Alan Ratner

Ben Fader-Rattner

Benjamin Fader-Rattner

Kenneth Zener

Robert Heimowitz

- 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)