What does Five Point Holdings do and what are its main business segments?

What were the key takeaways from Five Point Holdings's earnings call?

What factors drove the changes in Five Point Holdings's revenue and profit?

What is the market's earnings forecast for Five Point Holdings next quarter?

What is Five Point Holdings's gross profit margin?

Did Five Point Holdings beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for Five Point Holdings year over year?

What guidance did Five Point Holdings's management provide for the next earnings period?

- **Record Q3 performance**: $55.7 million net income, fueled by $257.7 million land sales at Great Park.
- **Strategic expansion**: $57.6 million Hearthstone acquisition and $450 million senior note refinancing at 8%.
- **Market resilience**: 2026 outlook cautious but optimistic, with disciplined land sales in undersupplied California markets.
- **Financial strength**: $47.6 million liquidity, $20 million annual interest savings, and Moody's B2 credit upgrade.
- **Hearthstone growth**: AUM at $3 billion, targeting $1 billion+ new investments with disciplined underwriting.

**CEO Summary Section**
- Q3 2025 net income: $55.7 million, driven by Great Park Venture's $257.7 million land sales (5 Point's share: $69.5 million).
- Total liquidity: $47.6 million (cash: $351.1 million, credit facility: $125 million).
- Strategic moves: $57.6 million acquisition of 75% stake in Hearthstone, refinancing $450 million senior notes at 8% (down from 10.5%), and credit facility expansion to $217.5 million.
- Market outlook: Cautiously optimistic for 2026, with focus on disciplined land sales and builder demand in undersupplied California markets.
- Key communities: Great Park (326 homesites sold Q3, 113 Q4), Valencia (8 active programs), and San Francisco (infrastructure construction planned for H1 2026).

**CFO Financial Commentary**
- 9-month net income: $158.7 million (75% from Great Park Venture).
- Cost savings: $20 million annually from senior note refinancing.
- Hearthstone venture: $3 billion AUM (up from $2.6 billion), with potential for $1 billion+ new investments.
- Guidance: 2025 net income expected to match 2024 ($176.3 million), driven by Q4 land sales and management fees.

**Q&A Key Highlights**
- **Hearthstone performance**: Existing contracts show no walkaways due to disciplined underwriting; Q3 revenue: $1 million (2 months), expected to grow with AUM expansion.
- **Valencia timeline**: Next residential land sale likely in 2026, pending market conditions.
- **Book value**: Estimated $8-10 per share (total equity: $2.2 billion, diluted shares: 149 million).
- **Balance sheet clarity**: Noncontrolling interest increase ($40 million) reflects temporary equity from Hearthstone acquisition.


Five Point Holdings, LLC (FPH) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FPH

FPH fundamentals

You can ask Aime