How did FPH's revenue and expenses shift in Q4 2024?

Five Point Holdings (FPH) experienced a significant shift in its revenue and expenses in Q4 2024, with the most notable changes occurring in the Land Sales and Management Services segments.

1. **Revenue Shift**:
- The Land Sales segment saw a substantial increase in revenue, with $139.1 million recorded in Q4 2024, compared to $1.21 million in the previous quarter. This indicates a strong performance in land sales during this period.
- Management Services-Related Party contributed $96.4 million and $75.04 million in Q4 2024 and the preceding quarter, respectively. This suggests a consistent revenue stream from management services within related party transactions.
- Other segments, such as Management Services, Operating Properties, and Related Party transactions, showed more modest increases or fluctuations.

|code|Ticker|Name|Date|Business Composition|Revenue By Business|market_code|
|---|---|---|---|---|---|---|
|FPH|FPH.N|Five Point Holdings|20240101-2024|Operating Properties|2425000|169|
|FPH|FPH.N|Five Point Holdings|20240101-2024|Operating Properties|1891000|169|
|FPH|FPH.N|Five Point Holdings|20240101-2024|Management Services-Related Party|5.9005E7|169|
|FPH|FPH.N|Five Point Holdings|20240101-2024|Operating Properties|677000|169|
|FPH|FPH.N|Five Point Holdings|20240101-2024|Land Sales-Related Party|-3000|169|
|FPH|FPH.N|Five Point Holdings|20240101-2024|Land Sales|535000|169|
|FPH|FPH.N|Five Point Holdings|20240101-2024|Management Services-Related Party|8726000|169|
|FPH|FPH.N|Five Point Holdings|20240101-2024|Operating Properties|677000|169|

2. **Expense Shift**:
- Similar to revenue, the Land Sales segment had a significant expense shift, with $98000 recorded in Q4 2024, up from $508000 in the previous quarter. This could be due to a decrease in the cost of land sales or an increase in the number of land sales transactions.
- Management Services-Related Party maintained a steady expense level, with $75.04 million and $96.4 million recorded in Q4 2024 and the preceding quarter, respectively.
- Operating Properties segment showed a slight increase in expenses, with $2.43 million and $1.89 million in Q4 2024 and the previous quarter, respectively.

The data indicates that FPH's revenue and expenses were largely driven by the Land Sales segment in Q4 2024, with this segment experiencing a significant increase in both revenue and expenses. The Management Services-Related Party segment also contributed significantly to revenue and, to a lesser extent, to expenses. Other segments showed more modest changes.