Five Point

What Five Point does

Five Point Holdings, LLC (NYSE: FPH) is one of the largest owners and developers of large mixed-use, master-planned communities in coastal California. Founded in 2009 by Emile Haddad and IPO'd on the NYSE in May 2017, the company operates four core communities — Great Park Neighborhoods (approximately 2,100 acres in Irvine), Valencia (approximately 15,000 acres in Los Angeles County), Candlestick, and The SF Shipyard (both in San Francisco) — which together are designed to include up to approximately 40,000 residential homes and up to 23 million square feet of commercial space.

The company's underlying platform combines California-specific land entitlement expertise with public-private partnerships (e.g., Heritage Fields El Toro with the City of Irvine, agreement with Los Angeles County for Valencia, development agreement with the City of San Francisco). The asset base is anchored by decades of secured regulatory approvals, registered community trademarks, and a multi-decade development pipeline. In July 2025, Five Point acquired a 75% interest in Hearthstone Residential Holdings, adding a residential land banking and asset management platform with approximately $3.4 billion in AUM; in February 2026, it announced a land banking investment partnership with funds managed by Blue Owl Capital.

Five Point generates revenue through three streams: (1) direct land sales to national and regional homebuilders (entitled residential lots and commercial parcels), recognized on transaction closing; (2) management services fees from the Great Park Venture joint venture (37.5% owned) and asset management oversight of Hearthstone; and (3) operating properties revenue from commercial spaces within its communities. Q1 2026 reported revenue of $13.6 million and full-year 2025 consolidated revenue of $110.0 million. Liquidity stood at $550.1 million as of March 31, 2026 ($332.6 million cash plus $217.5 million revolver capacity), with debt-to-total capitalization of 16.3%. The customer base spans national and regional homebuilders (primary direct customers), individual homebuyers (via homebuilder resale), institutional investors (Hearthstone/Blue Owl), and municipal partners. Lennar Corporation is a strategic shareholder from the 2017 IPO, with its Executive Chairman Stuart Miller serving as Five Point's Executive Chairman.

Name

Five Point

Legal name

Five Point Holdings, LLC

Website

https://fivepoint.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

101–250 employees

Short description

Five Point (NYSE: FPH) is a publicly traded coastal California real estate developer that designs and operates four master-planned mixed-use communities — Great Park Neighborhoods, Valencia, Candlestick, and The SF Shipyard — serving national homebuilders, institutional investors, and municipalities across approximately 40,000 planned homesites, and operates the $3.4B AUM Hearthstone land banking platform.

Ownership category

akta.pro rank

Product category

Master-Planned Community Real Estate Development

NAICS

Land Subdivision (237210)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

akta.pro secondary industry

Land & Development Site Brokerage (BPAJABAG)

Keywords

• Master-planned communities
• Mixed-use real estate development
• Residential land banking
• Entitled land sales
• Coastal California development

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Land Sales: Direct land sales to homebuilders of entitled residential lots and commercial parcels. Revenue recognized upon closing of land transactions. Major transactions include industrial land sale at Valencia for $42.5 million and homesite sales through the Great Park Venture.
2. Management Services: Fee income from providing management services to the Great Park Venture (37.5% ownership) and Hearthstone land banking platform. Includes asset management, development management, and administrative services.
3. Hearthstone Platform Fees: Management fee revenue from the Hearthstone subsidiary, which provides land banking services to residential land banking funds and oversees $3.4 billion in assets under management.
4. Operating Properties: Revenue from operating commercial properties within FivePoint communities, including retail and other commercial spaces.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Five Point designs, entitles, and develops large mixed-use master-planned communities in three supply-constrained coastal California markets — Orange County, Los Angeles County, and San Francisco County. The company sells entitled residential and commercial land parcels to national and regional homebuilders, and generates recurring management services revenue through the Hearthstone residential land banking platform that oversees approximately $3.4 billion in assets under management.

Product overview

Five Point Holdings is one of the largest owners and developers of large mixed-use planned communities in coastal California. The company operates four primary community development projects: Great Park Neighborhoods in Irvine, Valencia in Los Angeles County, Candlestick and The SF Shipyard in San Francisco. These master-planned communities are designed to include up to approximately 40,000 residential homes and up to approximately 20-23 million square feet of commercial space across Orange County, Los Angeles County, and San Francisco County. Additionally, Five Point operates the Hearthstone Residential Holdings platform—a land banking business acquired in mid-2025—that provides asset management services and oversees approximately $3.4 billion in assets under management, enabling the company to generate fee-based revenue through partnerships with institutional capital providers and national homebuilders.

Differentiator

Problem solved

Functional benefit

Brands

• Great Park Neighborhoods®: Mixed-use community in Irvine, CA spanning approximately 2,100 acres transforming the former Marine Corps Air Station El Toro.
• Valencia®
• Candlestick®
• The San Francisco Shipyard®
• Hearthstone Residential Holdings

Products and services

• Great Park Neighborhoods A master-planned community spanning approximately 2,100 acres in Irvine, California, integrating residential, commercial, retail, schools, entertainment, parks, and open space. FivePoint sells entitled homesites within this community to homebuilders such as Lennar and Toll Brothers.
• Valencia A master-planned community located on approximately 15,000 acres in Los Angeles County, designed to be among the first communities of its size to reach net zero greenhouse gas emissions, with 10,000 acres of preserved open space and full buildout planned at approximately 21,000 homes.
• Candlestick A mixed-use community development in San Francisco, California, on the former Candlestick Park stadium site, developed in collaboration with the City of San Francisco as the first phase of a larger mixed-use community integrating residential, commercial, and community uses.
• The SF Shipyard A real estate development on prime shoreline just south of San Francisco's city center, integrating dynamic mixed-use development with publicly accessible parks and open spaces; reflects San Francisco's rich history, diversity, and energy, focused on inclusivity, multi-modal accessibility, opportunity, and economic vitality.
• Hearthstone Residential Land Banking Platform A residential land banking and asset management platform acquired by Five Point in 2025 that provides land-light strategies to homebuilders and partners with institutional investors to acquire residential land; oversees approximately $3.4 billion in assets under management.

Quantifiable outcome

• Record full-year 2025 net income of $183.5 million
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• Hearthstone Residential HoldingscoreStrategic or Co-development Partner · 1 July 2025Five Point acquired a 75% interest in Hearthstone Residential Holdings in mid-2025 for $57.6 million. Hearthstone is a residential land banking and asset management platform that provides land-light strategies to homebuilders. Led by Mark Porath as CEO. The platform manages approximately $3.4 billion in assets under management.
• Heritage Fields El Toro, LLCcoreStrategic or Co-development Partner · 1 July 2025Joint venture partner with FivePoint for development of the Great Park in conjunction with the City of Irvine. FivePoint holds partnership interest through Heritage Fields El Toro, LLC for the Crown Jewel of the Great Park Neighborhoods community.
• City of IrvinecoreStrategic or Co-development PartnerPublic-private partnership for development of Great Park (approximately 1,500-acre public park) adjacent to Great Park Neighborhoods. The City of Irvine and FivePoint (through Heritage Fields El Toro, LLC) jointly develop the Great Park.
• Los Angeles CountycoreStrategic or Co-development PartnerPartnership with Los Angeles County for development of Valencia (formerly Newhall Ranch) community in Santa Clarita Valley. Includes approval for Landmark Village, Mission Village, and subsequent development phases totaling approximately 21,000 homes.
• City of San FranciscocoreStrategic or Co-development PartnerCollaboration with City of San Francisco for development of Candlestick and The San Francisco Shipyard communities. Includes Development Agreement and Disposition and Development Agreement for mixed-use waterfront redevelopment. Major milestone achieved with unanimous Board of Supervisors approval in June 2018.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Brookfield Residential: Master-planned community developer with operations in California (and other high-growth U.S. markets) that entitles, develops, and sells residential land parcels to homebuilders — closely mirroring Five Point's core land-development business model and target customer base.
• Forestar Group: Wholly-owned subsidiary of D.R. Horton focused on residential land acquisition, entitlement, and development for sale to homebuilders — a near-identical operating model to Five Point's land development business, including land banking arrangements.
• Tejon Ranch Company: California-based landholding and master-planned community developer (Tejon Ranch, Centennial, Grapevine) entitling and developing large-scale mixed-use communities — directly comparable to Five Point's California-coastal focus and entitlement-driven strategy.
• TRI Pointe Homes: California-anchored homebuilder with significant master-planned community exposure; absorbs entitled lots from developers like Five Point in overlapping Orange County and LA County submarkets, making it both a peer in the residential value chain and a likely customer.
• KB Home: California-headquartered homebuilder with substantial exposure to coastal California markets where Five Point develops; operates in similar submarkets to Five Point's Great Park and Valencia, often purchasing entitled homesites from comparable land developers.
• Shea Homes: Private California-based homebuilder and master-planned community developer with multi-decade experience in large-scale Southern California communities — a directly comparable builder/developer peer in Five Point's core geographies.

Broad incumbents

• Lennar Corporation: Largest U.S. homebuilder and Five Point's anchor strategic partner/investor ($100M IPO investment; Stuart Miller as Five Point's Executive Chairman); simultaneously a primary customer for Five Point's homesites and a broader incumbent across the residential value chain.
• Toll Brothers: National luxury homebuilder with active operations within Five Point communities (e.g., Skylar at Valencia); competes in the same California coastal submarkets and serves as both peer and customer in Five Point's mixed-use projects.
• D.R. Horton: Largest U.S. homebuilder by volume and parent of Forestar Group (Five Point's closest land-development peer); operates across the same California coastal submarkets and represents both a likely homesite customer and a broader incumbent competitor.

Regional players

• Meritage Homes Corporation: Public homebuilder with growing California presence focused on entry-level and first move-up housing; operates in overlapping California submarkets and is a potential customer for Five Point's entitled homesite pipeline.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/fivepoint-communities

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries6 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Five Point