Five Point Holdings, LLCFPH
Five Point Holdings, LLC Segments Disclosure
SEGMENT REPORTING
The Company’s reportable segments consist of:
• Valencia—includes the community of Valencia being developed in northern Los Angeles County, California. The Valencia segment derives revenues from the sale of residential and commercial land sites to homebuilders, commercial developers and commercial buyers.
• San Francisco—includes the Candlestick and The San Francisco Shipyard communities located on bayfront property in the City of San Francisco, California. The San Francisco segment derives revenues from the sale of residential and commercial land sites to homebuilders, commercial developers and commercial buyers.
• Great Park—includes Great Park Neighborhoods being developed adjacent to and around the Orange County Great Park, a metropolitan park under construction in Orange County, California. This segment also includes management services provided by the Management Company to the Great Park Venture, the owner of the Great Park Neighborhoods. As of December 31, 2025, the Company had a 37.5% Percentage Interest in the Great Park Venture and accounted for the investment under the equity method. The reported segment information for the Great Park segment includes the results of 100% of the Great Park Venture at the historical basis of the venture, which did not apply push down accounting at acquisition date. The Great Park segment derives revenues at the Great Park Neighborhoods from sales of residential and commercial land sites to homebuilders, commercial developers and commercial buyers and management services provided by the Company to the Great Park Venture.
• Hearthstone—includes the Hearthstone Venture residential asset management platform focused on managing residential land banking programs across multiple U.S. markets. The Hearthstone segment derives revenues from management fees.
The Company’s chief operating decision maker (“CODM”) is the Company’s President and Chief Executive Officer. The CODM seeks to allocate resources to the Company’s segments with the objective of maximizing value by managing capital and overhead spend with revenue opportunities. Segment profit is a measure that the CODM uses in the process of monitoring the performance of each segment and making operating decisions to best achieve those objectives.
Segment operating results and reconciliations to the Company’s consolidated balances for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):
Year ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Valencia | San Francisco | Great Park | Hearthstone | Total reportable segments | Removal of Great Park Venture(1) | Add investment in Great Park Venture | Corporate and unallocated(2) | Total Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
| Revenues | $ | 44,017 | $ | 699 | $ | 879,171 | $ | 11,792 | $ | 935,679 | $ | (825,659) | $ | — | $ | — | $ | 110,020 | |||||||||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of land sales | 29,719 | — | 195,900 | — | 225,619 | (195,900) | — | — | 29,719 | ||||||||||||||||||||||||||||||||||||||||||||
| Management services | — | — | 12,058 | 8,331 | 20,389 | — | — | — | 20,389 | ||||||||||||||||||||||||||||||||||||||||||||
| Selling, general, and administrative | 11,142 | 5,435 | 9,621 | — | 26,198 | (9,621) | — | 44,040 | 60,617 | ||||||||||||||||||||||||||||||||||||||||||||
| Management fees-related party | — | — | 43,013 | — | 43,013 | (43,013) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other segment items(3) | 5,403 | (25) | (7,354) | (421) | (2,397) | 7,354 | (201,289) | 12,093 | (184,239) | ||||||||||||||||||||||||||||||||||||||||||||
| Segment profit (loss) / Net income (loss) | (2,247) | (4,711) | 625,933 | 3,882 | 622,857 | (584,479) | 201,289 | (56,133) | 183,534 | ||||||||||||||||||||||||||||||||||||||||||||
| Other segment disclosures: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 50 | — | 4,645 | 815 | 5,510 | — | — | 236 | 5,746 | ||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | 25 | 7,354 | 24 | 7,403 | (7,354) | — | 17,205 | 17,254 | ||||||||||||||||||||||||||||||||||||||||||||
| Segment assets | 1,000,295 | 1,479,713 | 449,637 | 122,081 | 3,051,726 | (368,781) | 100,953 | 465,105 | 3,249,003 | ||||||||||||||||||||||||||||||||||||||||||||
| Inventory assets | 963,661 | 1,479,618 | 153,117 | — | 2,596,396 | (153,117) | — | — | 2,443,279 | ||||||||||||||||||||||||||||||||||||||||||||
Expenditures for long-lived assets(4) | 116,926 | 57,710 | 72,900 | — | 247,536 | (72,900) | — | — | 174,636 | ||||||||||||||||||||||||||||||||||||||||||||
(1) Represents the removal of the Great Park Venture operating results and balances which are included in the Great Park segment operating results and balances at 100% of its historical basis, but are not included in the Company’s consolidated results and balances as the Company accounts for its 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 (see Note 5), 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) Corporate and unallocated activity is primarily comprised of corporate general and administrative expenses, interest income, income tax provision of $28.9 million, loss on debt extinguishment and equity in earnings from the Gateway Commercial Venture. Corporate and unallocated assets consist of cash and cash equivalents, investment in the Gateway Commercial Venture, leasehold improvements, ROU assets, prepaid expenses and deferred financing costs.
(3) Other segment items for each reportable segment include:
• Valencia—operating properties expenses, pension benefit, miscellaneous other income and equity in earnings from unconsolidated entities.
• San Francisco—interest income.
• Great Park—interest income.
• Hearthstone—interest income and equity in earnings from Hearthstone Funds.
(4) Expenditures for long-lived assets are net of inventory cost reimbursements and other inventory cost recoveries and include noncash project accruals and capitalized interest. For the year ended December 31, 2025, Valencia’s net expenditures include $8.3 million, San Francisco’s net expenditures include $1.1 million and Great Park Venture’s net expenditures include $63.8 million in inventory cost reimbursements and recoveries received.
Year ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
| Valencia | San Francisco | Great Park | Total reportable segments | Removal of Great Park Venture(1) | Add investment in Great Park Venture | Corporate and unallocated(2) | Total Consolidated | ||||||||||||||||||||||||||||||||||||||||
| Revenues | $ | 140,844 | $ | 678 | $ | 708,761 | $ | 850,283 | $ | (612,806) | $ | — | $ | 449 | $ | 237,926 | |||||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||||||||
| Cost of land sales | 90,109 | — | 144,876 | 234,985 | (144,876) | — | — | 90,109 | |||||||||||||||||||||||||||||||||||||||
| Management services | — | — | 23,852 | 23,852 | — | — | — | 23,852 | |||||||||||||||||||||||||||||||||||||||
| Selling, general, and administrative | 10,356 | 4,883 | 11,033 | 26,272 | (11,033) | — | 35,994 | 51,233 | |||||||||||||||||||||||||||||||||||||||
| Management fees-related party | — | — | 113,934 | 113,934 | (113,934) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other segment items(3) | 4,700 | (69) | (6,221) | (1,590) | 6,221 | (119,787) | 10,254 | (104,902) | |||||||||||||||||||||||||||||||||||||||
| Segment profit (loss) / Net income (loss) | 35,679 | (4,136) | 421,287 | 452,830 | (349,184) | 119,787 | (45,799) | 177,634 | |||||||||||||||||||||||||||||||||||||||
| Other segment disclosures: | |||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 38 | — | 16,233 | 16,271 | — | — | 298 | 16,569 | |||||||||||||||||||||||||||||||||||||||
| Interest income | — | 69 | 6,221 | 6,290 | (6,221) | — | 10,789 | 10,858 | |||||||||||||||||||||||||||||||||||||||
| Segment assets | 914,583 | 1,424,819 | 670,906 | 3,010,308 | (562,598) | 151,647 | 477,060 | 3,076,417 | |||||||||||||||||||||||||||||||||||||||
| Inventory assets | 876,172 | 1,421,908 | 274,738 | 2,572,818 | (274,738) | — | — | 2,298,080 | |||||||||||||||||||||||||||||||||||||||
Expenditures for long-lived assets(4) | 111,493 | 64,003 | 26,346 | 201,842 | (26,346) | — | — | 175,496 | |||||||||||||||||||||||||||||||||||||||
(1) Represents the removal of the Great Park Venture operating results and balances which are included in the Great Park segment operating results and balances at 100% of its historical basis, but are not included in the Company’s consolidated results and balances as the Company accounts for its 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 (see Note 5), 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) Corporate and unallocated activity is primarily comprised of corporate general and administrative expenses, interest income, income tax provision of $27.5 million, Senior Notes exchange costs and equity in earnings from the Gateway Commercial Venture. Corporate and unallocated assets consist of cash and cash equivalents, investment in the Gateway Commercial Venture, leasehold improvements, ROU assets, prepaid expenses and deferred financing costs.
(3) Other segment items for each reportable segment include:
• Valencia—operating properties expenses, pension costs and equity in earnings from unconsolidated entities.
• San Francisco—interest income.
• Great Park—interest income.
(4) Expenditures for long-lived assets are net of inventory cost reimbursements and other inventory cost recoveries and include noncash project accruals and capitalized interest. For the year ended December 31, 2024, Valencia’s net expenditures include $10.1 million, San Francisco’s net expenditures include $1.1 million and Great Park Venture’s net expenditures include $167.3 million in inventory cost reimbursements and recoveries received.
Year ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
| Valencia | San Francisco | Great Park | Total reportable segments | Removal of Great Park Venture(1) | Add investment in Great Park Venture | Corporate and unallocated(2) | Total Consolidated | ||||||||||||||||||||||||||||||||||||||||
| Revenues | $ | 163,457 | $ | 654 | $ | 602,015 | $ | 766,126 | $ | (554,825) | $ | — | $ | 431 | $ | 211,732 | |||||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||||||||
| Cost of land sales | 105,651 | — | 237,309 | 342,960 | (237,309) | — | — | 105,651 | |||||||||||||||||||||||||||||||||||||||
| Management services | — | — | 22,170 | 22,170 | — | — | — | 22,170 | |||||||||||||||||||||||||||||||||||||||
| Selling, general, and administrative | 11,577 | 3,989 | 10,927 | 26,493 | (10,927) | — | 35,929 | 51,495 | |||||||||||||||||||||||||||||||||||||||
| Management fees-related party | — | — | 65,395 | 65,395 | (65,395) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other segment items(3) | 4,593 | (22) | (9,416) | (4,845) | 9,416 | (78,947) | (6,924) | (81,300) | |||||||||||||||||||||||||||||||||||||||
| Segment profit (loss) / Net income (loss) | 41,636 | (3,313) | 275,630 | 313,953 | (250,610) | 78,947 | (28,574) | 113,716 | |||||||||||||||||||||||||||||||||||||||
| Other segment disclosures: | |||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 3 | — | 14,987 | 14,990 | — | — | 986 | 15,976 | |||||||||||||||||||||||||||||||||||||||
| Interest income | — | 22 | 7,490 | 7,512 | (7,490) | — | 7,208 | 7,230 | |||||||||||||||||||||||||||||||||||||||
| Segment assets | 895,983 | 1,360,036 | 710,665 | 2,966,684 | (619,199) | 213,786 | 408,017 | 2,969,288 | |||||||||||||||||||||||||||||||||||||||
| Inventory assets | 855,574 | 1,357,905 | 391,352 | 2,604,831 | (391,352) | — | — | 2,213,479 | |||||||||||||||||||||||||||||||||||||||
Expenditures for long-lived assets(4) | 34,066 | 46,708 | 21,004 | 101,778 | (21,004) | — | — | 80,774 | |||||||||||||||||||||||||||||||||||||||
(1) Represents the removal of the Great Park Venture operating results and balances which are included in the Great Park segment operating results and balances at 100% of its historical basis, but are not included in the Company’s consolidated results and balances as the Company accounts for its 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 (see Note 5), the Company’s commercial segment is no longer operating. The Company has recast the segment presentation for the comparative prior period to report the equity in loss from the Company’s investment in the Gateway Commercial Venture within the corporate and unallocated column in the table above.
(2) Corporate and unallocated activity is primarily comprised of corporate general and administrative expenses, interest income, income tax benefit of $4.4 million, Senior Notes exchange costs and equity in loss from the Gateway Commercial Venture. Corporate and unallocated assets consist of cash and cash equivalents, investment in the Gateway Commercial Venture, leasehold improvements, ROU assets, prepaid expenses and deferred financing costs.
(3) Other segment items for each reportable segment include:
• Valencia—operating properties expenses, pension costs, miscellaneous other income and equity in earnings from unconsolidated entities.
• San Francisco—interest income.
• Great Park—interest income and equity in earnings from unconsolidated entities.
(4) Expenditures for long-lived assets are net of inventory cost reimbursements and other inventory cost recoveries and include noncash project accruals and capitalized interest. For the year ended December 31, 2023, Valencia’s net expenditures include $64.1 million, San Francisco’s net expenditures include $1.1 million and Great Park Venture’s net expenditures include $89.6 million in inventory cost reimbursements and recoveries received.
A third-party commercial builder represented one of the Company’s major customers during the year ended December 31, 2025, accounting for approximately $42.5 million, or 39%, of total consolidated revenues. Revenues generated from this customer were from the sale of industrial land in Valencia. A third-party home builder represented one of the Company’s major customers during the year ended December 31, 2024, accounting for approximately $31.2 million, or 13%, of total consolidated revenues. Revenues generated from this customer were from the sale of homesites and variable land sale consideration from profit participation and marketing fees in Valencia. An unaffiliated land banking entity that acquired homesites in Valencia in 2024 represented another one of the Company’s major customers during the year ended December 31, 2024 and accounted for approximately $76.9 million, or 32% of total consolidated revenues. Lennar retained the option to acquire these homesites in the future from the unaffiliated land banking entity and has historically exercised its options to acquire such homesites. Two third-party home builders represented major customers of the Company during the year ended December 31, 2023, accounting for approximately $39.4 million, or 19%, and $21.7 million, or 10%, of total consolidated revenues, respectively. Revenues generated from these customers were from the sale of homesites and variable land sale consideration from profit participation and marketing fees in Valencia. An unaffiliated land banking entity that acquired homesites in Valencia in 2023 represented one of the Company’s major customers during the year ended December 31, 2023 and accounted for approximately $101.8 million, or 48%, of total consolidated revenues. Lennar retained the option to acquire these homesites in the future from the unaffiliated land banking entity and has historically exercised its options to acquire such homesites. The Great Park Venture represented another of the Company’s major customers for the years ended December 31, 2025, 2024 and 2023, and accounted for approximately $53.5 million, or 49%, $96.0 million, or 40%, and $47.2 million, or 22%, of total consolidated revenues, respectively. These revenues represented management services revenues and were reported in the Great Park segment.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 6, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Mar 4, 2024 | |
| 2022 | Mar 6, 2023 | |
| 2021 | Mar 11, 2022 | |
| 2020 | Mar 10, 2021 | |
| 2019 | Mar 13, 2020 | |
| 2018 | Mar 14, 2019 | |
| 2017 | Mar 30, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.