Five Point Holdings LLC (FPH) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Five Point Holdings, LLC third-quarter 2025 conference call. As a reminder, this call is being recorded.

各位好，歡迎參加 Five Point Holdings, LLC 2025 年第三季電話會議。再次提醒，本次通話正在錄音。

Today's call may include forward-looking statements regarding Five Point's business, financial condition, operations, cash flow, strategy, acquisitions and prospects. Forward-looking statements represent Five Point's estimates on the date of this conference call and are not intended to give any assurance as to actual future results.

今天的電話會議可能包含有關 Five Point 的業務、財務狀況、營運、現金流量、策略、收購和前景的前瞻性陳述。前瞻性陳述代表 Five Point 在本次電話會議當天的估計，並非旨在對未來的實際結果做出任何保證。

Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could affect future results and may cause Five Point's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described in today's press release and Five Point's SEC filings, including those in the Risk Factors section of Five Point's most recent annual report on Form 10-K filed with the SEC.

由於前瞻性陳述涉及尚未發生的事項，因此這些陳述本身就存在風險和不確定性。許多因素可能會影響未來的業績，並可能導致 Five Point 的實際活動或結果與前瞻性聲明中預期的活動和結果有重大差異。這些因素包括今天新聞稿和 Five Point 向美國證券交易委員會提交的文件中所述的因素，包括 Five Point 向美國證券交易委員會提交的最新 10-K 表格年度報告「風險因素」部分中所述的因素。

Please note that Five Point assumes no obligation to update any forward-looking statements.

請注意，Five Point 不承擔更新任何前瞻性聲明的義務。

Now I would like to turn the call over to Dan Hedigan, President and Chief Executive Officer. Over to you, sir.

現在我想把電話交給總裁兼執行長丹·赫迪根。接下來就交給您了，先生。

Thank you. Good afternoon, and thank you for joining our call. I have with me today Mike Alvarado, our Chief Operating Officer and Chief Legal Officer; Kim Tobler, our Chief Financial Officer; and Leo Kij, our Senior Vice President of Finance and Reporting. Stuart Miller, our Executive Chairman, is joining us remotely.

謝謝。下午好，感謝各位參加我們的電話會議。今天陪同我出席的有：首席營運官兼首席法務官邁克·阿爾瓦拉多；首席財務官金·托布勒；以及財務和報告高級副總裁利奧·基伊。我們的執行主席斯圖爾特·米勒將遠端參加我們的會議。

On today's call, I'll review our Q3 results, which reflect another profitable quarter for Five Point as we continue to build on our track record of consistent quarterly earnings. I'll also provide an update on our current operations and outline our strategic focus as we move towards the end of 2025. Then Mike will discuss the integration of Hearthstone into our platform. Finally, Kim will review the details of our financial results, address the successful refinancing of our senior notes and discuss our outlook for the balance of the year. After our prepared remarks, we'll open the line for questions.

在今天的電話會議上，我將回顧我們第三季度的業績，這反映出 Five Point 又一個盈利的季度，我們繼續保持著季度盈利的良好記錄。我也會介紹我們目前的營運情況，並概述我們在邁向 2025 年底時的策略重點。接下來，Mike 將討論如何將爐石戰記整合到我們的平台中。最後，Kim 將回顧我們的財務業績詳情，介紹我們高級票據成功再融資的情況，並討論我們對今年剩餘時間的展望。在我們發言完畢後，我們將開放提問環節。

Turning to the third quarter. I'm pleased to report another profitable quarter for Five Point. We generated consolidated net income of $55.7 million, continuing our pattern of steady earnings performance. This quarter's results were primarily driven by strong performance from our Great Park Venture, which sold 326 homesites on 26.6 acres for an aggregate base purchase price of $257.7 million, resulting in net income for the venture of $201.6 million. Our share of those earnings was $69.5 million, and the Venture made distributions of $216 million, of which Five Point received $81.8 million.

進入第三節。我很高興地宣布，Five Point 又迎來了一個獲利季度。我們實現了 5,570 萬美元的綜合淨收入，延續了我們穩定的獲利表現。本季業績主要得益於我們大公園投資項目的強勁表現，該項目以 2.577 億美元的總基本購買價格售出了 26.6 英畝土地上的 326 個住宅用地，為該項目帶來了 2.016 億美元的淨收入。我們分得的收益為 6,950 萬美元，該創投公司分配了 2.16 億美元，其中 Five Point 獲得了 8,180 萬美元。

From a balance sheet perspective, we ended the quarter with total liquidity of $47.6 million, comprised of cash and cash equivalents of $351.1 million and borrowing availability of $125 million under our unsecured revolving credit facility.

從資產負債表的角度來看，本季末我們的總流動資金為 4,760 萬美元，其中包括 3.511 億美元的現金及現金等價物，以及根據我們的無擔保循環信貸額度可藉款 1.25 億美元。

During the quarter, we also took significant steps to strengthen our capital structure and position the company for long-term growth. We closed the acquisition of a 75% ownership interest in our new Hearthstone Residential Holdings land banking venture for $57.6 million. We issued $450 million in new 8% senior notes due 2030, and we used the proceeds from the offering, along with cash on hand to fund the repurchase and redemption of our prior $523.5 million, 10.5% senior notes due 2028. The prior notes were due to step up to 11% coupon in November. The step down in coupon will benefit the future cash flows for the company.

本季度，我們也採取了重要措施來加強資本結構，為公司的長期發展奠定基礎。我們以 5,760 萬美元的價格完成了對我們新成立的土地儲備合資企業 Hearthstone Residential Holdings 75% 股權的收購。我們發行了 4.5 億美元的 2030 年到期的 8% 新優先票據，並將此次發行所得款項與手頭現金一起用於回購和贖回我們之前發行的 5.235 億美元 2028 年到期的 10.5% 優先票據。先前發行的債券原定於11月份提高票息至11%。降低票息將有利於公司未來的現金流。

Additionally, Moody's upgraded our corporate credit rating and senior notes rating to B2 with a stable outlook, underscoring our financial resilience and improving credit profile. And last week, we upsized our revolving credit facility from $125 million to $217.5 million and extended the maturity by two years to July 2029. Reducing the outstanding principal on our notes while maintaining substantial liquidity to allow us to operate our business and execute on our growth strategy were important goals for us this year, and we're pleased to have been able to achieve them as planned.

此外，穆迪將我們的企業信用評級和高級票據評級上調至 B2，展望穩定，凸顯了我們的財務韌性和不斷改善的信用狀況。上週，我們將循環信貸額度從 1.25 億美元增加到 2.175 億美元，並將到期日延長了兩年至 2029 年 7 月。今年，我們的重要目標是減少未償還票據本金，同時保持充足的流動性，以便開展業務並執行成長策略，我們很高興能夠按計劃實現這些目標。

Let me now share our outlook on the market. Our third quarter performance was underpinned by resilient homebuyer and builder demand at the Great Park, which remains solid despite continuing pressure from higher interest rates and affordability headwinds. While buyers remain somewhat cautious, the underlying imbalance between housing supply and demand in this core California market continue to support our land sale activity and our disciplined lot sales strategy allowed us to capitalize on that environment.

現在讓我來分享一下我們對市場的看法。第三季業績得益於大公園地區購屋者和建商的強勁需求，儘管面臨利率上升和購屋能力下降的持續壓力，但需求仍然穩固。儘管買家仍然有些謹慎，但加州核心市場住房供需之間的潛在失衡繼續支撐著我們的土地銷售活動，而我們嚴謹的土地銷售策略使我們能夠充分利用這種環境。

Looking ahead to the rest of 2025 and into 2026, we remain cautiously optimistic. We expect improvement in buyer confidence if mortgage rates ease and affordability begins to loosen. Given the structural undersupply in our markets, we believe the long-term fundamentals remain in our favor. We anticipate a gradual rebound in home sales activity as the rate environment normalizes, which we believe will result in demand from builders seeking to maintain a pipeline of home sites. On my last call, I indicated that we expected to end the year with net income consistent with our 2024 earnings, and we still believe we're on track to meet that guidance.

展望 2025 年剩餘時間和 2026 年，我們保持謹慎樂觀的態度。我們預計，如果抵押貸款利率下降，購屋負擔能力開始放鬆，購屋者信心將會改善。鑑於我們市場的結構性供應不足，我們認為長期基本面仍然對我們有利。我們預計隨著利率環境恢復正常，房屋銷售活動將逐步反彈，我們相信這將導致建築商為了保持房屋用地儲備而產生需求。在我上次的電話會議上，我表示我們預計今年的淨收入將與 2024 年的收益保持一致，我們仍然相信我們能夠實現這一目標。

That said, the housing landscape continues to evolve, and we are closely watching how shifting economic factors may influence buyer sentiment and buyer activity. Kim will provide more details on our guidance for the remainder of 2025 during his remarks. Our performance in the third quarter demonstrates the strength of our operating model and the effectiveness of our disciplined approach. As we move into the final quarter of the year, we remain focused on the same four key strategic priorities that have guided our progress throughout 2025.

儘管如此，房屋市場格局仍在不斷變化，我們正在密切關注不斷變化的經濟因素將如何影響購屋者的情緒和購屋行為。金正恩將在演講中提供更多關於2025年剩餘時間指導方針的細節。第三季的業績證明了我們營運模式的優勢和我們嚴謹方法的有效性。隨著我們進入今年的最後一個季度，我們將繼續專注於指導我們2025年發展的四個關鍵策略重點。

First, optimizing the value of our home sites within our premier master planned communities by aligning land sales with homebuilder demand. Even as national housing demand has moderated amid higher interest rates, our California markets remain chronically undersupplied, sustaining long-term builder interest. That said, because we don't have to sell when home sales absorption slows, optimization sometimes means moderating land sales with the goal of maintaining long-term value in these communities.

首先，透過使土地銷售與房屋建築商的需求保持一致，優化我們一流總體規劃社區內住宅用地的價值。儘管全國住房需求在高利率環境下放緩，但加州市場仍然長期供應不足，這維持了建築商的長期興趣。也就是說，由於我們不必在房屋銷售吸收放緩時出售，優化有時意味著控制土地銷售，以期保持這些社區的長期價值。

Second, maintaining our lean operating structure by carefully managing fixed costs and overhead. We continue to demonstrate the growth and efficiency can go hand-in-hand even as we integrate Hearthstone into our platform.

其次，透過精心管理固定成本和管理費用，維持我們精簡的營運結構。我們不斷證明，即使在將爐石戰記整合到我們的平台中，成長和效率也可以並行不悖。

Third, matching development expenditures with revenue generation, ensuring that capital deployment remains disciplined and aligned with near-term monetization.

第三，使發展支出與收入相匹配，確保資本部署保持紀律性，並與近期貨幣化目標一致。

And fourth, pursuing selective growth opportunities through acquisitions, joint ventures and strategic relationships like our Hearthstone investment, which we expect to be accretive to earnings.

第四，透過收購、合資企業和策略合作關係等方式尋求選擇性的成長機會，例如我們對爐石戰記的投資，我們預期這將增加收益。

Let me now provide you with some updates on our communities, starting with our Great Park neighborhoods community. At the Great Park, builders sold 187 homes during the quarter, an increase from the 112 homes sold in quarter two. We currently have six active selling programs with several expected to sell out by early 2026. 10 additional new programs are anticipated to start sales either later this year or in early 2026. I previously reported that we had completed bidding and contracting for nine new residential programs totaling 572 homesites.

現在讓我向大家介紹一下我們社區的最新情況，首先是我們的 Great Park 社區。在大公園，建築商在本季售出了 187 套房屋，比第二季度售出的 112 套房屋有所增加。我們目前有六個正在銷售的項目，預計到 2026 年初，其中幾個項目將售罄。另有 10 個新項目預計將於今年稍後或 2026 年初開始銷售。我之前報告過，我們已經完成了九個新住宅項目的招標和合約簽訂工作，總共涉及 572 個住宅地塊。

We closed the sale of five of those programs consisting of 326 homesites in the third quarter. Shortly following quarter end, we closed the sale of another two programs consisting of 113 home sites. We anticipate one other program to close later in the fourth quarter. We anticipate the final program consisting of 59 homesites will close in early 2026.

第三季度，我們完成了其中五個項目（共 326 個住宅用地）的銷售。季度末後不久，我們完成了另外兩個項目（共 113 個住宅用地）的銷售。我們預計第四季度晚些時候還會有一個項目結束。我們預計包含 59 個住宅地塊的最終項目將於 2026 年初完成。

These recently closed land sales were modified to include base purchase price paid at closing range from approximately $8.5 million to $11 million per acre, plus price participation rights that can allow us to capture upside in the event there is an improving market at the time of the home sales, the homes are sold to homebuyers.

最近完成的這些土地銷售交易進行了修改，包括在成交時支付的基本購買價格約為每英畝 850 萬美元至 1100 萬美元，以及價格參與權，以便在房屋銷售時市場好轉，房屋售出給購房者時，我們可以獲得上漲收益。

Now let me discuss Valencia, our other active community. In Valencia, builders sold 50 homes during the quarter compared to 47 homes in the second quarter. We currently have eight actively selling programs with eight new programs anticipated to open over the next few quarters. On the commercial side of our Valencia community, following the end of the quarter, we closed on the sale of a 15.8-acre industrial site.

現在讓我來談談瓦倫西亞，我們另一個活躍的社區。在瓦倫西亞，建築商本季售出 50 套房屋，而第二季售出 47 套。我們目前有八個正在積極銷售的項目，預計未來幾季還將推出八個新項目。在瓦倫西亞社區的商業方面，本季末，我們完成了一塊 15.8 英畝工業用地的出售。

We also continue to advance regulatory approvals for our next phase of development are expected to add approximately 8,900 homesites and 183 net acres of commercial land. These approvals will allow us to continue delivering much needed housing to one of California's most supply-constrained housing markets.

我們也將繼續推進下一階段開發的監管審批，預計新增約 8,900 個住宅用地和 183 英畝淨商業用地。這些批准將使我們能夠繼續為加州供應最緊張的住房市場之一提供急需的住房。

Turning to San Francisco. We are finalizing engineering for the next phase of infrastructure and expect to begin construction in the first half of 2026. We are very focused on optimizing product design for the San Francisco market and remain engaged in discussions with potential capital sources to advance development of our Candlestick and Shipyard communities.

轉向舊金山。我們正在敲定下一階段基礎建設的工程設計，預計 2026 年上半年開始施工。我們非常注重優化產品設計以適應舊金山市場，並持續與潛在的資金來源進行討論，以推進我們的燭台社區和造船廠社區的發展。

As I mentioned earlier, we closed the Hearthstone acquisition in July, marking a major milestone of Five Point's strategic evolution. I want to welcome the Hearthstone team to the Five Point family. We are generally excited to have them join Five Point as this acquisition gives us an established national platform providing capital solutions to homebuilders. Mike will discuss Hearthstone further in his remarks.

正如我之前提到的，我們在 7 月完成了《爐石戰記》的收購，這標誌著 Five Point 策略發展的一個重要里程碑。我謹代表 Five Point 團隊，歡迎《爐石戰記》團隊加入這個大家庭。我們很高興他們加入 Five Point，因為此次收購使我們擁有了一個成熟的全國性平台，為住宅建築商提供資金解決方案。麥克將在演講中進一步討論《爐石戰記》。

Let me conclude by saying that we are very pleased with our progress through the first nine months of 2025.

最後我想說，我們對2025年前九個月的進展感到非常滿意。

Our third-quarter results reflect strong execution, continued profitability, balance sheet strength and meaningful strategic advancement through the addition of the Hearthstone platform. Even as the broader housing market continues to adapt to interest rates and affordability challenges, Five Point remains well positioned financially, operationally and strategically to continue creating long-term value for our shareholders.

第三季業績反映了我們強勁的執行力、持續的獲利能力、穩健的資產負債表以及透過收購爐石戰記平台而取得的重大策略進展。即使整體房屋市場仍在適應利率和可負擔性方面的挑戰，Five Point 在財務、營運和策略方面仍然處於良好地位，能夠繼續為我們的股東創造長期價值。

With that, I'll turn it over to Mike to provide more color on how Hearthstone fits into our long-term vision.

接下來，我將把麥克風交給 Mike，讓他更詳細地介紹《爐石戰記》如何融入我們的長期願景。

Thanks, Dan. As Dan mentioned, the Hearthstone acquisition was not only a first step towards our growth strategy, but a meaningful one to set us up to be an institutional platform that can own, develop and finance land at various stages in the development cycle.

謝謝你，丹。正如丹所提到的，收購爐石戰記不僅是我們成長策略的第一步，而且意義重大，它使我們成為一個機構平台，能夠在開發週期的各個階段擁有、開發和融資土地。

Immediately after the closing of this acquisition, we focused on expanding Hearthstone's capital relationships, pulling resources and communication lines together to increase the builder deal flow to Hearthstone and enhancing its already strong operational controls. All of these efforts will be ones that we will remain focused on as we work through the integration, but we are off to a strong start. First, we are engaged in meaningful discussions with capital providers to continue to expand the assets under management for the Hearthstone Venture.

收購完成後，我們立即著手拓展 Hearthstone 的資本關係，整合資源和溝通管道，以增加 Hearthstone 的建築商交易量，並加強其已有的強大營運控制。在整合過程中，我們將繼續關注所有這些方面，但我們已經取得了良好的開端。首先，我們正在與資本提供者進行有意義的討論，以繼續擴大爐石風險投資的管理資產規模。

When we first started talking with Hearthstone, they had approximately $2.6 billion of assets under management. And today, we are at approximately $3 billion and growing with ongoing discussions for additional investments from new capital sources of $300 million, which could grow to over $1 billion.

當我們最初與爐石戰記公司洽談時，他們管理的資產約為 26 億美元。而如今，我們的資金已達到約 30 億美元，並且還在持續成長中。我們正在與新的資本來源進行洽談，以期追加 3 億美元的投資，而這筆投資最終可能會超過 10 億美元。

As a reminder, a substantial majority of capital deployed through Hearthstone's land baking business will be provided by third-party capital sources, while Hearthstone's returns will largely be generated by recurring asset management fees. Hearthstone's current portfolio spans 16 states and approximately 33 market areas, geographically diversifying the investment base of Hearthstone's lot option program.

需要提醒的是，透過《爐石戰記》的土地投資業務投入的大部分資金將來自第三方資金來源，而《爐石戰記》的收益將主要來自經常性的資產管理費。Hearthstone 目前的投資組合涵蓋 16 個州和大約 33 個市場區域，從地理上分散了 Hearthstone 地塊選擇權計畫的投資基礎。

Second, builders have been contacting us with an eye towards expanding their lot option financing deal flow. As I noted on our last call, it's been reported that over 70% of land pipelines for homebuilders are optioned rather than purchased outright and that the public homebuilders buy and develop over $35 billion in land per year. We believe our venture has the opportunity to capture a meaningful portion of that market, and our recent communications with builders appear to justify that belief.

其次，一些建築商聯絡我們，希望擴大他們的地塊選擇權融資交易量。正如我在上次通話中提到的，據報道，超過 70% 的住宅建築商土地儲備是透過選擇權而非直接購買的方式獲得的，而且上市住宅建築商每年購買和開發價值超過 350 億美元的土地。我們相信我們的合資企業有機會佔據該市場相當可觀的份額，而我們最近與建築商的溝通似乎也證實了這一觀點。

Third, we have already started integrating our public company level controls of our financial and operational reporting into the Hearthstone venture, and we intend to bring technological enhancements to the platform to allow us to grow this business in an efficient and effective manner. Capital providers are selective when choosing to invest with operators, emphasizing strong risk mitigation controls over growth at an all-cost approach.

第三，我們已經開始將上市公司層面的財務和營運報告控制措施整合到爐石戰記專案中，我們打算為該平台帶來技術改進，以便我們能夠以高效的方式發展這項業務。資本提供方在選擇投資對象時非常謹慎，他們更注重強有力的風險緩解控制，而不是不惜一切代價追求成長。

Hearthstone has a proven track record of disciplined underwriting and their focus on risk managed capital deployment aligns with Five Point's commitment to delivering strong long-term returns for shareholders. While we intend to scale this business, we intend to do so with the same discipline that Hearthstone has done for many years and to bring the full scale of our public company platform to Hearthstone's operations.

Hearthstone 在嚴謹的承保方面擁有良好的業績記錄，其對風險管理資本部署的關注與 Five Point 致力於為股東帶來強勁的長期回報的承諾相一致。雖然我們打算擴大這項業務的規模，但我們打算以爐石戰記多年來一直秉持的嚴謹態度來做到這一點，並將我們上市公司的平台的全部規模帶到爐石戰記的運作中。

Five Point now has two legs of the land development cycle stool. We have top-tier master planned communities in supply-constrained markets that will generate revenue for decades. And now we have a short-term land financing program through Hearthstone that we anticipate will increase our fee-based income substantially in the coming years.

五點區現在具備了土地開發週期中兩大支柱。我們在供應受限的市場中擁有一流的總體規劃社區，這些社區將在未來幾十年內持續產生收益。現在，我們透過《爐石戰記》推出了一項短期土地融資計劃，我們預計該計劃將在未來幾年大幅增加我們的費用收入。

Next, we intend to focus on our midterm land strategy, where we will continue to take an asset or investment-light approach, bringing in capital partners to acquire residential land that is neither generational in nature nor short term that fits the typical land bank model. This midterm land is what the homebuilders have traditionally held on their balance sheets as a necessary element of their inventory in key markets.

接下來，我們將專注於其中期土地策略，我們將繼續採取資產或投資較少的方式，引入資本合作夥伴來收購既非世代傳承性質也非短期性質的住宅用地，這不符合典型的土地儲備模式。這種中期土地是房屋建築商歷來在其資產負債表上持有的，是其在主要市場庫存中必不可少的組成部分。

As we have already reported, this is a market segment currently unserved by traditional capital providers. With the undersupply of homes and home sites in this country, particularly in the metropolitan areas that are experiencing growth, we believe that capital will be available to pursue and execute on these opportunities.

正如我們之前報導的那樣，這是傳統資本提供者目前尚未服務的市場領域。鑑於我國住房和宅基地供應不足，尤其是在正在經歷成長的大都市地區，我們相信將會有資金來尋求和把握這些機會。

In short, we are extremely excited about welcoming the Hearthstone team to Five Point and to taking the next steps to position Five Point to be a meaningful participant in the land development ecosystem and to generating long-term sustainable growth for our company.

簡而言之，我們非常高興地歡迎 Hearthstone 團隊加入 Five Point，並採取下一步措施，使 Five Point 成為土地開發生態系統中的重要參與者，並為公司創造長期永續成長。

Now let me turn it over to Kim to report on our financial results for the quarter.

現在，我把麥克風交給Kim，請她報告我們本季的財務表現。

Thank you, Mike. Dan has provided a good summary of the financial results for the third quarter. I'm now going to review our results for the nine months ending in the third quarter and provide some additional information about the Hearthstone venture since this is the first time that information will be included in our 10-Q. Then I will conclude by updating our earnings guidance for what we are expecting for the balance of 2025. We recognized $158.7 million -- excuse me, for the nine months ended September 30, we have recognized $124 million of net income.

謝謝你，麥克。丹對第三季的財務表現做了很好的總結。現在我將回顧截至第三季末的九個月的業績，並提供一些關於爐石戰記項目的補充信息，因為這是我們首次在 10-Q 表格中包含該資訊。最後，我將更新我們對 2025 年剩餘時間的獲利預期。我們確認了 1.587 億美元——抱歉，截至 9 月 30 日的九個月，我們確認了 1.24 億美元的淨收入。

The nine months net income is made up of the following significant components. We recognized $158.7 million of equity and earnings from our unconsolidated entities, $157.1 million of which came from the Great Park Venture. The equity and earnings from the Great Park Venture was attributable to the venture's net income of $456.3 million, which resulted from land sales revenue of $613.6 million and at approximately a 75% gross margin. The sales revenue I just noted includes $13.3 million of price participation consideration. Additionally, the venture also had $17.1 million of profit participation revenue.

前九個月的淨收入由以下幾個主要部分構成。我們從未合併實體中確認了 1.587 億美元的權益和收益，其中 1.571 億美元來自 Great Park Venture。大公園合資企業的股權和收益歸因於該合資企業 4.563 億美元的淨收入，該淨收入來自 6.136 億美元的土地銷售收入，毛利率約為 75%。我剛才提到的銷售收入包括 1330 萬美元的價格參與對價。此外，該合資企業還有 1,710 萬美元的利潤分成收入。

Five Point added $32.3 million of management services revenue, $18.3 million of which is associated with the incentive compensation from the Great Park Venture and $3.4 million is associated with two months of the Hearthstone Venture operations. Our SG&A for the first nine months was $44.6 million. We had interest income of $13.5 million. And finally, we recognized $20.1 million of income tax for the nine months.

Five Point 增加了 3,230 萬美元的管理服務收入，其中 1,830 萬美元與 Great Park Venture 的激勵補償有關，340 萬美元與 Hearthstone Venture 兩個月的營運有關。前九個月的銷售、一般及行政費用為 4,460 萬美元。我們獲得了1350萬美元的利息收入。最後，我們確認了九個月的所得稅額為 2,010 萬美元。

Dan shared our liquidity and cash position and the improvements that we have accomplished this last quarter with the refinancing and $75 million reduction in our senior notes and the recent upsizing of our revolving credit facility. We have been working very hard to position the company for long-term growth and flexibility.

Dan 分享了我們的流動性和現金狀況，以及我們上個季度透過再融資和減少 7500 萬美元的高級票據以及最近擴大循環信貸額度所取得的改善。我們一直努力使公司能夠實現長期成長並保持靈活性。

Our new senior note covenant package is substantially similar to our prior notes with the exception that the prohibition against dividends and stock buybacks has been removed. Those actions are now subject to common covenant limitations. I'd like to emphasize that with the rate improvement and reduced principal, we are saving over $20 million a year in cash flow.

我們新的優先票據契約方案與我們先前的票據基本相同，唯一的區別是取消了禁止派發股利和股票回購的規定。這些行為現在受到共同契約限制的約束。我想強調的是，由於利率提高和本金減少，我們每年可以節省超過 2000 萬美元的現金流。

I'd also like to note that in September, we received initial senior notes and corporate ratings of BB- and B, respectively, from Fitch Ratings. Moody's ratings upgraded us to B2 for both our senior notes and corporate ratings, as Dan noted, and S&P Global Ratings reaffirmed our ratings at B+B.

我還想指出，9 月份，我們分別從惠譽評級獲得了 BB- 和 B 的初始高級票據評級和企業評級。正如丹所指出的，穆迪將我們的高級票據和公司評級都上調至 B2，而標普全球評級重申了我們的 B+B 評級。

Now let me turn to the Hearthstone transaction. On July 31, the company acquired substantially all of the assets associated with the asset and investment management business of Hearthstone Inc., a provider of capital solutions to the US homebuilding industry. We purchased 75% of the outstanding Class A units of the Hearthstone Venture for an aggregate purchase price of $57.6 million, while Hearthstone Inc. and affiliate trust and certain employees of Hearthstone retained the remaining 25% of the outstanding Class A units all of the Class B units and certain other less significant distribution priority rights.

現在讓我來談談爐石戰記交易。7 月 31 日，該公司收購了 Hearthstone Inc. 的資產和投資管理業務的幾乎所有資產，Hearthstone Inc. 是一家為美國住宅建築業提供資本解決方案的公司。我們以 5,760 萬美元的總購買價收購了 Hearthstone Venture 已發行 A 類股份的 75%，而 Hearthstone Inc. 及其關聯信託和 Hearthstone 的某些員工保留了剩餘的 25% 已發行 A 類股份、所有 B 類股份以及某些其他不太重要的分配優先權。

The Class B units are temporary in nature and will be extinguished proportionally as and when the company contributes additional capital to the Hearthstone to grow its business. This acquisition represents a significant expansion of Hearthstone's capabilities, positioning Five Point as an active manager of capital solutions for the homebuilding industry through investment fund structures while positioning the Hearthstone Venture to scale its platform.

B類股份屬於臨時性質，當公司向Hearthstone投入額外資金以發展業務時，這些股份將按比例註銷。此次收購顯著擴展了 Hearthstone 的能力，使 Five Point 成為透過投資基金結構為住宅建築業提供資本解決方案的積極管理者，同時使 Hearthstone Venture 能夠擴大其平台規模。

We are accounting for the transaction as a business combination and have identified the assets acquired, liabilities assumed and noncontrolling interest held by the legacy Hearthstone owners of the acquiree and recorded them with limited exceptions at the fair market value on the acquisition date.

我們將此交易作為企業合併進行會計處理，並已確定收購的資產、承擔的負債以及被收購方原《爐石戰記》所有者持有的非控股權益，除少數例外情況外，均按收購日的公允市場價值進行記錄。

You will note that we have preliminarily recorded $69.8 million of goodwill. The goodwill primarily represents the value of expected operational synergies, enhanced scale and market presence, the assembled workforce and other intangible benefits expected to be realized from integrating the Hearthstone Venture platform with Five Point's existing operations. While we don't expect any changes to the preliminary fair value recorded, the accounting rules allow for changes during the measurement period, which will not extend beyond one year from the acquisition date. We are excited about the growth opportunities that the Hearthstone Venture presents.

您會注意到，我們已初步確認了 6,980 萬美元的商譽。商譽主要代表預期營運綜效、規模和市場地位的提升、員工隊伍的組建以及其他無形收益的價值，這些收益預計將透過將 Hearthstone Venture 平台與 Five Point 的現有業務整合來實現。雖然我們預期記錄的初步公允價值不會有任何變化，但會計準則允許在計量期間進行調整，該計量期間不會超過收購日期起一年。我們對爐石戰記創投項目帶來的成長機會感到興奮。

As Dan mentioned, we continue to expect to close out 2025 with net income close to last year's income of $176.3 million. As he described in October, we already closed a commercial land sale in Valencia and residential land sales in the Great Park. And we have an additional land sale in the Great Park expected to close later in the fourth quarter. These sales, together with Five Point and Hearthstone's continuing management services revenues will all contribute to a strong finish in 2025.

正如丹所提到的，我們仍然預計 2025 年的淨收入將接近去年的 1.763 億美元。正如他在 10 月所描述的那樣，我們已經完成了瓦倫西亞的一筆商業用地交易和大公園的住宅用地交易。此外，我們預計在第四季稍後完成大公園的另一筆土地出售交易。這些銷售收入，加上 Five Point 和 Hearthstone 的持續管理服務收入，都將為 2025 年的強勁收官做出貢獻。

With that, let me turn it back to the operator, who will now open it up for questions.

接下來，我將把麥克風交還給接線員，他/她將開始回答問題。

(Operator Instructions) Alan Ratner, Zelman & Associates.

（操作說明）艾倫·拉特納，澤爾曼及合夥人公司。

Congrats on all of the progress in the quarter. Really great to see and thank you for all the information so far. Dan, I guess first question, obviously, Hearthstone is kind of the topic you guys spent a lot of time discussing. And I'm curious, since the deal closed, we've gone through a number of homebuilder earnings reports thus far. And we've seen a fair amount of walkaways on option deals from builders, and I know there's a distinction between land banking and traditional options.

恭喜你們本季取得的所有進展。很高興看到這些，非常感謝您迄今為止提供的所有資訊。丹，我想第一個問題很明顯，《爐石戰記》是你們花了很多時間討論的話題。我很好奇，自從交易完成以來，我們已經查看了多家房屋建築商的獲利報告。我們已經看到很多開發商放棄了選擇權交易，我知道土地儲備和傳統選擇權之間存在差異。

But I'm just curious, a, as you kind of jump in here into Hearthstone's business and begin to work with existing option deals and bank deals that were in place before you acquired them, how have those discussions been going? I'm assuming there are situations where builders are coming to you guys looking to either renegotiate terms or pricing, et cetera. So just curious if you can comment a little bit on how the existing book of business is going.

但我很好奇，當你正式接手 Hearthstone 的業務，並開始處理收購前已有的選擇權交易和銀行交易時，這些討論進展如何？我猜想有些情況下，建築商會來找你們，希望重新協商條款或價格等等。所以，我很好奇您能否簡單介紹一下現有業務的進展。

And then I guess, just going forward, how should we think about the revenue and income stream? I mean I see the table in the release, it looks like roughly $1 million or so was the segment profitability for the two months or I'm guessing the two months that the deal closed.

那麼，展望未來，我們該如何看待收入和收益來源呢？我的意思是，我看到了新聞稿中的表格，看起來在交易完成的兩個月裡（或者我猜是交易完成的兩個月），該部門的盈利大約為 100 萬美元左右。

So is that fairly representative of how we should think about it, at least in the near term until you grow the assets under management?

那麼，至少在短期內，直到你增加管理資產規模之前，這是否相當能代表我們該如何看待這個問題？

Thanks, Alan. Appreciate the questions. I'm going to split these up. I'm going to talk about the contracts on your first part, and I'll give it to Kim to talk about the numbers. But one of the things when we made a decision to buy in, partner up with Mark Porath at Hearthstone, we did a lot of diligence, and they have a 30-year history of -- in this business.

謝謝你，艾倫。感謝提問。我要把它們分開。第一部分，我來談談合約方面的問題，然後把數字部分交給 Kim 來談。但當我們決定收購並與 Hearthstone 的 Mark Porath 合作時，我們做了很多盡職調查，他們在這個行業有 30 年的歷史。

And one of the most important aspects is their underwriting discipline and their structure and their deals and the deposits that they get.

其中最重要的方面之一是他們的承保紀律、結構、交易以及他們獲得的存款。

So as far as the question of their current existing book of business, it has some of the best underwriting, I think, in the industry, and we have not seen any issues there at all, and we don't expect to see any issues there because of that disciplined underwriting that is really their hallmark.

所以就他們目前現有的業務而言，我認為他們的承保水平在業內名列前茅，我們完全沒有看到任何問題，而且由於他們嚴謹的承保方式，我們預計也不會看到任何問題。

And Kim, do you want to take the second part about numbers?

金，你想回答關於數字的第二部分嗎？

Yes. Alan, as it relates to the representation there, I think that the $1 million for two months is accurate in the sense of looking forward in the near term, we're expecting that to grow as we move into later in the year, next year. So I think you'll see that we'll continue that, and then it will start to get a little velocity as we get into the later part of the second quarter and moving forward.

是的。艾倫，就那方面的代理業務而言，我認為兩個月 100 萬美元的說法是準確的，就短期前景而言，我們預計隨著時間推移，到今年晚些時候，甚至明年，這個數字還會增長。所以我認為你會看到我們將繼續這樣做，然後隨著我們進入第二節後半段以及接下來的比賽，它會開始加速發展。

Great. I appreciate that. Thank you both for those responses. Very helpful.

偉大的。我很感激。感謝二位的回覆。很有幫助。

Second question, obviously, land sale activity has been pretty robust in Great Park, and you're continuing to do great there. I didn't hear any mention of any residential lot sales in Valencia, and it's -- I think it's been about a year or so since your last transaction there. So curious if you can give just a rough time line on when we should expect to see the next residential lot sale coming in Valencia.

第二個問題，很明顯，大公園的土地銷售活動一直非常活躍，而且你們在那裡也做得非常出色。我沒有聽說瓦倫西亞有任何住宅用地出售的消息，而且——我想距離您上次在那裡進行交易已經大約一年了。我很想知道您能否大致估算一下瓦倫西亞下一次住宅用地銷售的時間。

Yes, Alan, good question. And we actually are looking very carefully at Valencia. The kind of short answer is it's going to be in 2026 because as we've said, one of the things we don't want to do is push lots out if there's not a market for it. And in Valencia, we're monitoring that market very carefully. We've kind of got a steady flow of sales quarter-to-quarter.

是的，艾倫，問得好。我們確實正在非常仔細地考察瓦倫西亞。簡單來說，應該會在 2026 年，因為正如我們所說，我們不想做的一件事就是在沒有市場需求的情況下推出大量產品。在瓦倫西亞，我們正在非常密切地關注這個市場。我們的銷售額每季都比較穩定。

But on the other hand, we have looked at some additional transactions there and decided based on the current pace in the market that we should probably wait on those because we think we get better pricing by waiting, and there's enough inventory in the market to keep the master plan moving forward.

但另一方面，我們也考察了一些其他交易，並根據目前的市場節奏決定，我們可能應該再等等，因為我們認為等待可以得到更好的價格，而且市場上有足夠的庫存來推動總體規劃向前發展。

But on the other hand, we actually have programs ready to go, and we can enter the market quickly if we start seeing the market having more demand. But right now, the direct answer to your question is we think it'd be 2026. We aren't looking at closing anything else there on the residential side this year.

但另一方面，我們實際上已經有了現成的項目，如果我們開始看到市場需求增加，我們可以迅速進入市場。但就目前而言，對於您的問題，我們的直接回答是：我們認為應該是 2026 年。今年我們不打算在住宅方面關閉任何其他項目。

(Operator Instructions) [David Langran], private investor.

（操作說明）[David Langran]，私人投資者。

Hi, Dan. Thanks for taking my question. Congratulations on the quarter. I'm trying to understand from your balance sheet and the number of outstanding shares, you have like 69 million roughly basic Class A shares, 149 million diluted. And so trying to understand from your balance sheet, what would you say is your book value per share?

嗨，丹。謝謝您回答我的問題。恭喜你本季取得佳績。我試圖從你們的資產負債表和流通股數量中了解情況，你們大約有 6900 萬股基本 A 類股，稀釋後有 1.49 億股。那麼，根據你們的資產負債表，你們的每股帳面價值是多少呢？

Well, David, I'm going to turn that one to Kim, if you don't mind.

大衛，如果你不介意的話，我打算把這個問題交給金來回答。

Sure.

當然。

Yes, David, I would say that our book value per share is about between $8 and $10 a share.

是的，大衛，我認為我們每股帳面價值大約在每股 8 美元到 10 美元之間。

Okay. So that's different than what I calculated because the way I would look at it is you have like $11.5 would be the book value per share. If you look at -- if you have 69 million basic and then from the balance sheet, total members' capital is $803 million, I guess, and then the noncontrolling interests are $1.476 billion.

好的。所以這和我計算的結果不一樣，因為我的理解是，每股帳面價值應該是 11.5 美元。如果你看一下——如果你有 6900 萬基本資本，然後從資產負債表來看，成員總資本是 8.03 億美元，我猜，然後非控股權益是 14.76 億美元。

So I guess there's some -- at least for me, trying to calculate it's kind of confusing. Can you give -- can you elaborate on how you came up with the between $8 and $10 per share book value?

所以我覺得這其中存在一些問題——至少對我來說，試圖計算這個問題有點令人困惑。您能否詳細說明一下您是如何得出每股帳面價值在 8 美元到 10 美元之間的結論的？

That's what I just -- I mean, I had it in my head from the standpoint of when I'm going through the numbers, I'll have to get back to you on that.

我剛才就是──我的意思是，從我分析數據的角度來看，我腦子裡一直想著這件事，我得稍後再回覆你。

Okay. Yes, I appreciate it because I mean, it's a struggle for me as I try to calculate it myself, and that's why I wanted to ask that question just so I have some clarity. But thank you for taking my question. Congratulations on the quarter. Good luck with the next quarter.

好的。是的，我很感激，因為我自己計算的時候很吃力，所以我才想問這個問題，希望能弄清楚。不過，謝謝你回答我的問題。恭喜你本季取得佳績。祝你下個季度一切順利。

Thank you. And Kim will follow up with you.

謝謝。Kim會跟進此事。

Alan Ratner, Zelman & Associates.

艾倫·拉特納，澤爾曼及合夥人公司。

I'm back again with another -- the prior question just kind of spurred another thought. I noticed on your balance sheet, the -- I think the nonredeemable line -- equity line on your balance sheet, it increased by about $40 million from last quarter, $45 million. Can you explain exactly what's driving that?

我又來提問了──之前的問題引發了我的另一個想法。我注意到你們的資產負債表上——我認為是不可贖回的權益項目——比上一季增加了約 4,000 萬美元，即 4,500 萬美元。能具體解釋一下是什麼原因導致這種情況嗎？

Kim, I'll let you answer that.

金，這個問題就交給你回答吧。

Yes, Alan, that's the temporary equity associated with the Hearthstone transaction. We have -- there's a put call on the remaining 25% that we didn't acquire. And so that's temporary equity.

是的，艾倫，那是與爐石戰記交易相關的臨時權益。我們有—對於我們尚未收購的剩餘 25% 的股份，存在一個看跌期權。所以，這只是暫時的公平。

I see. So is that going to remain on the balance sheet, I guess, until if that call is ever made?

我懂了。所以，我想，這筆款項會一直保留在資產負債表上，直到最後做出決定為止嗎？

It will. And then there are certain other interests that may, over time, simply amortize off.

會的。此外，還有一些其他利息，隨著時間的推移，可能會逐漸攤銷掉。

Got it. And I guess just going back to that last question because I know I get this question a lot from investors. Correct me if I'm wrong, but that 149 million diluted share count, that's going to be pretty close adding up your various kind of Class A, Class B shares. So kind of thinking about the overall equity of the company, assuming those other classes ultimately convert to common Class A. I've always thought about that being the ultimate denominator in terms of calculating your book value per share.

知道了。我想回到最後一個問題，因為我知道投資者經常問我這個問題。如果我理解有誤請指正，但有1.49億股稀釋後的股份總數，應該差不多是各種A類股、B類股加起來的數量了。所以，在考慮公司整體權益時，假設其他類別的股票最終都會轉換為普通股A類股。我一直認為，這才是計算每股帳面價值的最終分母。

Is that something you would agree with?

你同意這種說法嗎？

Yes. I would agree with that.

是的。我同意。

Okay. Yes. So I think that probably -- I get to a slightly higher number than the range that you discussed. I think it's maybe north.

好的。是的。所以我認為，我得到的數字可能會比你討論的範圍略高一些。我覺得可能是在北部。

You know what. Yes, I hear. Just the number actually as of the end of '25, I mean, the September '25 is actually $15 -- about $15.5.

你知道嗎。是的，我聽說了。實際上，截至 2025 年底，也就是 2025 年 9 月，數字是 15 美元——大約 15.5 美元。

Yes. Okay. That's what I was getting, which is, I guess, just the total shareholders' equity of $2.2 billion, $2.3 billion divided by the 149 million or so.

是的。好的。我得到的結果就是這樣，我猜就是股東權益總額 22 億至 23 億美元除以約 1.49 億。

Yes. That's right.

是的。這是正確的。

Ladies and gentlemen, as there are no further questions, I will now hand the conference over to Dan Hedigan for his closing comments.

女士們、先生們，既然沒有其他問題了，我現在將會議交給丹‧赫迪根，請他作總結發言。

Thank you. On behalf of our management team, we thank you for joining us on today's call, and we look forward to speaking with you next quarter.

謝謝。我們管理團隊感謝您參加今天的電話會議，期待下個季度與您再次交流。

Thank you. Ladies and gentlemen, the conference of Five Point Holdings has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。女士們、先生們，五點控股公司的會議到此結束。感謝您的參與。現在您可以斷開線路了。