Five Point Holdings, LLC 8-K, filed Oct 22, 2026
Five Point Holdings, LLC (FPH)
8-K
2026-10-22
For: 2026-10-22
View Original
Added on
October 23, 2026
About this 8-K
Five Point Holdings, LLC filed this 8-K on October 22, 2026.
Five Point reported third-quarter 2026 revenue of $14.6 million, net loss of $4.4 million and liquidity of $576.2 million. It will likely defer certain 2026 land sales, revising guidance to approximately $20 million in consolidated net income. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of report (date of earliest event reported)
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of Principal Executive Offices) | (Zip code) | ||||||||||||||||
(949 ) 349-1000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On October 22, 2026, Five Point Holdings, LLC issued a press release announcing its results of operations for the three months ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned duly authorized.
Date: October 22, 2026
| FIVE POINT HOLDINGS, LLC | |||||
| By: | /s/ Michael Alvarado | ||||
| Name: | Michael Alvarado | ||||
| Title: | Chief Operating Officer, Chief Legal Officer and Vice President | ||||
Exhibit 99.1
Five Point Holdings, LLC Reports Third Quarter 2026 Results
Third Quarter 2026 Highlights
•Great Park Venture distributions and incentive compensation payments to the Company totaled $40.4 million.
•Great Park builder sales of 54 homes during the quarter.
•Valencia builder sales of 92 homes during the quarter.
•Renewed the development management agreement with Great Park Venture through December 31, 2028.
•Consolidated revenues of $14.6 million; consolidated net loss of $4.4 million.
•Cash and cash equivalents of $358.7 million as of September 30, 2026.
•Debt to total capitalization ratio of 16.2% and liquidity of $576.2 million as of September 30, 2026.
Irvine, CA, October 22, 2026 (Business Wire) – Five Point Holdings, LLC (“Five Point” or the “Company”) (NYSE:FPH), an owner and developer of large mixed-use planned communities in California, today reported its third quarter 2026 results.
Dan Hedigan, President and Chief Executive Officer, said, “During the third quarter, Five Point generated consolidated revenues of $14.6 million and maintained a strong financial position, ending the quarter with $358.7 million of cash and cash equivalents and total liquidity of $576.2 million. Although current housing market conditions have impacted homebuyer demand, we continue to make meaningful progress in advancing our California communities and developing our recurring fee-based revenue streams at Hearthstone and the Great Park. During the quarter, we renewed our Development Management Agreement at the Great Park through December 2028, secured important entitlement approvals at Valencia for our Homestead South development, and marked a significant milestone with a groundbreaking at Candlestick in San Francisco. Given the current housing market environment, we will likely elect to defer certain land sales previously anticipated to close in 2026 rather than transact in a less favorable market. Accordingly, we are revising our full-year 2026 guidance to approximately $20 million in consolidated net income. Importantly, this revised outlook reflects the anticipated timing of land sales rather than a change in our view of the value of our land. Our strong balance sheet provides us with the flexibility to remain patient and disciplined in our approach to monetizing these irreplaceable assets. We remain confident in the long-term value of our California communities, the growth potential of Hearthstone and our ability to create meaningful value for our shareholders.”
Consolidated Results
Liquidity and Capital Resources
As of September 30, 2026, total liquidity of $576.2 million was comprised of cash and cash equivalents totaling $358.7 million and borrowing availability of $217.5 million under our unsecured revolving credit facility. Total capital was $2.3 billion, reflecting $3.2 billion in assets and $0.9 billion in liabilities and redeemable noncontrolling interests.
Results of Operations for the Three Months Ended September 30, 2026
Revenues. Revenues of $14.6 million for the three months ended September 30, 2026 were primarily generated from management services at our Great Park and Hearthstone segments.
Equity in loss from unconsolidated entities. Equity in loss from unconsolidated entities was $2.2 million for the three months ended September 30, 2026. The Great Park Venture generated a net loss of $7.1 million during the three months ended September 30, 2026, and our share of the net loss from our 37.5% percentage interest was $2.7 million.
The Great Park Venture made aggregate distributions of $84.9 million to holders of percentage interests during the three months ended September 30, 2026. We received $31.8 million for our 37.5% percentage interest.
Selling, general, and administrative. Selling, general, and administrative expenses were $12.5 million for the three months ended September 30, 2026.
Net loss. Consolidated net loss for the quarter was $4.4 million. Net loss attributable to noncontrolling interests totaled $1.8 million, resulting in net loss attributable to the Company of $2.6 million. Net loss attributable to noncontrolling interests primarily represents the portion of loss allocated to related party partners and members that hold units of the operating company and the San Francisco Venture. Holders of units of the operating company and the San Francisco Venture can redeem their interests for either, at our election, our Class A common shares on a one-for-one basis or cash. In connection with any redemption or exchange, our ownership of our operating subsidiaries will increase thereby reducing the amount of income or loss allocated to noncontrolling interests in subsequent periods.
1
Conference Call Information
In conjunction with this release, Five Point will host a conference call on Thursday, October 22, 2026 at 5:00 p.m. Eastern Time. Interested investors and other parties can listen to a live Internet audio webcast of the conference call that will be available on the Five Point website at ir.fivepoint.com. The conference call can also be accessed by dialing (877) 451-6152 (domestic) or (201) 389-0879 (international). A telephonic replay will be available starting approximately three hours after the end of the call by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the live call and the replay is 13763397. The telephonic replay will be available until 11:59 p.m. Eastern Time on November 1, 2026.
About Five Point
Five Point, headquartered in Irvine, California, designs and develops large mixed-use planned communities in Orange County, Los Angeles County, and San Francisco County that combine residential, commercial, retail, educational, and recreational elements with public amenities, including civic areas for parks and open space. Five Point’s communities include the Great Park Neighborhoods® in Irvine, Valencia® in Los Angeles County, and Candlestick® and The San Francisco Shipyard® in the City of San Francisco. These communities are designed to include up to approximately 40,000 residential homes and up to approximately 20 million square feet of commercial space. Five Point’s Hearthstone platform provides management services to residential land banking funds and oversees approximately $3.4 billion in assets under management.
Forward-Looking Statements
This press release 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. Forward-looking statements include, among others, statements that refer to: our expectations of our future home sales and/or builder sales; the impact of inflation and interest rates; our future revenues, costs and financial performance, including with respect to cash generation and profitability; future demographics and market conditions, including housing supply levels, in the areas where our communities are located; the timing and expected benefits of our share repurchase program and other planned and potential transactions and acquisitions; and other statements that are not historical in nature. We caution you that any forward-looking statements included in this press release 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. Some of these risks and uncertainties are described in more detail in our filings with the SEC, including our Annual Report on Form 10-K, under the heading “Risk Factors.” Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We caution you therefore against relying on any of these forward-looking statements. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. They are based on estimates and assumptions only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by applicable law.
Investor Relations:
Kim Tobler, 949-425-5211
Kim.Tobler@fivepoint.com
or
Media:
Eric Morgan, 949-349-1088
Eric.Morgan@fivepoint.com
Source: Five Point Holdings, LLC
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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, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||
Land sales | $ | — | $ | (12) | $ | (211) | $ | 70 | |||||||||||||||
Land sales—related party | — | — | (1,211) | — | |||||||||||||||||||
Management services—related party | 13,932 | 12,826 | 41,628 | 32,336 | |||||||||||||||||||
Operating properties | 683 | 674 | 1,892 | 1,712 | |||||||||||||||||||
Total revenues | 14,615 | 13,488 | 42,098 | 34,118 | |||||||||||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||||||
Land sales | — | — | — | — | |||||||||||||||||||
Management services | 5,642 | 5,455 | 18,123 | 10,846 | |||||||||||||||||||
Operating properties | 1,512 | 1,631 | 4,697 | 4,891 | |||||||||||||||||||
Selling, general, and administrative | 12,537 | 14,294 | 41,580 | 44,645 | |||||||||||||||||||
Total costs and expenses | 19,691 | 21,380 | 64,400 | 60,382 | |||||||||||||||||||
| OTHER INCOME: | |||||||||||||||||||||||
Interest income | 2,796 | 4,484 | 8,722 | 13,501 | |||||||||||||||||||
| Loss on debt extinguishment | — | (1,824) | — | (1,824) | |||||||||||||||||||
Miscellaneous | 69 | 8 | 713 | 804 | |||||||||||||||||||
| Total other income | 2,865 | 2,668 | 9,435 | 12,481 | |||||||||||||||||||
| EQUITY IN (LOSS) EARNINGS FROM UNCONSOLIDATED ENTITIES | (2,183) | 70,137 | 38,702 | 158,721 | |||||||||||||||||||
| (LOSS) INCOME BEFORE INCOME TAX BENEFIT (PROVISION) | (4,394) | 64,913 | 25,835 | 144,938 | |||||||||||||||||||
| INCOME TAX BENEFIT (PROVISION) | 4 | (9,199) | (5,261) | (20,062) | |||||||||||||||||||
| NET (LOSS) INCOME | (4,390) | 55,714 | 20,574 | 124,876 | |||||||||||||||||||
| LESS NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1,810) | 34,643 | 14,520 | 77,201 | |||||||||||||||||||
| NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY | $ | (2,580) | $ | 21,071 | $ | 6,054 | $ | 47,675 | |||||||||||||||
| NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE | |||||||||||||||||||||||
Basic | $ | (0.04) | $ | 0.30 | $ | 0.08 | $ | 0.68 | |||||||||||||||
Diluted | $ | (0.04) | $ | 0.28 | $ | 0.08 | $ | 0.65 | |||||||||||||||
WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING | |||||||||||||||||||||||
Basic | 71,783,254 | 69,796,339 | 71,813,460 | 69,692,349 | |||||||||||||||||||
Diluted | 71,783,254 | 149,430,920 | 149,180,581 | 149,267,968 | |||||||||||||||||||
| NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY PER CLASS B SHARE | |||||||||||||||||||||||
Basic and diluted | $ | (0.00) | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
WEIGHTED AVERAGE CLASS B SHARES OUTSTANDING | |||||||||||||||||||||||
| Basic and diluted | 76,096,410 | 79,233,544 | 76,096,410 | 79,233,544 | |||||||||||||||||||
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FIVE POINT HOLDINGS, LLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except shares)
(Unaudited)
| September 30, 2026 | December 31, 2025 | ||||||||||
ASSETS | |||||||||||
INVENTORIES | $ | 2,563,106 | $ | 2,443,279 | |||||||
INVESTMENT IN UNCONSOLIDATED ENTITIES | 89,178 | 153,087 | |||||||||
PROPERTIES AND EQUIPMENT, NET | 29,140 | 29,264 | |||||||||
| INTANGIBLE ASSETS, NET—RELATED PARTY | 14,562 | 17,250 | |||||||||
| GOODWILL | 69,812 | 69,812 | |||||||||
CASH AND CASH EQUIVALENTS | 358,716 | 425,546 | |||||||||
RESTRICTED CASH AND CERTIFICATES OF DEPOSIT | 992 | 992 | |||||||||
RELATED PARTY ASSETS | 83,762 | 89,509 | |||||||||
OTHER ASSETS | 18,255 | 20,264 | |||||||||
TOTAL | $ | 3,227,523 | $ | 3,249,003 | |||||||
| LIABILITIES AND CAPITAL | |||||||||||
| LIABILITIES: | |||||||||||
Notes payable, net | $ | 444,399 | $ | 443,348 | |||||||
Accounts payable and other liabilities | 117,759 | 106,199 | |||||||||
Related party liabilities | 18,056 | 70,973 | |||||||||
Deferred income tax liability, net | 63,707 | 58,343 | |||||||||
Payable pursuant to tax receivable agreement | 181,088 | 181,544 | |||||||||
Total liabilities | 825,009 | 860,407 | |||||||||
| REDEEMABLE NONCONTROLLING INTERESTS | 69,927 | 70,155 | |||||||||
| CAPITAL: | |||||||||||
Class A common shares; No par value; Issued and outstanding: September 30, 2026—71,920,334 shares; December 31, 2025—71,100,768 shares | |||||||||||
Class B common shares; No par value; Issued and outstanding: September 30, 2026—76,096,410 shares; December 31, 2025—76,096,410 shares | |||||||||||
Contributed capital | 617,116 | 616,751 | |||||||||
Retained earnings | 234,097 | 228,043 | |||||||||
Accumulated other comprehensive loss | (1,551) | (1,549) | |||||||||
Total members’ capital | 849,662 | 843,245 | |||||||||
Noncontrolling interests | 1,482,925 | 1,475,196 | |||||||||
Total capital | 2,332,587 | 2,318,441 | |||||||||
TOTAL | $ | 3,227,523 | $ | 3,249,003 | |||||||
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FIVE POINT HOLDINGS, LLC
SUPPLEMENTAL DATA
(In thousands)
(Unaudited)
Liquidity
| September 30, 2026 | |||||
| Cash and cash equivalents | $ | 358,716 | |||
Borrowing capacity(1) | 217,500 | ||||
| Total liquidity | $ | 576,216 | |||
(1) As of September 30, 2026, no borrowings or letters of credit were outstanding on the Company’s $217.5 million revolving credit facility.
Debt to Total Capitalization and Net Debt to Total Capitalization
| September 30, 2026 | |||||
Debt(1) | $ | 450,000 | |||
| Total capital | 2,332,587 | ||||
| Total capitalization | $ | 2,782,587 | |||
| Debt to total capitalization | 16.2 | % | |||
Debt(1) | $ | 450,000 | |||
| Less: Cash and cash equivalents | 358,716 | ||||
| Net debt | 91,284 | ||||
| Total capital | 2,332,587 | ||||
| Total net capitalization | $ | 2,423,871 | |||
Net debt to total capitalization(2) | 3.8 | % | |||
(1) For purposes of this calculation, debt is the amount due on the Company’s notes payable before offsetting for capitalized deferred financing costs.
(2) Net debt to total capitalization is a non-GAAP financial measure defined as net debt (debt less cash and cash equivalents) divided by total net capitalization (net debt plus total capital). The Company believes the ratio of net debt to total capitalization is a relevant and a useful financial measure to investors in understanding the leverage employed in the Company’s operations. However, because net debt to total capitalization is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the Company’s GAAP results.
5
Segment Results
The following tables reconcile the results of operations of our segments to our consolidated results for the three and nine months ended September 30, 2026 (in thousands):
| Three Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Valencia | San Francisco | Great Park | Hearthstone | Total reportable segments | Corporate and unallocated | Total under management | Removal of unconsolidated entities(1) | Total consolidated | |||||||||||||||||||||||||||||||||||||||||||||
| REVENUES: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Land sales | $ | — | $ | — | $ | 506 | $ | — | $ | 506 | $ | — | $ | 506 | $ | (506) | $ | — | |||||||||||||||||||||||||||||||||||
| Land sales—related party | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Management services—related party(2) | — | — | 7,410 | 6,522 | 13,932 | — | 13,932 | — | 13,932 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating properties | 493 | 190 | — | — | 683 | — | 683 | — | 683 | ||||||||||||||||||||||||||||||||||||||||||||
| Total revenues | 493 | 190 | 7,916 | 6,522 | 15,121 | — | 15,121 | (506) | 14,615 | ||||||||||||||||||||||||||||||||||||||||||||
| COSTS AND EXPENSES: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Land sales | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Management services(2) | — | — | 1,618 | 4,024 | 5,642 | — | 5,642 | — | 5,642 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating properties | 1,512 | — | — | — | 1,512 | — | 1,512 | — | 1,512 | ||||||||||||||||||||||||||||||||||||||||||||
| Selling, general, and administrative | 1,680 | 1,121 | 2,043 | — | 4,844 | 9,736 | 14,580 | (2,043) | 12,537 | ||||||||||||||||||||||||||||||||||||||||||||
| Management fees—related party | — | — | 7,519 | — | 7,519 | — | 7,519 | (7,519) | — | ||||||||||||||||||||||||||||||||||||||||||||
| Total costs and expenses | 3,192 | 1,121 | 11,180 | 4,024 | 19,517 | 9,736 | 29,253 | (9,562) | 19,691 | ||||||||||||||||||||||||||||||||||||||||||||
| OTHER INCOME: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | — | 1,967 | 33 | 2,000 | 2,763 | 4,763 | (1,967) | 2,796 | ||||||||||||||||||||||||||||||||||||||||||||
| Miscellaneous | 69 | — | — | — | 69 | — | 69 | — | 69 | ||||||||||||||||||||||||||||||||||||||||||||
| Total other income | 69 | — | 1,967 | 33 | 2,069 | 2,763 | 4,832 | (1,967) | 2,865 | ||||||||||||||||||||||||||||||||||||||||||||
| EQUITY IN EARNINGS (LOSS) FROM UNCONSOLIDATED ENTITIES | 19 | — | — | 456 | 475 | — | 475 | (2,658) | (2,183) | ||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT (LOSS) PROFIT/LOSS BEFORE INCOME TAX BENEFIT | (2,611) | (931) | (1,297) | 2,987 | (1,852) | (6,973) | (8,825) | 4,431 | (4,394) | ||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAX BENEFIT | — | — | — | — | — | 4 | 4 | — | 4 | ||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT (LOSS) PROFIT/NET LOSS | $ | (2,611) | $ | (931) | $ | (1,297) | $ | 2,987 | $ | (1,852) | $ | (6,969) | $ | (8,821) | $ | 4,431 | $ | (4,390) | |||||||||||||||||||||||||||||||||||
(1) Represents the removal of the Great Park Venture operating results, which are included in the Great Park segment operating results at 100% of the venture’s historical basis but are not included in our consolidated results as we account for our investment in the venture using the equity method of accounting.
(2) The amounts for the Great Park segment represent the revenues and expenses attributable to the management company for providing services to the Great Park Venture as applicable.
6
| Nine Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Valencia | San Francisco | Great Park | Hearthstone | Total reportable segments | Corporate and unallocated | Total under management | Removal of unconsolidated entities(1) | Total consolidated | |||||||||||||||||||||||||||||||||||||||||||||
| REVENUES: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Land sales | $ | (211) | $ | — | $ | 165,784 | $ | — | $ | 165,573 | $ | — | $ | 165,573 | $ | (165,784) | $ | (211) | |||||||||||||||||||||||||||||||||||
| Land sales—related party | (1,211) | — | — | — | (1,211) | — | (1,211) | — | (1,211) | ||||||||||||||||||||||||||||||||||||||||||||
Management services—related party(2) | — | — | 23,398 | 18,230 | 41,628 | — | 41,628 | — | 41,628 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating properties | 1,345 | 547 | — | — | 1,892 | — | 1,892 | — | 1,892 | ||||||||||||||||||||||||||||||||||||||||||||
| Total revenues | (77) | 547 | 189,182 | 18,230 | 207,882 | — | 207,882 | (165,784) | 42,098 | ||||||||||||||||||||||||||||||||||||||||||||
| COSTS AND EXPENSES: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Land sales | — | — | 37,622 | — | 37,622 | — | 37,622 | (37,622) | — | ||||||||||||||||||||||||||||||||||||||||||||
Management services(2) | — | — | 6,080 | 12,043 | 18,123 | — | 18,123 | — | 18,123 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating properties | 4,697 | — | — | — | 4,697 | — | 4,697 | — | 4,697 | ||||||||||||||||||||||||||||||||||||||||||||
| Selling, general, and administrative | 6,532 | 4,108 | 5,605 | — | 16,245 | 30,940 | 47,185 | (5,605) | 41,580 | ||||||||||||||||||||||||||||||||||||||||||||
| Management fees—related party | — | — | 23,665 | — | 23,665 | — | 23,665 | (23,665) | — | ||||||||||||||||||||||||||||||||||||||||||||
| Total costs and expenses | 11,229 | 4,108 | 72,972 | 12,043 | 100,352 | 30,940 | 131,292 | (66,892) | 64,400 | ||||||||||||||||||||||||||||||||||||||||||||
| OTHER INCOME: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | — | 2 | 5,456 | 66 | 5,524 | 8,654 | 14,178 | (5,456) | 8,722 | ||||||||||||||||||||||||||||||||||||||||||||
| Miscellaneous | 713 | — | — | — | 713 | — | 713 | — | 713 | ||||||||||||||||||||||||||||||||||||||||||||
| Total other income | 713 | 2 | 5,456 | 66 | 6,237 | 8,654 | 14,891 | (5,456) | 9,435 | ||||||||||||||||||||||||||||||||||||||||||||
| EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES | 538 | — | — | 1,547 | 2,085 | 661 | 2,746 | 35,956 | 38,702 | ||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT (LOSS) PROFIT/INCOME BEFORE INCOME TAX PROVISION | (10,055) | (3,559) | 121,666 | 7,800 | 115,852 | (21,625) | 94,227 | (68,392) | 25,835 | ||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAX PROVISION | — | — | — | — | — | (5,261) | (5,261) | — | (5,261) | ||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT (LOSS) PROFIT/NET INCOME | $ | (10,055) | $ | (3,559) | $ | 121,666 | $ | 7,800 | $ | 115,852 | $ | (26,886) | $ | 88,966 | $ | (68,392) | $ | 20,574 | |||||||||||||||||||||||||||||||||||
(1) Represents the removal of the Great Park Venture operating results, which are included in the Great Park segment operating results at 100% of the venture’s historical basis but are not included in our consolidated results as we account for our investment in the venture using the equity method of accounting.
(2) The amounts for the Great Park segment represent the revenues and expenses attributable to the management company for providing services to the Great Park Venture as applicable.
The table below reconciles the Great Park segment results to the equity in (loss) earnings from our investment in the Great Park Venture that is reflected in the condensed consolidated statements of operations for the three and nine months ended September 30, 2026 (in thousands):
| Three Months Ended September 30, 2026 | Nine Months Ended September 30, 2026 | ||||||||||||||||||||||
| Segment (loss) profit from operations | $ | (1,297) | $ | 121,666 | |||||||||||||||||||
| Less net income of management company attributed to the Great Park segment | 5,792 | 17,318 | |||||||||||||||||||||
| Net (loss) income of the Great Park Venture | (7,089) | 104,348 | |||||||||||||||||||||
| The Company’s share of net (loss) income of the Great Park Venture | (2,658) | 39,131 | |||||||||||||||||||||
| Basis difference amortization | — | (3,175) | |||||||||||||||||||||
| Equity in (loss) earnings from the Great Park Venture | $ | (2,658) | $ | 35,956 | |||||||||||||||||||
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