# EDGAR Filing Document

**Accession Number:** 0001574197
**File Stem:** 0001574197-25-000069
**Filing Date:** 2025-7
**Character Count:** 28588
**Document Hash:** b882134535193738257ee95623400f57
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001574197-25-000069.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001574197-25-000069

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250724

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Five Point Holdings, LLC
- **CENTRAL INDEX KEY:** 0001574197
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 270599397
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38088
- **FILM NUMBER:** 251147033

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 FIVEPOINT, 4TH FLOOR
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618
- **BUSINESS PHONE:** (949) 349-1000

**MAIL ADDRESS:**
- **STREET 1:** 2000 FIVEPOINT, 4TH FLOOR
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Newhall Holding Company, LLC
- **DATE OF NAME CHANGE:** 20130411

?xml version='1.0' encoding='ASCII'? fph-20250724

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d)**

**of The Securities Exchange Act of 1934**

**July 24, 2025**

**Date of report (date of earliest event reported)**

**FIVE POINT HOLDINGS, LLC**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-38088** | **27-0599397** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(I.R.S. Employer<br>Identification No.)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2000 FivePoint** | **4th Floor** | **Irvine** | **California** | **92618** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip code) |

---

**(949) 349-1000**

**(Registrant's telephone number, including area code)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ &nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| **Class A common shares** | **FPH** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On July 24, 2025, Five Point Holdings, LLC issued a press release announcing its results of operations for the three months ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

**Item 9.01. Financial Statements and Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.

---

| | |
|:---|:---|
| <u>[99.1](ex-991xfphx63025x8k.htm)</u> | <u>[Press Release, dated](ex-991xfphx63025x8k.htm)[July](ex-991xfphx63025x8k.htm)[24, 2025](ex-991xfphx63025x8k.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned duly authorized.

Date: July 24, 2025

---

| | |
|:---|:---|
| FIVE POINT HOLDINGS, LLC | FIVE POINT HOLDINGS, LLC |
| By: | <u>/s/ Michael Alvarado</u> |
| Name: | Michael Alvarado |
| Title: | Chief Operating Officer, Chief Legal Officer, Vice President and Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

**Five Point Holdings, LLC Reports Second Quarter 2025 Results**

<u>Second Quarter 2025 Highlights</u>

&nbsp;&nbsp;&nbsp;&nbsp;• Great Park Venture sold 82 homesites on 5.7 acres of land for an aggregate purchase price of $63.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;• Great Park builder sales of 112 homes during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;• Valencia builder sales of 47 homes during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated revenues of $7.5 million; consolidated net income of $8.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;• Entered into agreement to acquire business and operations of Hearthstone, Inc. for $56.25 million.

&nbsp;&nbsp;&nbsp;&nbsp;• Cash and cash equivalents of $456.6 million as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• Debt to total capitalization ratio of 19.1% and liquidity of $581.6 million as of June 30, 2025.

**Irvine, CA, July 24, 2025** (Business Wire) – Five Point Holdings, LLC ("Five Point" or the "Company") (NYSE:FPH), an owner and developer of large mixed-use planned communities in California, today reported its second quarter 2025 results.

Dan Hedigan, Chief Executive Officer, said, "In the second quarter, we generated consolidated net income of $8.6 million, which was in line with our expectations. At our Great Park Neighborhoods community, we closed a significant land sale during the quarter, and Five Point ended with a strong liquidity position of $581.6 million. Although the homebuilding market is facing headwinds due in part to declining consumer confidence and affordability concerns, our communities remain well positioned in supply-constrained California markets and we anticipate continuing land sales at the Great Park this year. We currently believe we will end 2025 with consolidated net income consistent with our 2024 net income of $177.6 million. We also look forward to closing our land banking venture with Hearthstone, Inc. in the third quarter—a key milestone in our long-term growth strategy that we expect to introduce new recurring revenue streams and expand our platform for institutional capital partnerships."

**<u>Consolidated Results</u>**

*Liquidity and Capital Resources*

As of June 30, 2025, total liquidity of $581.6 million was comprised of cash and cash equivalents totaling $456.6 million and borrowing availability of $125.0 million under our unsecured revolving credit facility. Total capital was $2.2 billion, reflecting $3.2 billion in assets and $0.9 billion in liabilities and redeemable noncontrolling interests.

*Results of Operations for the Three Months Ended June 30, 2025* 

**Revenues.** Revenues of $7.5 million for the three months ended June 30, 2025 were primarily generated from management services.

**Equity in earnings from unconsolidated entities.** Equity in earnings from unconsolidated entities was $17.1 million for the three months ended June 30, 2025. The Great Park Venture generated net income of $48.4 million during the three months ended June 30, 2025, and our share of the net income from our 37.5% percentage interest, adjusted for basis differences, was $16.7 million.

During the three months ended June 30, 2025, the Great Park Venture sold 82 homesites on 5.7 acres of land at the Great Park Neighborhoods for an aggregate purchase price of $63.6 million.

**Selling, general, and administrative.** Selling, general, and administrative expenses were $15.6 million for the three months ended June 30, 2025.

**Net income.** Consolidated net income for the quarter was $8.6 million. Net income attributable to noncontrolling interests totaled $5.3 million, resulting in net income attributable to the Company of $3.3 million. Net income attributable to noncontrolling interests represents the portion of income allocated to related party partners and members that hold units of the operating company and the San Francisco Venture. Holders of units of the operating company and the San Francisco Venture can redeem their interests for either, at our election, our Class A common shares on a one-for-one basis or cash. In connection with any redemption or exchange, our ownership of our operating subsidiaries will increase thereby reducing the amount of income allocated to noncontrolling interests in subsequent periods.

------

**<u>Conference Call Information</u>**

In conjunction with this release, Five Point will host a conference call on Thursday, July 24, 2025 at 5:00 p.m. Eastern Time. Interested investors and other parties can listen to a live Internet audio webcast of the conference call that will be available on the Five Point website at ir.fivepoint.com. The conference call can also be accessed by dialing (877) 451-6152 (domestic) or (201) 389-0879 (international). A telephonic replay will be available starting approximately three hours after the end of the call by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the live call and the replay is 13755037. The telephonic replay will be available until 11:59 p.m. Eastern Time on August 2, 2025.

**<u>About Five Point</u>**

Five Point, headquartered in Irvine, California, designs and develops large mixed-use planned communities in Orange County, Los Angeles County, and San Francisco County that combine residential, commercial, retail, educational, and recreational elements with public amenities, including civic areas for parks and open space. Five Point's communities include the Great Park Neighborhoods<sup>®</sup> in Irvine, Valencia<sup>®</sup> in Los Angeles County, and Candlestick<sup>®</sup> and The San Francisco Shipyard<sup>®</sup> in the City of San Francisco. These communities are designed to include up to approximately 40,000 residential homes and up to approximately 23 million square feet of commercial space.

**<u>Forward-Looking Statements</u>**

This press release contains forward-looking statements that are subject to risks and uncertainties. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. When used, the words "anticipate," "believe," "expect," "intend," "may," "might," "plan," "estimate," "project," "should," "will," "would," "result" and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. Forward-looking statements include, among others, statements that refer to: our expectations of our future home sales and/or builder sales; the impact of inflation and interest rates; our future revenues, costs and financial performance, including with respect to cash generation and profitability; future demographics and market conditions, including housing supply levels, in the areas where our communities are located; the timing and expected benefits of planned and potential transactions and acquisitions; and other statements that are not historical in nature. We caution you that any forward-looking statements included in this press release are based on our current views and information currently available to us. Forward-looking statements are subject to risks, trends, uncertainties and factors that are beyond our control. Some of these risks and uncertainties are described in more detail in our filings with the SEC, including our Annual Report on Form 10-K, under the heading "Risk Factors." Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We caution you therefore against relying on any of these forward-looking statements. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. They are based on estimates and assumptions only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by applicable law.

Investor Relations:

Kim Tobler, 949-425-5211

Kim.Tobler@fivepoint.com

or

Media:

Eric Morgan, 949-349-1088

Eric.Morgan@fivepoint.com

Source: Five Point Holdings, LLC

------

**FIVE POINT HOLDINGS, LLC**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(In thousands, except share and per share amounts)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| REVENUES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land sales | $(16) | $307 | $82 | $842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land sales—related party |  | 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management services—related party | 6959 | 50279 | 19510 | 59005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating properties | 530 | 603 | 1038 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 7473 | 51192 | 20630 | 61127 |
| COSTS AND EXPENSES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management services | 2330 | 11315 | 5391 | 15211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating properties | 1773 | 1878 | 3260 | 2868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general, and administrative | 15586 | 12186 | 30351 | 25102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 19689 | 25379 | 39002 | 43181 |
| OTHER INCOME (EXPENSE): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 4967 | 2755 | 9017 | 5980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 21 | 26 | 796 | (5881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income | 4988 | 2781 | 9813 | 99 |
| EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES | 17145 | 15498 | 88584 | 33084 |
| INCOME BEFORE INCOME TAX PROVISION | 9917 | 44092 | 80025 | 51129 |
| INCOME TAX PROVISION | (1341) | (5865) | (10863) | (6819) |
| NET INCOME | 8576 | 38227 | 69162 | 44310 |
| LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 5256 | 23505 | 42558 | 27262 |
| NET INCOME ATTRIBUTABLE TO THE COMPANY | $3320 | $14722 | $26604 | $17048 |
| NET INCOME ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.05 | $0.21 | $0.38 | $0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.05 | $0.21 | $0.36 | $0.24 |
| WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 69763845 | 69239296 | 69639492 | 69148940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 148724073 | 145936206 | 148743245 | 145906521 |
| NET INCOME ATTRIBUTABLE TO THE COMPANY PER CLASS B SHARE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | $0.00 | $0.00 | $0.00 | $0.00 |
| WEIGHTED AVERAGE CLASS B SHARES OUTSTANDING |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | 79233544 | 79233544 | 79233544 | 79233544 |

---

------

**FIVE POINT HOLDINGS, LLC**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(In thousands, except shares)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**December 31, 2024** |
| **ASSETS** | | |
| INVENTORIES | $2400597 | $2298080 |
| INVESTMENT IN UNCONSOLIDATED ENTITIES | 160423 | 185324 |
| PROPERTIES AND EQUIPMENT, NET | 29351 | 29487 |
| INTANGIBLE ASSET, NET—RELATED PARTY | 7330 | 9037 |
| CASH AND CASH EQUIVALENTS | 456640 | 430875 |
| RESTRICTED CASH AND CERTIFICATES OF DEPOSIT | 992 | 992 |
| RELATED PARTY ASSETS | 83473 | 101670 |
| OTHER ASSETS | 20011 | 20952 |
| TOTAL | $3158817 | $3076417 |
| **LIABILITIES AND CAPITAL** |  |  |
| LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable, net | $527462 | $525737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | 100300 | 100292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related party liabilities | 64512 | 63297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liability, net | 42562 | 33570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable pursuant to tax receivable agreement | 173849 | 173424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 908685 | 896320 |
| REDEEMABLE NONCONTROLLING INTEREST | 25000 | 25000 |
| CAPITAL: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A common shares; No par value; Issued and outstanding: June 30, 2025—69,861,335 shares; December 31, 2024—69,369,234 shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B common shares; No par value; Issued and outstanding: June 30, 2025—79,233,544 shares; December 31, 2024—79,233,544 shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributed capital | 597170 | 593827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings  | 183681 | 157077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (1459) | (1468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total members' capital | 779392 | 749436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 1445740 | 1405661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital | 2225132 | 2155097 |
| TOTAL | $3158817 | $3076417 |

---

------

**FIVE POINT HOLDINGS, LLC**

**SUPPLEMENTAL DATA**

**(In thousands)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited)**

**<u>Liquidity</u>**

---

| | |
|:---|:---|
| | **June 30, 2025** |
| Cash and cash equivalents | $456640 |
| Borrowing capacity<sup>(1)</sup> | 125000 |
| Total liquidity | $581640 |

---

(1) As of June 30, 2025, no borrowings or letters of credit were outstanding on the Company's $125.0 million revolving credit facility.

**<u>Debt to Total Capitalization and Net Debt to Total Capitalization</u>**

---

| | |
|:---|:---|
| | **June 30, 2025** |
| Debt<sup>(1)</sup> | $524994 |
| Total capital | 2225132 |
| Total capitalization | $2750126 |
| **Debt to total capitalization** | **19.1%** |
| Debt<sup>(1)</sup> | $524994 |
| Less: Cash and cash equivalents | 456640 |
| Net debt | 68354 |
| Total capital | 2225132 |
| Total net capitalization | $2293486 |
| **Net debt to total capitalization**<sup>(2)</sup> | **3.0%** |

---

(1) For purposes of this calculation, debt is the amount due on the Company's notes payable before offsetting for capitalized deferred financing costs.

(2) Net debt to total capitalization is a non-GAAP financial measure defined as net debt (debt less cash and cash equivalents) divided by total net capitalization (net debt plus total capital). The Company believes the ratio of net debt to total capitalization is a relevant and a useful financial measure to investors in understanding the leverage employed in the Company's operations. However, because net debt to total capitalization is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the Company's GAAP results.

------

**<u>Segment Results</u>**

The following tables reconcile the results of operations of our segments to our consolidated results for the three and six months ended June 30, 2025 (in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| | **Valencia** | **San Francisco** | **Great Park** | **Total reportable segments** | **Corporate and unallocated** | **Total under management** | **Removal of unconsolidated entities**<sup>(1)</sup> | **Total consolidated** |
| REVENUES: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Land sales | $(16) | $— | $72242 | $72226 | $— | $72226 | $(72242) | $(16) |
| &nbsp;&nbsp;&nbsp;Land sales—related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Management services—related party<sup>(2)</sup> |  |  | 6959 | 6959 |  | 6959 |  | 6959 |
| &nbsp;&nbsp;&nbsp;Operating properties | 358 | 172 |  | 530 |  | 530 |  | 530 |
| Total revenues | 342 | 172 | 79201 | 79715 |  | 79715 | (72242) | 7473 |
| COSTS AND EXPENSES: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Land sales |  |  | 16022 | 16022 |  | 16022 | (16022) |  |
| &nbsp;&nbsp;Management services<sup>(2)</sup> |  |  | 2330 | 2330 |  | 2330 |  | 2330 |
| &nbsp;&nbsp;&nbsp;Operating properties | 1773 |  |  | 1773 |  | 1773 |  | 1773 |
| &nbsp;&nbsp;&nbsp;Selling, general, and administrative | 3103 | 1215 | 1781 | 6099 | 11268 | 17367 | (1781) | 15586 |
| &nbsp;&nbsp;&nbsp;Management fees—related party |  |  | 7753 | 7753 |  | 7753 | (7753) |  |
| Total costs and expenses | 4876 | 1215 | 27886 | 33977 | 11268 | 45245 | (25556) | 19689 |
| OTHER INCOME: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income |  | 2 | 1709 | 1711 | 4965 | 6676 | (1709) | 4967 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 21 |  |  | 21 |  | 21 |  | 21 |
| Total other income | 21 | 2 | 1709 | 1732 | 4965 | 6697 | (1709) | 4988 |
| EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES | 211 |  |  | 211 | 242 | 453 | 16692 | 17145 |
| SEGMENT (LOSS) PROFIT/INCOME BEFORE INCOME TAX PROVISION | (4302) | (1041) | 53024 | 47681 | (6061) | 41620 | (31703) | 9917 |
| INCOME TAX PROVISION |  |  |  |  | (1341) | (1341) |  | (1341) |
| SEGMENT (LOSS) PROFIT/NET INCOME | $(4302) | $(1041) | $53024 | $47681 | $(7402) | $40279 | $(31703) | $8576 |

---

(1) Represents the removal of the Great Park Venture operating results, which are included in the Great Park segment operating results at 100% of the venture's historical basis but are not included in our consolidated results as we account for our investment in the venture using the equity method of accounting.

After the sale of the Gateway Commercial Venture's commercial operating assets in December 2024, the Company's commercial segment is no longer operating. The equity in earnings from the Company's investment in the Gateway Commercial Venture is reported within the corporate and unallocated column in the table above.

(2) The amounts for the Great Park segment represent the revenues and expenses attributable to the management company for providing services to the Great Park Venture as applicable.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| | **Valencia** | **San Francisco** | **Great Park** | **Total reportable segments** | **Corporate and unallocated** | **Total under management** | **Removal of unconsolidated entities**<sup>(1)</sup> | **Total consolidated** |
| REVENUES: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Land sales | $82 | $— | $357645 | $357727 | $— | $357727 | $(357645) | $82 |
| &nbsp;&nbsp;&nbsp;Land sales—related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Management services—related party<sup>(2)</sup> |  |  | 19510 | 19510 |  | 19510 |  | 19510 |
| &nbsp;&nbsp;&nbsp;Operating properties | 692 | 346 |  | 1038 |  | 1038 |  | 1038 |
| Total revenues | 774 | 346 | 377155 | 378275 |  | 378275 | (357645) | 20630 |
| COSTS AND EXPENSES: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Land sales |  |  | 86238 | 86238 |  | 86238 | (86238) |  |
| &nbsp;&nbsp;Management services<sup>(2)</sup> |  |  | 5391 | 5391 |  | 5391 |  | 5391 |
| &nbsp;&nbsp;&nbsp;Operating properties | 3260 |  |  | 3260 |  | 3260 |  | 3260 |
| &nbsp;&nbsp;&nbsp;Selling, general, and administrative | 6399 | 2378 | 4541 | 13318 | 21574 | 34892 | (4541) | 30351 |
| &nbsp;&nbsp;&nbsp;Management fees—related party |  |  | 15611 | 15611 |  | 15611 | (15611) |  |
| Total costs and expenses | 9659 | 2378 | 111781 | 123818 | 21574 | 145392 | (106390) | 39002 |
| OTHER INCOME: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income |  | 17 | 3402 | 3419 | 9000 | 12419 | (3402) | 9017 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 796 |  |  | 796 |  | 796 |  | 796 |
| Total other income | 796 | 17 | 3402 | 4215 | 9000 | 13215 | (3402) | 9813 |
| EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES | 425 |  |  | 425 | 613 | 1038 | 87546 | 88584 |
| SEGMENT (LOSS) PROFIT/INCOME BEFORE INCOME TAX PROVISION | (7664) | (2015) | 268776 | 259097 | (11961) | 247136 | (167111) | 80025 |
| INCOME TAX PROVISION |  |  |  |  | (10863) | (10863) |  | (10863) |
| SEGMENT (LOSS) PROFIT/NET INCOME | $(7664) | $(2015) | $268776 | $259097 | $(22824) | $236273 | $(167111) | $69162 |

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(1) Represents the removal of the Great Park Venture operating results, which are included in the Great Park segment operating results at 100% of the venture's historical basis but are not included in our consolidated results as we account for our investment in the venture using the equity method of accounting.

After the sale of the Gateway Commercial Venture's commercial operating assets in December 2024, the Company's commercial segment is no longer operating. The equity in earnings from the Company's investment in the Gateway Commercial Venture is reported within the corporate and unallocated column in the table above.

(2) The amounts for the Great Park segment represent the revenues and expenses attributable to the management company for providing services to the Great Park Venture as applicable.

The table below reconciles the Great Park segment results to the equity in earnings from our investment in the Great Park Venture that is reflected in the condensed consolidated statements of operations for the three and six months ended June 30, 2025 (in thousands):

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| | | |
|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| Segment profit from operations | $53024 | $268776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less net income of management company attributed to the Great Park segment | 4629 | 14119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Net income of the Great Park Venture* | 48395 | 254657 |
| The Company's share of net income of the Great Park Venture | 18148 | 95496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis difference amortization, net | (1456) | (7950) |
| Equity in earnings from the Great Park Venture | $16692 | $87546 |

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