Five Point Holdings, LLC Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Five Point Holdings, LLC filed its Q1 2024 10-Q report on April 22, 2024.</b>

AI Summary

Five Point Holdings, LLC (FPH) filed a Quarterly Report (10-Q) with the SEC on April 22, 2024. Filing is a 10-Q for the quarterly period ending March 31, 2024. The company is incorporated in Delaware and operates in the Real Estate sector. Fiscal year end is December 31. Business and mailing address is 2000 FIVEPOINT, 4TH FLOOR, IRVINE, CA 92618. Phone number is (949) 349-1000.

Why It Matters

For investors and stakeholders tracking Five Point Holdings, LLC, this filing contains several important signals. This filing provides an update on the company's financial performance and operational status for the first quarter of 2024. Investors and analysts can use this report to assess the company's current financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: low — Five Point Holdings, LLC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments.

Analyst Insight

Monitor future filings for detailed financial results, segment performance, and any updates on strategic initiatives or market conditions affecting Five Point Holdings.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-04-22 — Filing Date (Filed as of Date)
• 1231 — Fiscal Year End (Fiscal Year End)
• 270599397 — IRS Number (IRS Number)
• 001-38088 — SEC File Number (SEC File Number)
• 24859108 — Film Number (Film Number)

Key Players & Entities

• Five Point Holdings, LLC (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-04-22 (date) — Filed as of date
• 2000 FIVEPOINT, 4TH FLOOR, IRVINE, CA 92618 (address) — Business address
• (949) 349-1000 (phone) — Business phone
• Newhall Holding Company, LLC (company) — Former company name
• 20130411 (date) — Date of name change
• 2024 Q1 (period) — Filing period

FAQ

Industry Context

Five Point Holdings operates in the Real Estate sector, specifically focusing on the development and management of large-scale communities.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular reporting of financial and operational information to the SEC.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Analyze any disclosed risk factors or legal proceedings.
3. Compare Q1 2024 results with previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-22: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the 2024 fiscal year, providing the first set of quarterly results for the year.

Filing Documents

• fph-20240331.htm (10-Q) — 1272KB
• ex-311xfphx33124x10q.htm (EX-31.1) — 11KB
• ex-312xfphx33124x10q.htm (EX-31.2) — 11KB
• ex-321xfphx33124x10q.htm (EX-32.1) — 7KB
• ex-322xfphx33124x10q.htm (EX-32.2) — 7KB
• fph-20240331_g1.jpg (GRAPHIC) — 57KB
• 0001574197-24-000063.txt (&nbsp;) — 7521KB
• fph-20240331.xsd (EX-101.SCH) — 57KB
• fph-20240331_cal.xml (EX-101.CAL) — 54KB
• fph-20240331_def.xml (EX-101.DEF) — 410KB
• fph-20240331_lab.xml (EX-101.LAB) — 552KB
• fph-20240331_pre.xml (EX-101.PRE) — 493KB
• fph-20240331_htm.xml (XML) — 1000KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements 1 Unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 202 3 1 Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 20 23 3 Unaudited Condensed Consolidated Statements of Capital for the three months e nded March 31, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 ITEM 4.

Controls and Procedures

Controls and Procedures 34

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 35 ITEM 1A.

Risk Factors

Risk Factors 35 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 ITEM 3. Defaults Upon Senior Securities 35 ITEM 4. Mine Safety Disclosures 35 ITEM 5. Other Information 35 ITEM 6. Exhibits 36

Signatures

Signatures 37 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This report 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. This report may contain forward-looking statements regarding: our expectations of our future revenues, costs and financial performance; the impact of inflation and interest rates; future demographics and market conditions, including housing supply levels, in the areas where our communities are located; the outcome of pending litigation and its effect on our operations; the timing of our development activities; and the timing of future real estate purchases or sales, including anticipated deliveries of homesites and anticipated amenities in our communities. We caution you that any forward-looking statements presented in this report 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. We believe these risks and uncertainties include, but are not limited to, the following: uncertainties and risks related to public health issues such as a major epidemic or pandemic; risks associated with the real estate industry; downturns in economic conditions or demographic changes at the national, regional or local levels, particularly in the areas where our properties are located; uncertainty and risks related to zoning and land use laws and regulations, including environmental planning and protection laws; risks associated with

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements FIVE POINT HOLDINGS, LLC CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except shares) (Unaudited) March 31, 2024 December 31, 2023 ASSETS INVENTORIES $ 2,250,070 $ 2,213,479 INVESTMENT IN UNCONSOLIDATED ENTITIES 246,406 252,816 PROPERTIES AND EQUIPMENT, NET 29,104 29,145 INTANGIBLE ASSET, NET—RELATED PARTY 23,190 25,270 CASH AND CASH EQUIVALENTS 232,684 353,801 RESTRICTED CASH AND CERTIFICATES OF DEPOSIT 992 992 RELATED PARTY ASSETS 81,759 83,970 OTHER ASSETS 7,528 9,815 TOTAL $ 2,871,733 $ 2,969,288 LIABILITIES AND CAPITAL LIABILITIES: Notes payable, net $ 523,321 $ 622,186 Accounts payable and other liabilities 77,853 81,649 Related party liabilities 76,128 78,074 Deferred income tax liability, net 7,975 7,067 Payable pursuant to tax receivable agreement 173,351 173,208 Total liabilities 858,628 962,184 COMMITMENTS AND CONTINGENT LIABILITIES (Note 11) REDEEMABLE NONCONTROLLING INTEREST 25,000 25,000 CAPITAL: Class A common shares; No par value; Issued and outstanding: March 31, 2024— 69,358,504 shares; December 31, 2023— 69,199,938 shares Class B common shares; No par value; Issued and outstanding: March 31, 2024— 79,233,544 shares; December 31, 2023— 79,233,544 shares Contributed capital 592,227 591,606 Retained earnings 91,106 88,780 Accumulated other comprehensive loss ( 2,327 ) ( 2,332 ) Total members' capital 681,006 678,054 Noncontrolling interests 1,307,099 1,304,050 Total capital 1,988,105 1,982,104 TOTAL $ 2,871,733 $ 2,969,288 See accompanying notes to unaudited condensed consolidated financial statements. 1 Table of Contents FIVE POINT HOLDINGS, LLC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) (Unaudited) Three Months Ended March 31, 2024 2023 REVENUES: Land sales $ 535 $ ( 25 ) Land sales—related party ( 3 ) 624 Management services—related party 8,726 4,236 Operating prope

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