Profitable Quarter with Strong Revenue
Five Point reported consolidated net income of $55.7 million for the third quarter, driven by the Great Park Venture, which resulted in net income of $201.6 million.
Successful Refinancing and Improved Credit Ratings
Five Point issued $450 million in new 8% senior notes due 2030, replacing prior higher-coupon notes. Moody's upgraded the corporate credit rating to B2 with a stable outlook.
Hearthstone Acquisition and Expansion
Closed the acquisition of a 75% ownership in Hearthstone Residential Holdings for $57.6 million, expanding Five Point's national platform for capital solutions to homebuilders.
Liquidity and Financial Flexibility
Ended the quarter with total liquidity of $47.6 million, and upsized revolving credit facility from $125 million to $217.5 million, extending maturity to July 2029.
Increased Sales Activity in Great Park
Builders sold 187 homes in Great Park during the quarter, up from 112 in Q2, with several new programs expected to start sales in late 2025 or early 2026.