Revenue
$110Mlow FY2016
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FPH, Five Point Holdings LLC Class A
We are a holding company and our only investment is our interest in the operating company, we will only be able to pay distributions from funds we receive from the operating company.
The graph assumes $100 was invested at the market close on December 31, 2020 in our Class A common shares, the S&P 500 and the S&P Homebuilders Select Industry Index, and the reinvestment of all dividends.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$110M
−53.8% YoY · −6% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $13M +2.4% vs yr-ago qtr
Net income ($5M) yr-ago $61M
Net margin −38.1% yr-ago 475.8%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is Great Park (49%), Valencia (39%) and Hearthstone (11%).
- What moves the needle
- Occupancy, rents, and the cost of debt. Read on funds from operations and net asset value, because GAAP depreciation distorts the earnings, and a property downturn meets a balance sheet built on leverage. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Revenue spreads across 4 segments, the largest Great Park at 49%.
Revenue by reportable segment, FY2025
- Great Park49%$54M
- Valencia39%$43M
- Hearthstone11%$12M
- San Francisco0%$0
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $39M | $139M | $49M | $184M | $154M | $224M | $43M | $212M | $238M | $110M | $110M | RevenueRevenue |
| ($33M) | $73M | ($35M) | $9M | ($428K) | $7M | ($15M) | $55M | $68M | $71M | $45M | Net incomeNet inc. |
| Cash flow & returns | |||||||||||
| ($30M) | $75M | ($28M) | $30M | $14M | $33M | $2M | $75M | $88M | $80M | $54M | Funds from operationsFFO |
| Balance sheet | |||||||||||
| $1.4B | $1.5B | $1.7B | $1.9B | $2.0B | $2.1B | $2.3B | $2.2B | $2.3B | $2.5B | $2.5B | Real estate (gross)RE gross |
| $2.1B | $3.0B | $2.9B | $3.0B | $3.0B | $2.9B | $2.9B | $3.0B | $3.1B | $3.2B | $3.2B | Total assetsAssets |
| — | 19% | 19% | 21% | 21% | 21% | 22% | 21% | 17% | 14% | 14% | Debt / assetsDebt/assets |
| $69M | $561M | $557M | $616M | $618M | $619M | $621M | $622M | $526M | $443M | $444M | Total debtDebt |
| $7M | ($288M) | $61M | $269M | $319M | $354M | $489M | $268M | $95M | $18M | $111M | Net debt / (cash)Net debt |
| $1.5B | $1.9B | $1.8B | $1.9B | $1.9B | $1.9B | $1.9B | $2.0B | $2.2B | $2.3B | $2.3B | Shareholders’ equityEquity |
The year, in the company's words
the filing →Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.
- Revenue-53.8%
“Revenues decreased by $127.9 million, to $110.0 million for the year ended December 31, 2025, from $237.9 million for the year ended December 31, 2024. The decrease in revenues was primarily due to lower land sales at our Valencia segment in 2025 compared to 2024 and a decrease in management services revenue at our Great Park segment in 2025, partially offset by management services revenue recognized at our new Hearthstone segment.”
✓ figure matches the filed record
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Is it a good business?
- the REIT earnings measureNet income $71M + depreciation $9M
What this means
GAAP net income with property depreciation added back, because the buildings a REIT charges against earnings usually hold or grow their value. This, not net income, is what a REIT is actually priced on. It is an approximation here: where a filing reports gains on property sales, we remove them, the way the NAREIT definition does.
- Not enough data
What this means
FFO or dividends missing.
Is it sound?
- Debt / assets 14%ConservativeTotal debt $443M ÷ assets $3.2BIndustry peers: median 33%
What this means
Every REIT runs on leverage; how much is the question. Heavy debt is what turns a property downturn into a wipeout, as 2008 showed, so a conservative balance sheet is part of the moat here, not a drag on it.
- Not enough data
What this means
Operating income or interest is missing, or operating income sits far below net income (a triple-net REIT's lease income bypasses the operating line), so an EBITDA coverage would mislead — read it on net income against the interest bill, and on debt / assets, instead.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2021 | Emile Haddad | $9.2M | $8.7M | ($82M) |
| 2021 | Lynn Jochim | $4.4M | $4.2M | ($82M) |
| 2022 | Daniel Hedigan | $2.9M | $2.4M | ($188M) |
| 2022 | Lynn Jochim | $1.1M | $266k | ($188M) |
| 2023 | Daniel Hedigan | $4.0M | $4.5M | $154M |
| 2024 | Daniel Hedigan | $4.3M | $5.7M | $115M |
| 2025 | Daniel Hedigan | $8.2M | $11.8M | $105M |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Insider ownership16.7%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$8M
The slice of the business handed to employees in shares this year, 7% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Specialty REITs
The same industry, side by side on the REIT lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | FFO margin | FFO / assets | Payout (FFO) | Debt / assets |
|---|---|---|---|---|---|
| MRPMillrose Properties Inc. | $600M | — | — | — | 23% |
| JOESt. Joe Company (The) | $513M | 33% | 7.0% | 21% | 26% |
| FPHFive Point Holdings LLC Class A | $110M | 15% | 1.0% | — | 21% |
| LANDGladstone Land Corporation | $88M | 43% | 2.3% | 50% | 54% |
| FPIFarmland Partners Inc. | $52M | 22% | 1.2% | 81% | 45% |
| TRCTejon Ranch Co | $50M | 18% | 1.3% | — | 12% |
| SKYHSky Harbour Group Corporation | $28M | -183% | -3.5% | — | 40% |
| MLPMaui Land & Pineapple Company Inc. | $19M | -16% | -4.3% | — | — |
| Group median | — | 18% | 1.2% | — | 26% |
The price
What a price has to assume.
What the price implies
reverse-DCFA reit / real estate isn't read on an owner-earnings DCF; its economics live on the balance sheet (book value, the return earned on it, and the cash the assets throw off).
Cite: Owner Scorecard, "Five Point Holdings LLC Class A (FPH), the owner's record," https://ownerscorecard.com/c/FPH, data as of 2026-07-09.
Manual order: ← FOXF its page in the Manual FPI →
Industry order: ← FOR the Real Estate Development & Services chapter FRPH →