The Howard Hughes Corporation of California, developing large master-planned communities.

• Residential and Commercial Land Sales: Sells developed land sites to homebuilders, commercial developers, and commercial buyers.
• Commercial Property Ownership and Operation: Owns and operates commercial properties, including office and medical campuses.
• Development Services: Provides expertise in the development of mixed-use and planned communities.
• Property Management Services: Offers management services for various properties within its communities.

• Lennar Corporation (LEN)
• Commercial Real Estate Management, Inc.

Daniel Hedigan, President and Chief Executive Officer

Daniel Hedigan was appointed CEO of Five Point Holdings, LLC in February 2022. He brings over 40 years of experience in the residential real estate sector and expertise in mixed-use planned communities. Prior to joining Five Point, Mr. Hedigan served as President of Land Sales & Home Building at The Irvine Company from 2013 to 2021, where he oversaw all aspects of development, including design, project management, construction, customer service, sales, and marketing teams. He holds a J.D. and a Master's Degree in Economics from the University of California, Los Angeles, and a B.A. in Economics and Political Science from the University of California, Irvine.

Kim Tobler, Chief Financial Officer, Treasurer and Vice President

Kim Tobler was appointed Chief Financial Officer, Treasurer, and Vice President of Five Point Holdings, LLC in September 2023. He has over 35 years of experience primarily in real estate tax, financial reporting, and corporate finance. Mr. Tobler previously served as Five Point's Vice President – Treasury and Tax since 2016. Before his tenure at Five Point, he was a tax partner at Ernst & Young LLP from 2008 to 2016 and also from 1995 to 2003. Additionally, from 2003 to 2008, he held the position of Senior Vice President – Finance and Reporting at The Irvine Company. He earned a B.S. and a Master's degree in Accounting from Brigham Young University.

Michael Alvarado, Chief Operating Officer, Chief Legal Officer, Vice President and Secretary

Michael Alvarado serves as the Chief Operating Officer, Chief Legal Officer, Vice President, and Secretary for Five Point Holdings, LLC.

Greg McWilliams, Chief Policy Officer and Vice President

Greg McWilliams holds the position of Chief Policy Officer and Vice President at Five Point Holdings, LLC.

Emile Haddad, Chairman Emeritus

Emile Haddad is the Chairman Emeritus and was previously the Chairman and CEO of Five Point Holdings, LLC. An entrepreneur by background, he started a business in Beirut focused on weatherproofing buildings. After moving to the U.S., he rose to become the Chief Investment Officer at Lennar. Mr. Haddad has also served as Chairman at UCLA and the UC Irvine Foundation.

The key risks to Five Point Holdings, LLC (FPH) primarily revolve around its sensitivity to market conditions and the inherent challenges of large-scale development projects.

1. Sensitivity to Interest Rates: A primary risk factor for Five Point Holdings is the adverse scenario of higher interest rates. Elevated interest rates tend to reduce demand for new properties and homes, which directly impacts the company's core business of selling residential and commercial land sites. Five Point was significantly affected by the surge of inflation and interest rates in recent years, which dampened demand for new houses.
2. Volatile Earnings History and Choppy Performance: Five Point Holdings has demonstrated a volatile earnings history, having posted losses in several of the last ten years, and has underperformed the broad market over a five-year period. This inconsistent financial performance indicates challenges in maintaining stable profitability.
3. Long-Term Project Risks: The company's business model involves developing large, mixed-use planned communities, which inherently carry risks such as potential delays, cost overruns, and shifts in market conditions. Projects like those in Valencia and San Francisco entail substantial development costs and long timelines, making them susceptible to these challenges.

Five Point Holdings, LLC (FPH) operates in the land development sector, primarily focusing on mixed-use and planned communities in Orange County, Los Angeles County, and San Francisco County, California. Their main products and services involve selling residential and commercial land sites, operating commercial properties, and providing development and property management services. The addressable markets for their offerings can be understood through the overall land development market in California and the real estate activity in their key operating regions.

The overall land development industry in California is projected to be valued at approximately $2.2 billion in 2026.

Commercial Land Development and Property Operations

The broader California Commercial Building Market was valued at approximately USD 151.04 billion in 2024 and is projected to reach USD 154.86 billion in 2025. It is expected to grow to USD 198.85 billion by 2035, expanding at a compound annual growth rate (CAGR) of 2.53% from 2025 to 2035. California accounts for approximately 45% of the North American commercial building market. In 2023, direct spending on California commercial real estate was $22.6 billion, with top asset classes including warehouse ($8.8 billion), office ($6.8 billion), industrial ($5 billion), and retail ($2.02 billion).

Within Five Point's specific operating regions:

• In Orange County, California, combined sales of office, industrial, retail, and multifamily properties in the commercial real estate market totaled $2.8 billion year-to-date in Q3 2024. Industrial sales activity surged to $573 million in Q1 2025. The retail sector saw a sales volume of $479 million in Q2 2025, with year-to-date totals exceeding $1.1 billion.
• In Los Angeles County, California, the industrial market spans over 902.1 million square feet. The retail market has a total rentable building area of 317.6 million square feet.
• In San Francisco County, California, the office market inventory was 86.4 million square feet in September 2025, while the retail market inventory was 11.8 million square feet in Q2 2025. The San Francisco Bay Area was ranked #3 among U.S. metros for commercial real estate investment in CBRE's 2026 North America Investor Intentions Survey.

Residential Land Development

For residential markets, Five Point sells land to homebuilders. The scale of these markets in their operating regions provides context for the demand for their land products:

• In Orange County, California, the median home sale price was approximately $1.2 million to $1,299,999 in early 2026. The market is described as a seller's market and is expected to see modest appreciation of 1% to 3% in 2026.
• In Los Angeles County, California, the median home sale price was around $904,000 to $949,000 in early 2026. The market is considered balanced, trending towards a seller's market.
• In San Francisco County, California, the median home sale price was between $1.4 million and $1.5 million in early 2026. The average home value was $1,299,355 in February 2026. San Francisco County is also characterized as a seller's market.

Across California, new home sales were forecasted at 39,000 in 2024 for the markets tracked by John Burns Real Estate Consulting. The statewide median home price is projected to rise to approximately $905,000 in 2026. California had 14.88 million total housing units in 2024.

Expected Drivers of Future Revenue Growth for Five Point Holdings (FPH)

Over the next 2-3 years, Five Point Holdings, LLC (FPH) is expected to drive revenue growth through several key initiatives and market factors:

1. Expanded Land Sales in Key Master-Planned Communities: Five Point Holdings anticipates significant revenue generation from continued and expanded land sales in its core communities, including Great Park in Orange County, Valencia in Los Angeles County, and Candlestick in San Francisco. The company plans to expand active selling programs in Great Park and Valencia, and Candlestick is projected to begin generating meaningful sales in the coming years. For example, Five Point projects selling 20 acres in Valencia and 50 acres at The Great Park during 2026.
2. Growth of the Hearthstone Land Banking Platform: The acquisition and integration of the Hearthstone land banking platform is a strategic move to introduce new recurring revenue streams and expand Five Point's partnerships with institutional capital. This venture offers fee-based earnings growth and diversifies the company's earnings profile. Hearthstone's assets under management are projected to exceed $4 billion by the end of 2026, with a larger contribution to Five Point's net income expected in 2026 and beyond.
3. Commercial Land Conversion and Development: The company is exploring commercial land conversion opportunities, particularly in Irvine, to maximize value from its existing land holdings beyond residential sales. This strategy allows Five Point to monetize commercial sites within its mixed-use communities.
4. Increasing Management Fee Revenue: Five Point Holdings anticipates an increase in recurring management fee revenue. The annual base management fee is expected to rise from $12 million to $13.5 million through 2026, with projections suggesting this revenue stream could reach $30 million a year, providing a stable source of income.
5. Favorable Macroeconomic Conditions, Particularly Declining Mortgage Rates: While an external factor, a sustained decline in U.S. mortgage rates is expected to significantly improve housing affordability in California. This improvement is anticipated to boost demand from homebuyers, directly benefiting Five Point Holdings' land sales and overall revenue.

Capital Allocation Decisions for Five Point Holdings, LLC (FPH)

Share Repurchases

• Five Point Holdings, LLC had an authorized share repurchase program of up to $100,000,000, with $44,900,000 remaining as of February 1, 2025.
• Actual repurchases of common stock for the last few years include $2.0 million in 2021, $2.7 million in 2022, $0.2 million in 2023, and $0.8 million in 2024.

Share Issuance

• In February 2026, Five Point issued warrants to affiliates of Blue Owl Capital Inc. to purchase up to 1,500,000 Class A shares at $7.00 per share. These warrants vest over five years, contingent on Blue Owl's capital contributions to a land banking partnership reaching specific thresholds, from $500 million to $1.7 billion.
• In March 2026, an executive settled restricted share units (RSUs) into Class A common shares and received a grant of 179,372 Class A shares as compensation. In December 2025, the CFO received 36,423 Class A common shares from vested restricted share units as equity compensation.

Inbound Investments

• Five Point Holdings acquired a 75% interest in Hearthstone Residential Holdings, LLC for approximately $59.25 million in mid-2025.
• Following the Hearthstone acquisition, Five Point established a new residential land banking investment partnership with funds managed by Blue Owl Capital. This partnership aims to facilitate the acquisition of up to $1.7 billion of land in the U.S. housing market.
• Blue Owl's participation in the land banking partnership includes the potential to receive warrants for Five Point shares, which vest upon meeting cumulative capital contribution targets starting at $500 million and rising to $1.7 billion.

Capital Expenditures

• Capital expenditures were reported as $0.2 million in 2021, $0.1 million in 2022, $0.0 million in 2023, and $0.8 million in 2024.
• The primary focus of capital expenditures is on the development of mixed-use communities in coastal California, including the Great Park in Orange County, Valencia in Los Angeles County, and communities in San Francisco County.
• Development activities supported by capital allocation include significant residential land sales, such as 920 homesites for $781.7 million in 2025 at the Great Park Venture, and an industrial land sale for $42.5 million at Valencia.