point Holdings, LLC reported **consolidated net income of $55.7 million** and **consolidated revenues of $13.5 million** for the third quarter of 2025.  **[1574197_88e558e1f63243209ca6123f3ad510ce_0]** **[1574197_88e558e1f63243209ca6123f3ad510ce_1]** 
- As of September 30, 2025, the company maintained **total liquidity of $476.1 million**, which included **$351.1 million in cash and cash equivalents**.  **[1574197_88e558e1f63243209ca6123f3ad510ce_0]** **[1574197_88e558e1f63243209ca6123f3ad510ce_1]** **[1574197_88e558e1f63243209ca6123f3ad510ce_6]** 
- During the quarter, the Great Park Venture sold **326 homesites** for an aggregate base purchase price of **$257.7 million**, and Five Point Holdings acquired a **75% interest** in Hearthstone Residential Holdings, LLC for **$57.6 million**.  **[1574197_88e558e1f63243209ca6123f3ad510ce_0]** **[1574197_88e558e1f63243209ca6123f3ad510ce_1]** 
- The company also issued **$450.0 million** in new 8.000% Senior Notes due October 2030, and its senior notes and corporate ratings were upgraded or affirmed by Moody's, S&P Global Ratings, and Fitch Ratings in September 2025.  **[1574197_88e558e1f63243209ca6123f3ad510ce_0]**

Five Point Holdings Reports Third Quarter 2025 Results

- Five Point Operating Company, LP and Five Point Capital Corp. entered into an Indenture on **September 25, 2025**, for **8.000% Senior Notes Due 2030**.  **[1574197_0001193125-25-218100_d936070dex41.htm:0]** 
- The Indenture defines various financial terms and covenants, including how "Acquired Debt," "Consolidated Funded Indebtedness," and "Fixed Charge Coverage Ratio" are calculated and applied.  **[1574197_0001193125-25-218100_d936070dex41.htm:5]** **[1574197_0001193125-25-218100_d936070dex41.htm:17]** **[1574197_0001193125-25-218100_d936070dex41.htm:20]** 
- It establishes limitations on "Restricted Payments," such as dividends and share repurchases, with specific annual thresholds including **$20.0 million** for certain Equity Interest repurchases and a general limit of the greater of **$75.0 million** and **2.5% of Consolidated Tangible Assets** for other restricted payments.  **[1574197_0001193125-25-218100_d936070dex41.htm:69]** 
- The document also permits the incurrence of additional indebtedness up to the greater of **$120.0 million** and **4.0% of Consolidated Tangible Assets**.  **[1574197_0001193125-25-218100_d936070dex41.htm:76]**

Five Point Holdings, LLC establishes Indenture for 8.000% Senior Notes Due 2030

- Five Point Operating Company, LP, along with Five Point Capital Corp., priced **$450 million** aggregate principal amount of **8.000% senior notes due 2030**.  **[1574197_0001193125-25-204078_d854039dex991.htm:0]** **[1574197_0001193125-25-204078_d854039dex991.htm:1]** **[1574197_0001193125-25-204078_d854039d8k.htm:1]** 
- The issuance is expected to close on or about **September 25, 2025**, with proceeds intended to purchase and redeem existing **10.500% Initial Rate Senior Notes due 2028** and **7.875% Senior Notes due 2025**.  **[1574197_0001193125-25-204078_d854039dex991.htm:1]**

Five Point Announces Pricing of Senior Notes

- **Five Point Holdings** has announced a **$450 million senior notes offering due 2030** through its operating subsidiaries.  **[1574197_688d9c6102c0437d9b1ca74d2a6e6ca6]** 
- The proceeds from this offering are intended to fund a **tender offer to repurchase outstanding 10.5% Initial Rate Senior Notes due 2028** and redeem notes maturing in 2025, aiming to **optimize the company's debt structure**.  **[1574197_688d9c6102c0437d9b1ca74d2a6e6ca6]** 
- The tender offer is contingent upon the new senior notes issuance and is set to expire on **September 19, 2025**, with an expected payment date for accrued interest on **September 25, 2025**.  **[1574197_688d9c6102c0437d9b1ca74d2a6e6ca6]** 
- Analysts currently rate Five Point Holdings stock as a **Buy**, citing strong financial performance and attractive valuation.  **[1574197_688d9c6102c0437d9b1ca74d2a6e6ca6]**

Five Point Holdings (FPH)