Five Point Holdings Files Q2 2024 10-Q

TL;DR

Five Point Holdings Q2 2024 10-Q is in. Check financials.

AI Summary

Five Point Holdings, LLC filed its 10-Q for the period ending June 30, 2024. The filing details financial information for the second quarter of 2024, including balance sheet and income statement data. The company, based in Irvine, CA, operates in the real estate sector.

Why It Matters

This filing provides investors with an update on Five Point Holdings' financial performance and position as of the end of the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a real estate developer, Five Point Holdings is subject to market fluctuations and economic conditions that can impact its financial performance.

Key Numbers

• 2024 Q2 — Fiscal Quarter (Reporting period for the 10-Q filing)
• 1231 — Fiscal Year End (Indicates the end of the company's fiscal year)

Key Players & Entities

• Five Point Holdings, LLC (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• Irvine, CA (location) — Company's business address
• 2000 FIVEPOINT, 4TH FLOOR (address) — Company's business address

FAQ

Filing Documents

• fph-20240630.htm (10-Q) — 1793KB
• ex-311xfphx63024x10q.htm (EX-31.1) — 12KB
• ex-312xfphx63024x10q.htm (EX-31.2) — 12KB
• ex-321xfphx63024x10q.htm (EX-32.1) — 7KB
• ex-322xfphx63024x10q.htm (EX-32.2) — 7KB
• fph-20240630_g1.jpg (GRAPHIC) — 57KB
• 0001574197-24-000073.txt ( ) — 8697KB
• fph-20240630.xsd (EX-101.SCH) — 59KB
• fph-20240630_cal.xml (EX-101.CAL) — 54KB
• fph-20240630_def.xml (EX-101.DEF) — 407KB
• fph-20240630_lab.xml (EX-101.LAB) — 563KB
• fph-20240630_pre.xml (EX-101.PRE) — 491KB
• fph-20240630_htm.xml (XML) — 1306KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements 1 Unaudited Condensed Consolidated Balance Sheets as of June 30 , 2024 and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the three months and six months ended June 3 0 , 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Comprehensive Income for the three months and six months ended June 30 , 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Capital for the three months and six months ended June 30 , 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30 , 2024 and 2023 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 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 25 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 ITEM 4.

Controls and Procedures

Controls and Procedures 39

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 41 ITEM 1A.

Risk Factors

Risk Factors 41 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 ITEM 3. Defaults Upon Senior Securities 41 ITEM 4. Mine Safety Disclosures 41 ITEM 5. Other Information 41 ITEM 6. Exhibits 42

Signatures

Signatures 43 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: 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 development and construction projects; adverse developments in the economic, political, compe

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) June 30, 2024 December 31, 2023 ASSETS INVENTORIES $ 2,292,264 $ 2,213,479 INVESTMENT IN UNCONSOLIDATED ENTITIES 237,777 252,816 PROPERTIES AND EQUIPMENT, NET 29,359 29,145 INTANGIBLE ASSET, NET—RELATED PARTY 13,728 25,270 CASH AND CASH EQUIVALENTS 217,387 353,801 RESTRICTED CASH AND CERTIFICATES OF DEPOSIT 992 992 RELATED PARTY ASSETS 120,551 83,970 OTHER ASSETS 8,081 9,815 TOTAL $ 2,920,139 $ 2,969,288 LIABILITIES AND CAPITAL LIABILITIES: Notes payable, net $ 524,104 $ 622,186 Accounts payable and other liabilities 83,267 81,649 Related party liabilities 74,173 78,074 Deferred income tax liability, net 12,917 7,067 Payable pursuant to tax receivable agreement 173,351 173,208 Total liabilities 867,812 962,184 COMMITMENTS AND CONTINGENT LIABILITIES (Note 11) REDEEMABLE NONCONTROLLING INTEREST 25,000 25,000 CAPITAL: Class A common shares; No par value; Issued and outstanding: June 30, 2024— 69,358,504 shares; December 31, 2023— 69,199,938 shares Class B common shares; No par value; Issued and outstanding: June 30, 2024— 79,233,544 shares; December 31, 2023— 79,233,544 shares Contributed capital 593,211 591,606 Retained earnings 105,828 88,780 Accumulated other comprehensive loss ( 2,321 ) ( 2,332 ) Total members' capital 696,718 678,054 Noncontrolling interests 1,330,609 1,304,050 Total capital 2,027,327 1,982,104 TOTAL $ 2,920,139 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 REVENUES: Land sales $ 307 $ 16 $ 842 $ ( 9 ) Land sales—related party 3 ( 29 ) — 595 Management se

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View this 10-Q filing on SEC EDGAR