Five Point Holdings, LLC (FPH) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Five Point Holdings LLC first-quarter 2026 conference call. As a reminder, this call is being recorded. Today's call may include forward-looking statements regarding Five Point's business, financial condition, operations, cash flow, strategy, acquisitions, and prospects.

各位好，歡迎參加 Five Point Holdings LLC 2026 年第一季財報電話會議。提醒各位，本次電話會議將被錄音。今天的電話會議可能包含有關 Five Point 之業務、財務狀況、營運、現金流、策略、收購及前景的前瞻性陳述。

Forward-looking statements represent Five Points estimates on the date of this conference call and are not intended to give any assurance as to actual future results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

前瞻性陳述代表 Five Point 於本次電話會議當日所作之估計，並非旨在對實際未來結果提供任何保證。由於前瞻性陳述涉及尚未發生之事項，該等陳述本質上存在風險與不確定性。

Many factors could affect future results and may cause Five Points actual activities or results to differ materially from the activities and results anticipated in forward-looking statements.

多項因素可能影響未來結果，並可能導致 Five Point 的實際活動或結果與前瞻性陳述中預期之活動與結果出現重大差異。

These factors include, those described in today's press release and Five Point's SEC filings, including those in the risk factor section of Five Point's most recent annual report on Form 10-K filed with the SEC. Please note that Five Point assumes no obligation to update any forward-looking statements.

該等因素包括今日新聞稿及 Five Point 向美國證券交易委員會（SEC）提交之文件中所述者，其中包括 Five Point 最近一期向 SEC 提交之 Form 10-K 年度報告風險因素章節所載內容。請注意，Five Point 不承擔更新任何前瞻性陳述之義務。

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

現在，我想把電話會議交給總裁兼執行長 Dan Hedigan。

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

謝謝。各位下午好，感謝各位參加本次電話會議。今天與我一同出席的有：營運長兼法務長 Mick Alvarado；財務長 Kim Tobler；財務與報告資深副總裁 Leo Key；執行董事長 Stuart Miller 也將以遠端方式加入。

On today's call, I'll update you on our first-quarter results and will provide an overview of the current state of our business, including our operating strategy and expectations for the remainder of 2026.

在今天的電話會議中，我將更新第一季業績，並概述我們目前的業務狀況，包括營運策略以及對 2026 年剩餘期間的預期。

Mike will then discuss our Hearthstone venture and other growth initiatives in more detail, after which Kim will review our financial results and outlook. We'll then open the line for questions.

接著 Mike 將更詳細說明我們的 Hearthstone 合資事業及其他成長計畫，之後 Kim 將回顧我們的財務結果與展望。最後我們將開放提問。

Turning to the first quarter, as expected, we began 2026 with a relatively quiet quarter from a land sales perspective and reported a consolidated net loss of $5 million. This result was driven primarily by the timing of land sales, and we did not have any significant residential land closings during the quarter.

回到第一季，如預期所示，從土地銷售角度來看，我們在 2026 年以相對平靜的一季開局，並報告合併淨損 500 萬美元。此結果主要受土地銷售時點影響，本季並無任何重大的住宅用地交割。

As we discussed in prior periods, our earnings are inherently tied to the timing of land transactions, and we expect variability from quarter-to-quarter depending on when these sales occur. From a revenue standpoint, we generated $13.6 million during the quarter, primarily from management services associated with our Great Park and Hearthstone segments. From a balance sheet perspective, we ended the quarter with total liquidity of $550.1 million, including $332 million of cash and cash equivalents.

如我們在先前期間所討論，我們的獲利本質上與土地交易的時點密切相關；我們預期將因銷售發生的時間不同而出現季度間的波動。就營收而言，本季我們產生 1,360 萬美元，主要來自與 Great Park 與 Hearthstone 部門相關的管理服務收入。就資產負債表而言，本季期末總流動性為 5.501 億美元，其中包括 3.32 億美元的現金及約當現金。

This level of liquidity continues to provide us with substantial flexibility to operate the business, manage through market cycles and pursue strategic opportunities, including the $40 million share repurchase that we announced today, which I'll discuss in more detail later in my remarks.

此一流動性水準持續為我們提供相當大的彈性，以營運業務、因應市場循環並把握策略性機會；其中包括我們今日宣布的 4,000 萬美元庫藏股回購計畫，我稍後將在談話中更詳細說明。

Operationally, activity across our communities remained steady. At the Great Park, Builders sold 82 homes during the quarter, while Valencia saw 90 home sales.

在營運面上，我們各社區的活動維持穩定。在 Great Park，建商本季售出 82 戶住宅；Valencia 則售出 90 戶。

While these volumes reflect a more measured pace than we saw at certain points in 2025, they demonstrate continued engagement from homebuyers even in a more challenging environment. As we look ahead, we continue to expect our earnings in 2026 to be weighted toward the third and fourth quarters as land sales close and fee-based income in Hearthstone grows.

雖然這些銷量較 2025 年某些時點所見更為溫和，但即使在更具挑戰的環境下，仍顯示購屋者持續參與。展望未來，我們仍預期 2026 年的獲利將偏重於第三與第四季，屆時土地銷售將完成交割，且 Hearthstone 的以費用為基礎之收入將成長。

Let me now turn to the market. The current market environment is unsettled, and consumer confidence has been impacted by a number of factors, including geopolitical uncertainty stemming from the conflict in the Middle East, increased volatility in financial markets and mortgage rates that have risen again recently after trending down briefly.

接下來談市場。目前的市場環境仍不穩定，消費者信心受到多項因素影響，包括中東衝突所引發的地緣政治不確定性、金融市場波動加劇，以及房貸利率在短暫下行後近期再度上升。

We're seeing the impact of these dynamics across the homebuilding sector as consumers have been hesitant to make large purchase decisions in uncertain environments.

我們在整個住宅建築產業都看到這些動態的影響，因為在不確定的環境下，消費者對於做出大額購買決策較為猶豫。

Prior to the start of the conflict in the Middle East, we saw green shoots of improvement in consumer confidence, driven in part by a reduction in mortgage rates. We believe that markets and demand will recover following a resolution of the conflict.

在中東衝突爆發之前，我們曾看到消費者信心改善的初步跡象，部分原因是房貸利率下降。我們相信，在衝突獲得解決後，市場與需求將會復甦。

These recent trends have translated into slower absorption rates and a more cautious approach by builders in committing to new land purchases in the near term. That said, since our communities are located in California markets and remain chronically undersupplied, we continue to see demand for our home sites. With our liquidity and balance sheet, we have the flexibility to adjust the pace and structure of our land sales in order to protect long-term value.

這些近期趨勢已反映為去化速度放緩，以及建商在短期內承諾購買新土地時採取更審慎的態度。儘管如此，由於我們的社區位於加州市場且長期供給不足，我們仍持續看到對我們住宅用地的需求。憑藉我們的流動性與資產負債表，我們有彈性調整土地銷售的節奏與結構，以維護長期價值。

I'll share more about our land sales during my community updates. Let me now turn to $40 million share repurchased that our Board has approved. We believe the share repurchase gives us the ability to opportunistically deploy capital and an attractive return, given that our shares are currently trading at a significant discount to book value.

我會在社區更新時分享更多關於土地銷售的資訊。接下來談董事會已核准的 4,000 萬美元庫藏股回購。我們認為，鑑於目前股價相較帳面價值存在顯著折價，該回購使我們能夠把握機會部署資本並取得具吸引力的報酬。

Importantly, the repurchase has been structured to preserve financial flexibility. Even after execution, we expect to maintain substantial liquidity to support our operations, development activities, and strategic growth initiatives.

重要的是，此回購的設計旨在保留財務彈性。即使執行後，我們仍預期維持充足的流動性，以支持營運、開發活動及策略性成長計畫。

Let me now turn to our operating strategy. As a reminder, our strategy is built around four key elements. First, we are focused on optimizing homesite value within our master plan communities by aligning land sales with homebuilder demand. In the current environment, this means being disciplined and patient. In some cases, moderating the pace of land sales or using different land sales structures to maintain long-term value.

接下來談我們的營運策略。提醒各位，我們的策略建立在四個關鍵要素之上。第一，我們專注於在整體規劃社區中，透過使土地銷售與建商需求一致，來最佳化住宅用地價值。在目前環境下，這意味著必須自律並保持耐心。在某些情況下，放緩土地銷售節奏或採用不同的土地銷售結構，以維持長期價值。

Second, we're maintaining a lean operating structure and carefully managing our fixed costs and overhead. This discipline has been a defining characteristic of 5 point over the past several years, remains a core focus as we move forward.

第二，我們維持精實的營運架構，並審慎管理固定成本與管理費用。這項自律一直是 Five Point 過去數年的鮮明特徵，並將在未來持續作為核心重點。

Third, we are matching development expenditures with revenue generation. We continue to take a measured approach to infrastructure spending, ensuring that capital is deployed in line with near-term monetization opportunities.

第三，我們使開發支出與營收產生相匹配。我們持續以審慎步調投入基礎建設支出，確保資本配置與短期變現機會一致。

And fourth, we continue to expand our platform through capital-light growth initiatives. Addition of the Hearthstone platform was an important step in this strategy. And we continue to evaluate new land development opportunities focused on managing capital dedicated to providing housing in select US markets.

第四，我們持續透過輕資本的成長計畫擴大平台。納入 Hearthstone 平台是此策略的重要一步。我們也持續評估新的土地開發機會，重點在於管理投入資本，以在美國特定市場提供住宅。

Our folks will remain on executing against these priorities as we navigate the current environment and position the company for long-term growth.

在我們因應目前環境並為公司長期成長定位之際，我們的團隊將持續專注於落實上述優先事項。

Let me now provide you with some updates on our communities, starting with the Great Park neighborhoods. At the Great Park, we continue to see steady builder activity with 82 homes sold during the first quarter.

接下來我將提供各社區的最新進展，先從 Great Park 社區開始。在 Great Park，我們持續看到穩定的建商活動，第一季售出 82 戶住宅。

While absorption has moderated compared to prior periods as certain collections have sold out, builder interest in the community remains solid. We continue to work closely with our guest builders on future land sales and program development.

雖然由於部分產品系列已售罄，去化速度較先前期間放緩，但建商對該社區的興趣仍然穩健。我們持續與合作建商密切合作，推進未來土地銷售與產品規劃開發。

We currently have 12 actively selling programs in the Great Park neighborhoods, with seven additional programs planned to open later this year. These current and upcoming programs will ensure our guest builders can continue delivering a wide variety of housing options throughout Great Park neighborhoods.

目前在 Great Park 社區共有 12 個正在銷售的產品計畫，另有 7 個計畫預計於今年稍晚開盤。這些現有與即將推出的計畫，將確保我們的合作建商能在 Great Park 社區持續提供多元的住宅選擇。

We also recently completed the bidding process and have selected the builders for five new residential programs totaling approximately 28.5 acres. These builders are currently in due diligence, and we expect to close these land sales by the end of this year. We anticipate pricing will be consistent with our most recent land sales.

我們近期也完成投標流程，並已選定五個新的住宅產品計畫之建商，合計約 28.5 英畝。這些建商目前正在進行盡職調查，我們預期將於今年年底前完成這些土地銷售交割。我們預期定價將與我們最近的土地銷售一致。

Next, I'll discuss Valencia, our other active community. Valencia is in the beginning phases of a long-term development timeline and is poised to provide critical housing in the Los Angeles market. Builders sold 90 homes here during the quarter, reflecting continued progress at our first village in the community.

接下來，我將討論瓦倫西亞（Valencia），我們另一個正在積極推進的社區。瓦倫西亞正處於長期開發時程的初期階段，並有望為洛杉磯市場提供關鍵住房供給。本季建商在此售出90戶住宅，反映我們在該社區第一個村落的持續進展。

We currently have 11 builder programs open and actively selling. We anticipate six new programs to open over the course of 2026. We're also currently in discussions with builders about potential residential land sales in 2026, which may include a rolling option land sale structure that helps enhance our land values by reducing the carry cost for the builder.

目前我們有11個建商專案已開放並積極銷售。我們預期在2026年期間將有6個新專案開放。我們也正與建商洽談2026年潛在的住宅用地出售，可能包含滾動式選擇權（rolling option）的土地出售架構，透過降低建商持有成本來提升我們的土地價值。

As I noted earlier in my comments, our balance sheet and liquidity allow us to be patient and to pursue creative solutions in order to optimize value obtained for our home sites.

如我先前所提，我們的資產負債表與流動性使我們能夠保持耐心，並採取具創意的解決方案，以最佳化我們住宅用地所取得的價值。

As we discussed on our last call, the entitlement approvals we secured for Entrada South and Valencia Commerce Center in 2025 have significantly enhanced the long-term value and development potential of this asset.

如同我們在上次電話會議中討論的，我們於2025年取得的Entrada South與Valencia Commerce Center之開發許可（entitlement）核准，已大幅提升該資產的長期價值與開發潛力。

As a reminder, Entrada South is expected to consist of approximately 120 net acres of residential land, over 1,300 market-rate home sites, and approximately 40 net acres of commercial land by Valencia Commerce Center is expected to include approximately 110 net acres.

提醒一下，Entrada South預計包含約120淨英畝的住宅用地、超過1,300個市價住宅用地（home sites），以及約40淨英畝的商業用地；而Valencia Commerce Center預計包含約110淨英畝。

And will cater towards industrial and light manufacturing-focused uses. We are now working with our engineering teams to prepare the infrastructure plans and ministerial permits in order to start development of these two villages, which we expect to start in the first half of 2027, with our first land sales projected to occur in 2028.

並將以工業及輕製造導向的用途為主。我們目前正與工程團隊合作，準備基礎設施規劃與行政審核許可（ministerial permits），以啟動這兩個村落的開發；我們預期於2027年上半年開始動工，並預計於2028年進行首次土地銷售。

We have more to report on our development activities for these two villages in the coming quarters. Additionally, we continue to advance approvals for three additional villages. Upon approval, these villages, together with our existing entitlements, will bring our total to more than 10,000 entitled home sites, providing a substantial long-term pipeline of home sites to support LA County's chronically undersupplied housing market.

未來幾季我們將就這兩個村落的開發活動提供更多進展。此外，我們也持續推進另外三個村落的核准程序。一旦獲准，這些村落加上我們既有的開發許可，將使我們的總核准住宅用地數量超過10,000個，為長期供應住宅用地提供可觀的管線，以支援洛杉磯郡長期供給不足的住房市場。

Turning to San Francisco, we're waiting for issuance of final permits to initiate the next phase of land development at Candlestick. We expect that this initial work will begin shortly. Our development is starting at a time when residential rents and home prices in San Francisco are rising, and the demand coming from AI and other tech companies in the commercial space seem to be growing quarter after quarter.

談到舊金山，我們正在等待最終許可核發，以啟動Candlestick下一階段的土地開發。我們預期這項初期工程將很快開始。我們的開發啟動之際，舊金山的住宅租金與房價正在上升，而AI及其他科技公司帶動的商用不動產需求似乎也一季比一季成長。

Our intentions are to start engaging with potential large users who are ready to build on the momentum San Francisco has been generating and then become an anchor and Candlesticks rebirth as a thriving mixed-use urban community located directly on the San Francisco Bay.

我們的目標是開始與準備好乘勢而起的潛在大型使用者接洽，讓他們成為錨定客戶（anchor），並推動Candlestick重生為一個位於舊金山灣畔、蓬勃發展的複合式都市社區。

Before moving on, I just want to reiterate that across all of our communities, our approach remains consistent. We're focusing on pacing development and homesite sales in a way that aligns with market conditions and optimizes long-term value.

在進入下一個主題之前，我想再次強調，我們在所有社區的策略始終一致。我們專注於以符合市場狀況、並能最佳化長期價值的方式，來掌握開發節奏與住宅用地銷售進度。

Now let me touch on Hearthstone briefly. The integration of the Hearthstone team and operations have continued to progress well, and we expect our management fee revenues to increase as recently committed capital is deployed into new projects. Mike and Kim will provide additional detail on operational financial results for Hearthstone in their remarks.

接著我簡要談一下Hearthstone。Hearthstone團隊與營運的整合持續進展良好，且隨著近期承諾資本投入新專案，我們預期管理費收入將增加。Mike與Kim將在其發言中，提供Hearthstone營運財務結果的更多細節。

Before I wrap up, let me provide an outlook for the rest of the year. We are reaffirming our guidance and continue to expect consolidated net income in 2027. To be approximately $100 million, with our earnings weighted more heavily toward the second half of the year.

在我結束之前，先提供今年其餘期間的展望。我們重申既有指引，並持續預期2027年合併淨利約為1億美元，且獲利將較偏重於下半年。

Let me conclude by saying that while the market environment has become more challenging in recent months, Five Point remains well positioned. It was strong balance sheet, substantial liquidity and a deep inventory of well-located land and supply constrained markets. These strengths provide us with the flexibility to navigate near-term uncertainty while continuing to focus on long-term value creation.

最後我想說，儘管近幾個月市場環境更具挑戰，Five Point仍處於有利位置。我們擁有強健的資產負債表、充足的流動性，以及位於優質地段且供給受限市場中的深厚土地庫存。這些優勢讓我們在面對短期不確定性時具備彈性，同時持續專注於創造長期價值。

We also have a very experienced team with seasoned professionals who have been through numerous market cycles and disruptions at the depth of knowledge to navigate through these cycles in a constructive manner. As always, we'll continue to monitor marketing conditions directly and adapt as needed.

我們也擁有一支經驗非常豐富的團隊，成員皆為資深專業人士，歷經多次市場循環與干擾，並具備深厚的專業知識，能以建設性的方式穿越這些循環。一如既往，我們將持續直接監控市場狀況，並視需要調整。

With that, I'll turn it over to Mike.

接下來我把時間交給Mike。

Thanks, Dan. Let me begin by discussing our Hearthstone venture, which provides management services to residential land banking funds. As a reminder, Hearthstone is the manager for multiple separate fund vehicles where Hearthstone receives management fees and generally invests 1% of the equity required for the operations of each particular fund.

謝謝你，Dan。我先從我們的Hearthstone合資平台談起；該平台為住宅土地銀行基金提供管理服務。提醒一下，Hearthstone擔任多個獨立基金載體（fund vehicles）的管理人，Hearthstone收取管理費，且通常會就各基金營運所需的股權投入1%。

As Dan mentioned on our last call, we anticipated securing commitments from significant new capital partners for the Hearthstone platform during the first quarter, and we successfully closed two new funds for a total of $600 million in new equity commitments.

如Dan在上次電話會議中提到，我們原本預期在第一季為Hearthstone平台取得重要新資本夥伴的承諾，而我們也成功完成兩檔新基金募集，合計新增股權承諾金額6億美元。

This will provide the platform with the ability to deploy approximately $1 billion in capital with leverage. The Hearthstone platform currently has approximately $3.4 billion in assets under management and has over 30,000 home sites under control with 13 homebuilders in 16 states.

這將使平台在搭配槓桿的情況下，具備部署約10億美元資本的能力。Hearthstone平台目前管理資產約34億美元，並在16個州與13家住宅建商合作，掌控超過30,000個住宅用地。

Needless to say, this platform is operating in active housing markets across the US, and with the country's leading public homebuilders. We are very excited about the strength of the Hearthstone team and the potential to scale this business.

不用說，該平台在全美活躍的住房市場運作，並與全國領先的上市住宅建商合作。我們對Hearthstone團隊的實力以及擴大此業務規模的潛力感到非常振奮。

Moving beyond Hearthstone, you have heard us discuss that we are exploring additional growth opportunities available to Five Point, particularly in our core land development business by utilizing outside capital partners to joint venture with on these projects and to create additional fee-based revenue streams.

除了Hearthstone之外，各位也聽我們提過，我們正在探索Five Point的其他成長機會，特別是在核心土地開發業務方面，透過引入外部資本夥伴與我們就這些專案成立合資，並創造額外的費基型收入來源。

This is a familiar structure for us as we have used it successfully at the Great Park. Our confidence in finding future opportunities lies in the fact that the U.S. Homebuilding market is anchored by large national builders with significant and recurring demand for finished home sites.

這對我們而言是熟悉的架構，因為我們已在Great Park成功運用。我們對於尋找未來機會的信心，來自於美國住宅建築市場由大型全國性建商所支撐，而這些建商對已完成整地的住宅用地（finished home sites）具有顯著且持續的需求。

The numbers are substantial to say the least, especially when it is widely reported that these numbers continue to reflect a significant shortfall compared to demand. Based on the home deliveries reported by the larger public homebuilders. The size of the addressable market is north of 250,000 home sites per year.

這些數字可說相當可觀，尤其在廣泛報導中指出，這些數字仍反映相較於需求存在顯著缺口。根據較大型上市住宅建商所揭露的交屋量，可觸及市場規模每年超過250,000個住宅用地。

This demand should create the underpinnings of a durable and growing opportunity for institutional land developers like Five Point. We are continuing our work to identify opportunities that will provide recurring management fees and attractive returns on investment, and we expect to have more to report on these initiatives on future calls.

這樣的需求應能為像Five Point這類機構型土地開發商奠定持久且成長中的機會基礎。我們持續致力於辨識可帶來經常性管理費與具吸引力投資報酬的機會，並預期在未來的電話會議中就這些計畫提供更多更新。

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

現在，我把時間交給Kim，她將報告本季的財務結果。

Thank you, Mike. As Dan shared, as expected, this was a quiet quarter without land sales, and we recognized a small loss of $5 million. Our first quarter loss of $5 million was largely made-up of the following components. We had $13 million of management services revenue, $6.9 million associated with our management of the Great Park Venture, $3.5 million of that, which was incentive compensation. And $6.1 million associated with Hearthstone.

謝謝你，Mike。如Dan所分享，符合預期，本季沒有土地銷售，屬於較為平淡的一季，我們認列了500萬美元的小幅虧損。我們第一季500萬美元的虧損主要由以下項目構成。我們有1,300萬美元的管理服務收入，其中690萬美元與我們管理Great Park Venture相關，該690萬美元中有350萬美元為績效獎酬（incentive compensation）。另有610萬美元與Hearthstone相關。

There is $6.9 million of management services costs and expenses associated with that revenue. We recognized a small loss from our unconsolidated entities of $145,000, largely because we do not have any sales at the Great Park Venture. Our first quarter SG&A was $14.7 million, consistent with the prior year first quarter of $14.8 million. Finally, we recognized $900,000 of tax benefit.

與該收入相對應的管理服務成本與費用為690萬美元。我們自未合併實體認列小幅虧損14.5萬美元，主要因Great Park Venture沒有任何銷售。我們第一季的SG&A為1,470萬美元，與去年第一季的1,480萬美元一致。最後，我們認列90萬美元的稅務利益。

Now a few words about our cash and liquidity. As Dan mentioned, we ended the quarter with $332.6 million of cash as well as $217.5 million of availability on a revolving credit facility, resulting in total liquidity of $550.1 million. At the end of the quarter, our debt-to-total capitalization ratio was 16.3%. And our net debt was $117.4 million. I'd also like to note that during the quarter, we paid down principal of $40.1 million and accrued and current interest of $6.2 million with respect to our related party EB-5 reimbursement obligation. This leaves approximately $18.5 million due on this obligation.

現在我想簡要談談我們的現金與流動性。如 Dan 所提到的，我們在本季末持有 3.326 億美元現金，並且在循環信用額度下尚有 2.175 億美元可用額度，使總流動性達 5.501 億美元。在本季末，我們的負債對總資本比率為 16.3%。而我們的淨負債為 1.174 億美元。我也想指出，本季我們就關係人 EB-5 補償義務償還本金 4,010 萬美元，並支付已計提及當期利息 620 萬美元。這使得該項義務尚約有 1,850 萬美元到期應付。

I would like to now provide a little more information regarding our Hearthstone venture. First, Mike shared that as of the end of our first quarter, the assets under management were $3.4 billion. When considering this number, I would like to note that we do not earn fees on a portion of the AUM that is attributable to builder deposits.

接下來我想就我們的 Hearthstone 合資事業提供更多資訊。首先，Mike 分享截至第一季末，管理資產規模（AUM）為 34 億美元。在看待這個數字時，我想提醒的是，AUM 中有一部分來自建商存款（builder deposits），我們不就該部分收取費用。

As of March 31, such builder deposits were approximately $600 million, which leaves $2.8 billion of fee-paying assets under management. Also, I want to mention that historically, Hearthstone's asset management fees have been made-up of a monthly base fee plus a deferred performance fee. The performance fee is based on overall returns at the end of the fund or tranches within the fund.

截至 3 月 31 日，該等建商存款約為 6 億美元，因此可收費的管理資產規模為 28 億美元。另外我也想提到，歷史上 Hearthstone 的資產管理費由每月基本費用加上遞延績效費所構成。績效費係以基金期末或基金內各分期（tranches）期末的整體報酬為基礎計算。

I mention this because you will see some volatility in the implied fee associated with changes in estimates of the performance fees and true-ups when funds or tranches are complete.

我之所以提到這點，是因為當績效費估計變動，以及在基金或分期完成時進行調整（true-up）時，你會看到隱含費率出現一些波動。

Finally, as Dan mentioned, we are reaffirming the guidance we gave at the beginning of the year, and we expect to end the year with approximately $100 million in earnings with the expectation that we will have material sales in the third and fourth quarters.

最後，如 Dan 所提到的，我們重申年初所提供的指引，並預期全年獲利約為 1 億美元，且預期第三季與第四季將有顯著的銷售。

Dan also mentioned that our Board has approved a share repurchase of up to $40 million. While we are not predicting at this time over what period the share repurchase will be effectuated, we anticipate that we will finish the year with more than $300 million in cash. And total liquidity of over $500 million, even after taking share repurchases into account.

Dan 也提到，我們董事會已核准最多 4,000 萬美元的庫藏股回購。雖然我們目前不預測回購將在何種期間內執行，但我們預期即使將回購納入考量，年底仍將有超過 3 億美元的現金。且總流動性仍將超過 5 億美元。

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

接下來我把時間交還給接線員，由他開放提問。

Thank you. We will now be conducting a question-and-answer session.

謝謝。我們現在開始問答環節。

(Operator Instructions)

(接線員指示)

Alan Ratner, Zelman and Associates.

Alan Ratner，Zelman and Associates。

Hey, guys. Good afternoon. Thanks for taking my question. First question, maybe I'll start with Hearthstone. Just listening to homebuilder conference calls this quarter, I think land banking has been a pretty topical issue that investors are focusing on.

嗨，各位。下午好。謝謝讓我提問。第一個問題，我想先從 Hearthstone 開始。我這季聽了幾場建商的法說電話會議，感覺土地銀行（land banking）是投資人相當關注的熱門議題。

I'm curious if you could just talk through a little bit how your typical land banking deals with builders are structured in terms of deposits, in terms of are they monthly payments for interest or quarterly, annual?

我想請教你們一般與建商進行土地銀行交易時，典型的結構是怎麼安排的：就存款而言，以及利息是按月支付還是按季、按年支付？

And have you seen more recently any changes in appetite from builders in terms of their appetite for land banking?

另外，最近你們是否看到建商對土地銀行的意願（appetite）有任何變化？

Hey, Alan, Dan, thank you for the question. I'm going to give this one to Kim, if you don't mind, he can give you a little more detail.

嗨，Alan，我是 Dan，謝謝你的問題。如果你不介意，我把這題交給 Kim，他可以提供更詳細的說明。

Hi, Alan. Just quickly, without getting too granular, our land banks use a contract where there's a monthly option payment. The builder has a right to buy the land at the cost that we purchased it at, plus any improvements that were made during the life of the contract. So that's the typical arrangement that we have.

嗨，Alan。簡單說一下，不深入到太細節，我們的土地銀行採用一份合約，包含每月的選擇權費用（option payment）。建商有權以我們購入土地的成本，加上合約期間所做的任何改良成本，來買回土地。這就是我們典型的安排。

Got it. And have you seen any changes in appetite from builders? I know it's a short time period, but I guess over the last few months here, has there been any kind of changes in what they're seeking in terms of --terms or has it been pretty consistent?

了解。那你們有看到建商意願有任何變化嗎？我知道時間不長，但就最近幾個月而言，他們在條件上是否有任何改變需求，還是大致一致？

No, very consistent, and we're still seeing reasonable interest and progress.

沒有，仍然非常一致，我們也仍看到合理的興趣與進展。

Great. Another question, shifting to the development side, with fuel prices on the rise here, I'm curious, have you started to see any inflation creeping back into your development expenses? Is that something you're concerned about or focused on? And just generally, if you could talk more broadly about what you're seeing on inflation, that would be great. Thank you.

很好。另一個問題，轉到開發端。近期燃料價格上升，我想請教你們是否開始看到開發費用有通膨回升的跡象？這是你們擔心或關注的事情嗎？另外更廣泛地談談你們對通膨的觀察也很好。謝謝。

Thanks, Alan. Right now, I think from the standpoint of your question on fuel costs, it's a good time for us. We're not actively grading. We won't be starting any active grading up in Valencia to the end of the year. So that hopefully gives us a real opportunity for these markets to stabilize on the fuel side. We are doing some grading at the Great Park, but pretty much most of our work has been done there, so we're kind of doing the fine grading. So, we haven't really seen any major impact, any costs in our budget, caused by fuel.

謝謝，Alan。就你提到的燃料成本而言，對我們來說目前是個不錯的時點。我們目前沒有在積極進行整地（grading）。我們要到今年年底才會在 Valencia 開始任何積極的整地作業。因此希望能讓燃料相關市場有機會趨於穩定。我們在 Great Park 有做一些整地，但大部分工作已完成，目前主要是在做精整地（fine grading）。所以我們的預算中尚未看到燃料造成的重大影響或成本。

But obviously, we'll have more to say or think about that as we get towards the end of this year and we start some active grading. Overall, though, we are not seeing any additional increases in our budgets right now for our land development.

但顯然，隨著接近今年年底並開始一些積極整地作業時，我們會有更多可以說明或需要思考的地方。不過整體而言，目前我們並未看到土地開發預算有任何額外增加。

Great. I appreciate it. Thanks a lot.

很好。感謝你的回答。非常謝謝。

All right. Thank you, Alan.

好的。謝謝你，Alan。

Thank you. (Operator Instructions)

謝謝。(接線員指示)

Thank you. We have reached the end of the question-and-answer session. Therefore, I'd like to turn the floor back over to CEO Dan Heading in for closing remarks.

謝謝。我們已到達問答環節的結束。因此，我想把時間交還給執行長 Dan Heading 進行結語。

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

謝謝。我謹代表管理團隊，感謝各位參與今天的電話會議。我們期待在下個季度再與各位交流。

Thank you, and this concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation.

謝謝，今天的會議到此結束，您現在可以掛斷電話。感謝各位的參與。