Five Point recently released its 10-Q report. The company designs, develops and owns mixed-use planned communities in California, with operations organized around Valencia, San Francisco, Great Park and Hearthstone. It also sells residential and commercial land sites, provides development management services for Great Park, and offers asset management services to land banking funds focused on residential lot option programs.
In Item 2, management said the company conducts all of its business through Five Point Operating Company, LP, in which it owned about 65.3% as of June 30, 2026. The operating company holds interests in Valencia through Five Point Land, the San Francisco Venture, the Great Park Venture, the Gateway Commercial Venture, the management company that serves Great Park, and the Hearthstone Venture, which Five Point acquired a controlling financial interest in on July 31, 2025.
For the quarter ended June 30, 2026, Five Point reported consolidated net income of $29.9 million, up from $8.6 million a year earlier. Net income attributable to the company was $10.9 million, compared with $3.3 million in the prior-year quarter.
Revenue for the quarter was $13.9 million, up 86.0% from $7.5 million. The increase came mainly from management services revenue at the new Hearthstone segment and higher management services revenue at Great Park. Management services revenue from related parties was $14.7 million, up from $7.0 million.
Costs and expenses totaled $21.5 million, compared with $19.7 million a year earlier. Cost of management services rose to $5.6 million from $2.3 million, while SG&A fell to $14.3 million from $15.6 million.
Equity in earnings from unconsolidated entities jumped to $41.0 million from $17.1 million, driven mainly by Five Point’s share of earnings from the Great Park Venture. Pre-tax income was $36.1 million, producing a $6.2 million tax provision.
At June 30, 2026, Five Point had $348.4 million in cash and $217.5 million available under its revolving credit facility, for total liquidity of $565.9 million.
The Great Park Venture completed a sale of 17.7 acres of commercial land planned for a senior living retirement community for $159.3 million during the second quarter. Five Point received $43.6 million in distributions and incentive compensation payments from the venture in the quarter.
The Gateway Commercial Venture received the remaining $43.5 million on a note tied to the prior-period sale of its remaining interests in the Five Point Gateway Campus, and Five Point received $33.1 million in distributions from that venture during the quarter.
At Candlestick, Five Point said it recorded subdivision maps for the next phase of development and was preparing to begin grading. At Hearthstone, the platform had about $3.4 billion in assets under management as of June 30, 2026.
Home sales slowed from the first quarter. Valencia guest builders sold 78 homes in the second quarter, down from 90 in the first quarter. At Great Park, guest builders sold 56 homes, down from 82 in the first quarter. Five Point said it expects the remaining land sale activity in 2026 to occur in the fourth quarter.
For the first six months of 2026, revenue was $27.5 million, up from $20.6 million a year earlier. Net income was $25.0 million, compared with $69.2 million in the first half of 2025, and net income attributable to the company was $8.6 million, down from $26.6 million. Equity in earnings from unconsolidated entities fell to $40.9 million from $88.6 million, reflecting the timing of land sales at Great Park. The market has reacted to these announcements by moving the company's shares 4.39% to a price of $5.23. Check out the company's full 10-Q submission here.
