Five Point recently released its 10-Q report for the quarter ended June 30, 2026. The company designs, develops and owns mixed-use planned communities in California, with operations organized into Valencia, San Francisco, Great Park and Hearthstone segments. It also sells residential and commercial land to homebuilders and other buyers, and provides development and asset management services, including to land banking funds focused on residential lot option programs.
Five Point said it 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 directly or indirectly holds interests in Valencia through Five Point Land, the San Francisco Venture, the Great Park Venture, the Gateway Commercial Venture, the management company that provides development services for Great Park, and the Hearthstone Venture, which it acquired a controlling financial interest in on July 31, 2025. The company said the Great Park Venture, Gateway Commercial Venture and Hearthstone Funds are not fully consolidated.
For the second quarter, 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 rose to $13.9 million from $7.5 million, driven mainly by management services revenue at Hearthstone and higher management services revenue at Great Park.
Management services revenue from related parties totaled $14.7 million in the quarter, up from $7.0 million a year earlier. Total management services costs were $5.6 million, compared with $2.3 million. SG&A fell to $14.3 million from $15.6 million.
Equity in earnings from unconsolidated entities increased to $41.0 million from $17.1 million, largely tied to the Great Park Venture’s land sale activity. The Great Park Venture sold 17.7 acres of commercial land planned for a senior living retirement community for $159.3 million during the quarter. Five Point received $43.6 million in distributions and incentive compensation payments from the venture.
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 in the quarter. At June 30, 2026, Five Point had $348.4 million in cash and $217.5 million available on its revolving credit facility, for total liquidity of $565.9 million.
At Valencia, guest builders sold 78 homes in the second quarter, down from 90 in the first quarter. At Great Park Neighborhoods, guest builders sold 56 homes, down from 82 in the first quarter. Five Point said it expects remaining land sale activity in 2026 to occur in the fourth quarter.
For the first six months of 2026, revenue rose to $27.5 million from $20.6 million a year earlier, while net income was $25.0 million versus $69.2 million. 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 the Great Park Venture. As a result of these announcements, the company's shares have moved 4.39% on the market, and are now trading at a price of $5.23. Check out the company's full 10-Q submission here.
