# EDGAR Filing Document

**Accession Number:** 0001574197
**File Stem:** 0001574197-26-000008
**Filing Date:** 2026-4
**Character Count:** 26107
**Document Hash:** 81d4137496f6d709463f807629cc6e31
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001574197-26-000008.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001574197-26-000008

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260423

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

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**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:** 26888800

**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-20260423

**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**

**April 23, 2026**

**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 April 23, 2026, Five Point Holdings, LLC (the "Company") issued a press release announcing its results of operations for the three months ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

**Item 8.01. Other Events.**

On April 23, 2026, the Company announced that its Board of Directors authorized a share repurchase of up to $40.0 million of the Company's outstanding Class A common shares, effective immediately. Repurchases may be made at management's discretion from time to time on the open market, through privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in accordance with applicable securities laws and other restrictions, including Rule 10b-18 under the Exchange Act. The authorized share repurchase has no expiration date and may be modified, suspended for periods or discontinued at any time and does not obligate the Company to repurchase any shares. The timing and total amount of share repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing share prices, and other considerations. The Company expects to fund repurchases with existing cash balances and cash flow from operations.

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

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

---

| | |
|:---|:---|
| <u>[99.1](ex-991xfphx33126x8k.htm)</u> | <u>[Press Release, dated April 23, 2026](ex-991xfphx33126x8k.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: April 23, 2026

---

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

---

## Exhibit 99.1

**Exhibit 99.1**

**Five Point Holdings, LLC Reports First Quarter 2026 Results**

**Announces $40 Million Share Repurchase Authorization**

<u>First Quarter 2026 Highlights</u>

&nbsp;&nbsp;&nbsp;&nbsp;• Great Park builder sales of 82 homes during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;• Valencia builder sales of 90 homes during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated revenues of $13.6 million; consolidated net loss of $5.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;• Cash and cash equivalents of $332.6 million as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;• Debt to total capitalization ratio of 16.3% and liquidity of $550.1 million as of March 31, 2026.

**Irvine, CA, April 23, 2026** (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 first quarter 2026 results.

Dan Hedigan, President and Chief Executive Officer, said, "As expected, we began 2026 with a relatively quiet first quarter from a land sales perspective, reflecting the timing of transactions that we anticipate closing in the third and fourth quarters. During the first quarter, we generated $13.6 million in revenue and reported a consolidated net loss of $5.0 million, while maintaining a strong liquidity position of $550.1 million, including $332.6 million of cash and cash equivalents. Our balance sheet strength provides us with the flexibility to navigate the current market environment and to adjust the pace and structure of our land sales in order to protect long-term value. We are also pleased to announce that our Board of Directors has approved a $40 million share repurchase, which we believe represents an attractive opportunity to deploy capital given current share price levels. The size and structure of the authorized repurchase will provide us with the flexibility to repurchase shares while continuing to execute on our development activities and strategic growth initiatives. Looking ahead, we are maintaining our prior guidance for 2026 of approximately $100 million of consolidated net income for the full year."

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

*Liquidity and Capital Resources*

As of March 31, 2026, total liquidity of $550.1 million was comprised of cash and cash equivalents totaling $332.6 million and borrowing availability of $217.5 million under our unsecured revolving credit facility. Total capital was $2.3 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 March 31, 2026* 

**Revenues.** Revenues of $13.6 million for the three months ended March 31, 2026 were primarily generated from management services at our Great Park and Hearthstone segments.

**Selling, general, and administrative.** Selling, general, and administrative expenses were $14.7 million for the three months ended March 31, 2026.

**Net loss.** Consolidated net loss for the quarter was $5.0 million. Net loss attributable to noncontrolling interests totaled $2.7 million, resulting in net loss attributable to the Company of $2.2 million. Net loss attributable to noncontrolling interests primarily represents the portion of loss 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 or loss allocated to noncontrolling interests in subsequent periods.

**<u>Share Repurchase Authorization</u>**

Today, the Company announced that its Board of Directors authorized a share repurchase of up to $40 million of the Company's outstanding Class A common shares, effective immediately. Repurchases may be made at management's discretion from time to time on the open market, through privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in accordance with applicable securities laws and other restrictions, including Rule 10b-18 under the Exchange Act. The share repurchase program has no expiration date and may be modified, suspended for periods or discontinued at any time and does not obligate the Company to repurchase any shares. The timing and total amount of share repurchases will depend upon business, economic and market conditions,

------

corporate and regulatory requirements, prevailing share prices, and other considerations. The Company expects to fund repurchases with existing cash balances and cash flow from operations.

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

In conjunction with this release, Five Point will host a conference call on Thursday, April 23, 2026 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 13760204. The telephonic replay will be available until 11:59 p.m. Eastern Time on May 2, 2026.

**<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 20 million square feet of commercial space. Five Point's Hearthstone platform provides management services to residential land banking funds and oversees approximately $3.4 billion in assets under management.

**<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 our share repurchase program and other 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 March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| REVENUES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land sales | $— | $98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land sales—related party |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management services—related party | 12984 | 12551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating properties | 597 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 13581 | 13157 |
| COSTS AND EXPENSES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land sales |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management services | 6894 | 3061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating properties | 1580 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general, and administrative | 14749 | 14765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 23223 | 19313 |
| OTHER INCOME: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 3267 | 4050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 608 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income | 3875 | 4825 |
| EQUITY IN (LOSS) EARNINGS FROM UNCONSOLIDATED ENTITIES | (145) | 71439 |
| (LOSS) INCOME BEFORE INCOME TAX BENEFIT (PROVISION) | (5912) | 70108 |
| INCOME TAX BENEFIT (PROVISION) | 942 | (9522) |
| NET (LOSS) INCOME | (4970) | 60586 |
| LESS NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (2743) | 37302 |
| NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY | $(2227) | $23284 |
| NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.03) | $0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | (0.03) | 0.32 |
| WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 71515710 | 69513757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 71515710 | 148824110 |
| NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY PER CLASS B SHARE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | $(0.00) | $0.00 |
| WEIGHTED AVERAGE CLASS B SHARES OUTSTANDING |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | 76096410 | 79233544 |

---

------

**FIVE POINT HOLDINGS, LLC**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(In thousands, except shares)**

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

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**December 31, 2025** |
| **ASSETS** | | |
| INVENTORIES | $2476421 | $2443279 |
| INVESTMENT IN UNCONSOLIDATED ENTITIES | 152277 | 153087 |
| PROPERTIES AND EQUIPMENT, NET | 29167 | 29264 |
| INTANGIBLE ASSET, NET—RELATED PARTY | 16417 | 17250 |
| GOODWILL | 69812 | 69812 |
| CASH AND CASH EQUIVALENTS | 332566 | 425546 |
| RESTRICTED CASH AND CERTIFICATES OF DEPOSIT | 992 | 992 |
| RELATED PARTY ASSETS | 91129 | 89509 |
| OTHER ASSETS | 18686 | 20264 |
| TOTAL | $3187467 | $3249003 |
| **LIABILITIES AND CAPITAL** |  |  |
| LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable, net | $443698 | $443348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | 105504 | 106199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related party liabilities | 21621 | 70973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liability, net | 57277 | 58343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable pursuant to tax receivable agreement | 181945 | 181544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 810045 | 860407 |
| REDEEMABLE NONCONTROLLING INTERESTS | 69831 | 70155 |
| CAPITAL: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A common shares; No par value; Issued and outstanding: March 31, 2026—72,320,181 shares; December 31, 2025—71,100,768 shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B common shares; No par value; Issued and outstanding: March 31, 2026—76,096,410 shares; December 31, 2025—76,096,410 shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributed capital | 617784 | 616751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings  | 225816 | 228043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (1551) | (1549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total members' capital | 842049 | 843245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 1465542 | 1475196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital | 2307591 | 2318441 |
| TOTAL | $3187467 | $3249003 |

---

------

**FIVE POINT HOLDINGS, LLC**

**SUPPLEMENTAL DATA**

**(In thousands)**

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

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

---

| | |
|:---|:---|
| | **March 31, 2026** |
| Cash and cash equivalents | $332566 |
| Borrowing capacity<sup>(1)</sup> | 217500 |
| Total liquidity | $550066 |

---

(1) As of March 31, 2026, no borrowings or letters of credit were outstanding on the Company's $217.5 million revolving credit facility.

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

---

| | |
|:---|:---|
| | **March 31, 2026** |
| Debt<sup>(1)</sup> | $450000 |
| Total capital | 2307591 |
| Total capitalization | $2757591 |
| **Debt to total capitalization** | **16.3%** |
| Debt<sup>(1)</sup> | $450000 |
| Less: Cash and cash equivalents | 332566 |
| Net debt | 117434 |
| Total capital | 2307591 |
| Total net capitalization | $2425025 |
| **Net debt to total capitalization**<sup>(2)</sup> | **4.8%** |

---

(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 table reconciles the results of operations of our segments to our consolidated results for the three months ended March 31, 2026 (in thousands):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Valencia** | **San Francisco** | **Great Park** | **Hearthstone** | **Total reportable segments** | **Corporate and unallocated** | **Total under management** | **Removal of unconsolidated entities**<sup>(1)</sup> | **Total consolidated** |
| REVENUES: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Land sales | $— | $— | $3607 | $— | $3607 | $— | $3607 | $(3607) | $— |
| &nbsp;&nbsp;&nbsp;Land sales—related party |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Management services—related party<sup>(2)</sup> |  |  | 6856 | 6128 | 12984 |  | 12984 |  | 12984 |
| &nbsp;&nbsp;&nbsp;Operating properties | 420 | 177 |  |  | 597 |  | 597 |  | 597 |
| Total revenues | 420 | 177 | 10463 | 6128 | 17188 |  | 17188 | (3607) | 13581 |
| COSTS AND EXPENSES: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Land sales |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Management services<sup>(2)</sup> |  |  | 2111 | 4783 | 6894 |  | 6894 |  | 6894 |
| &nbsp;&nbsp;&nbsp;Operating properties | 1580 |  |  |  | 1580 |  | 1580 |  | 1580 |
| &nbsp;&nbsp;&nbsp;Selling, general, and administrative | 2500 | 1561 | 1150 |  | 5211 | 10688 | 15899 | (1150) | 14749 |
| &nbsp;&nbsp;&nbsp;Management fees—related party |  |  | 7130 |  | 7130 |  | 7130 | (7130) |  |
| Total costs and expenses | 4080 | 1561 | 10391 | 4783 | 20815 | 10688 | 31503 | (8280) | 23223 |
| OTHER INCOME: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income |  | 1 | 1869 | 14 | 1884 | 3252 | 5136 | (1869) | 3267 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 608 |  |  |  | 608 |  | 608 |  | 608 |
| Total other income | 608 | 1 | 1869 | 14 | 2492 | 3252 | 5744 | (1869) | 3875 |
| EQUITY IN EARNINGS (LOSS) FROM UNCONSOLIDATED ENTITIES | 207 |  |  | 302 | 509 | 397 | 906 | (1051) | (145) |
| SEGMENT (LOSS) PROFIT/LOSS BEFORE INCOME TAX BENEFIT | (2845) | (1383) | 1941 | 1661 | (626) | (7039) | (7665) | 1753 | (5912) |
| INCOME TAX BENEFIT |  |  |  |  |  | 942 | 942 |  | 942 |
| SEGMENT (LOSS) PROFIT/NET LOSS | $(2845) | $(1383) | $1941 | $1661 | $(626) | $(6097) | $(6723) | $1753 | $(4970) |

---

(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.

(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 loss from our investment in the Great Park Venture that is reflected in the condensed consolidated statement of operations for the three months ended March 31, 2026 (in thousands):

---

| | |
|:---|:---|
| Segment profit from operations | $1941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less net income of management company attributed to the Great Park segment | 4745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Net loss of the Great Park Venture* | (2804) |
| The Company's share of net loss of the Great Park Venture | (1051) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis difference amortization, net |  |
| Equity in loss from the Great Park Venture | $(1051) |

---