Five Point Holdings Files Q3 2024 10-Q

Ticker: FPH · Form: 10-Q · Filed: Oct 18, 2024 · CIK: 1574197

Sentiment: neutral

Topics: real-estate, 10-Q, financial-reporting

TL;DR

Five Point Holdings filed its Q3 2024 10-Q. Financials are in.

AI Summary

Five Point Holdings, LLC filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and disclosures relevant to investors are presented in this report.

Why It Matters

This filing provides investors with the latest financial and operational performance of Five Point Holdings, LLC, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — As a real estate developer, Five Point Holdings is subject to market fluctuations, interest rate changes, and regulatory risks inherent in the industry.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Five Point Holdings, LLC?

Five Point Holdings, LLC is primarily involved in real estate development, as indicated by its SIC code 6500.

When was this 10-Q form filed with the SEC?

This 10-Q form was filed on October 18, 2024.

What is the reporting period covered by this 10-Q?

The reporting period covered by this 10-Q is for the fiscal quarter ending September 30, 2024.

Where is Five Point Holdings, LLC headquartered?

Five Point Holdings, LLC is located in Irvine, CA, with its business and mailing address at 2000 FIVEPOINT, 4TH FLOOR, IRVINE, CA 92618.

What was the previous company name for Five Point Holdings, LLC?

The former company name for Five Point Holdings, LLC was Newhall Holding Company, LLC, with a date of name change on April 11, 2013.

Filing Stats: 4,617 words · 18 min read · ~15 pages · Grade level 17.9 · Accepted 2024-10-18 16:18:12

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements 1 Unaudited Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the three months and nine months ended September 30, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Comprehensive Income for the three months and nine months ended September 30, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Capital for the three months and nine months ended September 30, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended Se ptember 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 26 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 ITEM 4.

Controls and Procedures

Controls and Procedures 41

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 42 ITEM 1A.

Risk Factors

Risk Factors 42 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 ITEM 3. Defaults Upon Senior Securities 42 ITEM 4. Mine Safety Disclosures 42 ITEM 5. Other Information 42 ITEM 6. Exhibits 43

Signatures

Signatures 44 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) September 30, 2024 December 31, 2023 ASSETS INVENTORIES $ 2,340,031 $ 2,213,479 INVESTMENT IN UNCONSOLIDATED ENTITIES 210,763 252,816 PROPERTIES AND EQUIPMENT, NET 29,466 29,145 INTANGIBLE ASSET, NET—RELATED PARTY 11,535 25,270 CASH AND CASH EQUIVALENTS 224,521 353,801 RESTRICTED CASH AND CERTIFICATES OF DEPOSIT 992 992 RELATED PARTY ASSETS 121,829 83,970 OTHER ASSETS 10,327 9,815 TOTAL $ 2,949,464 $ 2,969,288 LIABILITIES AND CAPITAL LIABILITIES: Notes payable, net $ 524,909 $ 622,186 Accounts payable and other liabilities 100,135 81,649 Related party liabilities 72,618 78,074 Deferred income tax liability, net 14,382 7,067 Payable pursuant to tax receivable agreement 173,351 173,208 Total liabilities 885,395 962,184 COMMITMENTS AND CONTINGENT LIABILITIES (Note 11) REDEEMABLE NONCONTROLLING INTEREST 25,000 25,000 CAPITAL: Class A common shares; No par value; Issued and outstanding: September 30, 2024— 69,358,504 shares; December 31, 2023— 69,199,938 shares Class B common shares; No par value; Issued and outstanding: September 30, 2024— 79,233,544 shares; December 31, 2023— 79,233,544 shares Contributed capital 594,204 591,606 Retained earnings 110,584 88,780 Accumulated other comprehensive loss ( 2,313 ) ( 2,332 ) Total members' capital 702,475 678,054 Noncontrolling interests 1,336,594 1,304,050 Total capital 2,039,069 1,982,104 TOTAL $ 2,949,464 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 REVENUES: Land sales $ 372 $ 60,694 $ 1,214 $ 60,685 Land sales—related p

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