Five Point Holdings, LLC Q3 FY26 Results

During the third quarter, Five Point generated consolidated revenues of $14.6 million and maintained a strong financial position, ending the quarter with $358.7 million of cash and cash equivalents and total liquidity of $576.2 million. Although current housing market conditions have impacted homebuyer demand, we continue to make meaningful progress in advancing our California communities and developing our recurring fee-based revenue streams at Hearthstone and the Great Park. During the quarter, we renewed our Development Management Agreement at the Great Park through December 2028, secured important entitlement approvals at Valencia for our Homestead South development, and marked a significant milestone with a groundbreaking at Candlestick in San Francisco. Given the current housing market environment, we will likely elect to defer certain land sales previously anticipated to close in 2026 rather than transact in a less favorable market. Accordingly, we are revising our full-year 2026 guidance to approximately $20 million in consolidated net income. Importantly, this revised outlook reflects the anticipated timing of land sales rather than a change in our view of the value of our land. Our strong balance sheet provides us with the flexibility to remain patient and disciplined in our approach to monetizing these irreplaceable assets. We remain confident in the long-term value of our California communities, the growth potential of Hearthstone and our ability to create meaningful value for our shareholders.