On this page of StockholderLetter.com we present the latest annual shareholder letter from Five Point Holdings, LLC — ticker symbol FPH. Reading current and past FPH letters to shareholders can bring important insights into the investment thesis.

April 24, 2026 Dear Shareholders, I am pleased to report that 2025 marked another successful year for Five Point, as we generated consolidated annual net income of $183.5 million, exceeding our prior record set in 2024. Our performance reflects the continued strength of our underlying assets, disciplined execution across our platform, and a consistent focus on managing capital efficiently in a challenging and evolving market environment. We ended the year with a strong balance sheet, including approximately $425.5 million of cash and total liquidity of $643.0 million. Despite ongoing headwinds in the housing market, including elevated mortgage rates, affordability constraints, and broader economic uncertainty, we were able to achieve these results by remaining focused on our core priorities: Optimizing land value to generate revenue and positive cash flow; controlling SG&A costs; managing capital spend to match near-term revenue opportunities; and expanding our platform through targeted growth initiatives. Our associates accomplished a number of significant strategic objectives in 2025, including: acquiring and integrating the Hearthstone land banking management platform, which adds a new fee-based earnings stream and expands our relationships with institutional capital partners; securing unanimous approval of major entitlements for our next villages at Valencia, thereby enhancing the long-term value and development potential of our Valencia community; closing on the sale of approximately 13.8 acres of industrial land at Valencia; closing on the sale of land entitled for an aggregate of 920 homesites on approximately 75.6 acres of land at the Great Park Neighborhoods community owned by our joint venture, the Great Park Venture; receiving approval from the Irvine City Council for new entitlements that will allow our Great Park Venture to convert approximately 100 acres of commercial land into additional market rate homesites; strengthening our balance sheet by refinancing and paying down $523.5 million of existing 10.5% senior notes due 2028 for $450.0 million of 8.0% senior notes due 2030, resulting in annual interest savings of approximately $20 million; increasing the capacity of our revolving credit facility from $125.0 million to $217.5 million and extending the maturity date from July 2027 to July 2029; and
reducing our debt to total capitalization ratio to 16.3% and our net debt to total capitalization ratio to 1.0% as of December 31, 2025. For the year, builder activity across our communities remained solid, reflecting continued demand for well-located homesites in supply-constrained California markets. While affordability challenges and interest rate volatility impacted absorption at times, we continued to see engagement from both builders and homebuyers, particularly at the Great Park, and steady progress at Valencia. In addition to these accomplishments, 2025 was a transformative year for Five Point with the acquisition of the Hearthstone land bank management platform and the integration of an experienced and dedicated Hearthstone operating team. This transaction represents an important step in the evolution of our growth strategy, as Hearthstone expands our business into a capitallight, fee-based model in the land bank financing market that complements our core masterplanned community development operations. We believe the Hearthstone platform enhances our ability to deliver more consistent earnings across market cycles and provides a meaningful opportunity for long-term growth. Looking ahead, the market environment remains uncertain, as consumer confidence has been impacted by macroeconomic and geopolitical factors. However, we believe that the continued undersupply of housing in our core markets will support long-term demand. With our strong balance sheet and substantial liquidity, we have the flexibility to adjust the pace and structure of our land sales to protect long-term value, while also pursuing strategic growth opportunities. Our focus over the remainder of this year will be on securing additional entitlements for our next villages in Valencia, executing on land sales at the Great Park and Valencia, initiating development at our Candlestick community in San Francisco, and further diversifying our revenue streams through strategic growth opportunities. As always, I want to acknowledge the efforts of our entire team. Their ability to operate efficiently, adapt to changing conditions, and execute across our platform continues to differentiate Five Point. As we look to grow and diversify our revenue streams, we will continue to leverage the talent and experience of our hard-working and passionate associates. We remain laser focused on executing our business plan to drive long-term shareholder value. As we continue to provide critically needed housing in our markets and pursue new opportunities for growth, we are grateful for the continued support of our shareholders. Sincerely, Daniel C. Hedigan President and Chief Executive Officer

 • shareholder letter icon 4/24/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/11/2025 FPH Stockholder Letter
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FPH Shareholder/Stockholder Letter Transcript:



April 24, 2026
Dear Shareholders,
I am pleased to report that 2025 marked another successful year for Five Point, as we generated
consolidated annual net income of $183.5 million, exceeding our prior record set in 2024. Our
performance reflects the continued strength of our underlying assets, disciplined execution across
our platform, and a consistent focus on managing capital efficiently in a challenging and evolving
market environment.
We ended the year with a strong balance sheet, including approximately $425.5 million of cash and
total liquidity of $643.0 million. Despite ongoing headwinds in the housing market, including
elevated mortgage rates, affordability constraints, and broader economic uncertainty, we were able
to achieve these results by remaining focused on our core priorities:
Optimizing land value to generate revenue and positive cash flow;
controlling SG&A costs;
managing capital spend to match near-term revenue opportunities; and
expanding our platform through targeted growth initiatives.
Our associates accomplished a number of significant strategic objectives in 2025, including:
acquiring and integrating the Hearthstone land banking management platform, which adds
a new fee-based earnings stream and expands our relationships with institutional capital
partners;
securing unanimous approval of major entitlements for our next villages at Valencia, thereby
enhancing the long-term value and development potential of our Valencia community;
closing on the sale of approximately 13.8 acres of industrial land at Valencia;
closing on the sale of land entitled for an aggregate of 920 homesites on approximately 75.6
acres of land at the Great Park Neighborhoods community owned by our joint venture, the
Great Park Venture;
receiving approval from the Irvine City Council for new entitlements that will allow our Great
Park Venture to convert approximately 100 acres of commercial land into additional market
rate homesites;
strengthening our balance sheet by refinancing and paying down $523.5 million of existing
10.5% senior notes due 2028 for $450.0 million of 8.0% senior notes due 2030, resulting in
annual interest savings of approximately $20 million;
increasing the capacity of our revolving credit facility from $125.0 million to $217.5 million
and extending the maturity date from July 2027 to July 2029; and

reducing our debt to total capitalization ratio to 16.3% and our net debt to total capitalization
ratio to 1.0% as of December 31, 2025.
For the year, builder activity across our communities remained solid, reflecting continued demand
for well-located homesites in supply-constrained California markets. While affordability challenges
and interest rate volatility impacted absorption at times, we continued to see engagement from
both builders and homebuyers, particularly at the Great Park, and steady progress at Valencia.
In addition to these accomplishments, 2025 was a transformative year for Five Point with the
acquisition of the Hearthstone land bank management platform and the integration of an
experienced and dedicated Hearthstone operating team. This transaction represents an important
step in the evolution of our growth strategy, as Hearthstone expands our business into a capitallight, fee-based model in the land bank financing market that complements our core masterplanned community development operations. We believe the Hearthstone platform enhances our
ability to deliver more consistent earnings across market cycles and provides a meaningful
opportunity for long-term growth.
Looking ahead, the market environment remains uncertain, as consumer confidence has been
impacted by macroeconomic and geopolitical factors. However, we believe that the continued
undersupply of housing in our core markets will support long-term demand. With our strong balance
sheet and substantial liquidity, we have the flexibility to adjust the pace and structure of our land
sales to protect long-term value, while also pursuing strategic growth opportunities. Our focus over
the remainder of this year will be on securing additional entitlements for our next villages in
Valencia, executing on land sales at the Great Park and Valencia, initiating development at our
Candlestick community in San Francisco, and further diversifying our revenue streams through
strategic growth opportunities.
As always, I want to acknowledge the efforts of our entire team. Their ability to operate efficiently,
adapt to changing conditions, and execute across our platform continues to differentiate Five Point.
As we look to grow and diversify our revenue streams, we will continue to leverage the talent and
experience of our hard-working and passionate associates.
We remain laser focused on executing our business plan to drive long-term shareholder value. As
we continue to provide critically needed housing in our markets and pursue new opportunities for
growth, we are grateful for the continued support of our shareholders.
Sincerely,
Daniel C. Hedigan
President and Chief Executive Officer


shareholder letter icon 4/24/2026 Letter Continued (Full PDF)
 

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