Five Point Holdings owns and develops large-scale, master-planned communities in California. The company acquires entitled land, invests in horizontal infrastructure (roads, utilities, grading, parks), and sells finished residential lots and commercial parcels to homebuilders and developers. Five Point operates three communities: Valencia in Los Angeles County (~21,000 planned homesites), Great Park Neighborhoods in Irvine (~11,800 homesites), and Candlestick and The San Francisco Shipyard (~12,000 homesites). Great Park is the most mature and dominant earnings contributor; Five Point holds a 37.5% interest in the Great Park Venture and also earns development management fees and incentive compensation for managing it. Valencia is wholly owned and in earlier stages. The San Francisco project is still in early infrastructure development, with construction expected to begin in 2026. Five Point sells lots through competitive bidding or direct negotiation, and many residential sales include price participation provisions that let Five Point share in homebuilder profits above certain thresholds. In 2025, Five Point acquired a 75% interest in Hearthstone, a residential asset management platform with ~$3.4B in AUM that provides land banking solutions to homebuilders nationwide. Hearthstone earns recurring management and performance fees while contributing minimal capital, making it an asset-light fee stream. Five Point's broader strategy is to evolve from a pure land developer into a land development platform built on three pillars: its long-duration master-planned communities, Hearthstone's short-term land banking business, and a planned mid-term land joint venture business currently in early development.