Five Point Holdings

Greetings, and welcome to the Five Point Holdings Third Quarter 2026 Conference Call. As a reminder, this call is being recorded. Today's call may include forward-looking statements regarding Five Points' business, financial condition, operations, cash flow, strategy, and acquisitions and prospects. 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. 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. These factors include those described in today's press release and Five Points' SEC filings, including those in the risk factor section of Five Points' 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. Now, I would like to turn the call over to Dan Hedigan, President and Chief Executive Officer.

Thank you. Good afternoon, everyone, and thank you for joining us today for a review of Five Point's third quarter results and discussion of our outlook. I have with me today Mike Alvarado, our Chief Operating Officer and Chief Legal Officer our Chief Financial Officer, and Leo Kij, our Senior Vice President of Finance and Reporting. Stuart Miller, our Executive Chairman, is joining us remotely. Today, I'll review our third quarter results and outlook for the remainder of the year. Mike will then discuss our operational highlights in more detail, after which Kim will review our financial results. We will then open the line for questions. During the third quarter, we continued making progress on several important fronts. even as market conditions have remained uncertain with higher interest rates driven by inflation concerns and weaker consumer confidence. Against this backdrop, we're focused on maximizing the long-term value of our California master plan communities while we are also expanding our relationships with leading home builders for our Hearthstone residential land banking platform. Our long-term strategy remains unchanged. We are focused on building a more diversified company that combines a significant embedded value in our strategic cash-generating assets, along with a growing stream of recurring asset-light fee-based income. We believe these complementary businesses provide Five Point with multiple avenues for long-term value creation. Perhaps most importantly, we continue to maintain a strong balance sheet, which gives us the financial flexibility to execute our strategy while navigating the current challenges and the housing market. Turning to our financial results, Five Points generated consolidated revenue of $14.6 million for the third quarter and a small consolidated net loss of $4.4 million. As we detailed in our second quarter call, we did not close any significant land sale transactions at our active communities in the third quarter. As we have discussed previously, the timing and size of individual land sale transactions

can create considerable variability in our reported quarterly earnings.