Slide 1: Investor Presentation September 2025
Investor Presentation September | 2025
Slide 2: Disclaimer
Disclaimer Statements contained in this presentation and the information contained herein (collectively, the “materials”) describing documents and agreements are summaries only and such summaries are qualified in their entirety by reference to such documents and agreements. Nothing contained in the
Slide 3: Today's Presenters
Today’s Presenters Dan Hedigan Mike Alvarado Kim Tobler President and Chief Operating Officer and Chief Financial Officer, Chief Executive Officer Chief Legal Officer Treasurer and Vice President ⚫ 40+ years of experience in MPC ⚫ 30+ years of experience in real estate ⚫ 35+ years of experience in r
Slide 4: Five Point Holdings "At-A-Glance"
Five Point Holdings “At-A-Glance” Company Highlights Our Communities ⚫ Five Point is one of the largest owners and developers of mixed-use ~40,000 ~23mm planned communities (“MPCs”) in coastal California Residential Commercial ~18,000 Homesites Sq. Ft. Built Gross Built or Planned or Planned Acres ⚫
Slide 5: Continuously Creating Value at our MPCs
Continuously Creating Value at our MPCs Five Point strategically monetizes land to further build out the community, which creates additional value for the remaining land, thereby establishing a captive residence base Virtuous Cycle of Value Creation… …By Transforming Land Into Thriving, Connected Co
Slide 6: Appreciating Land Value at Great Park Demonstrates Value Creation Process
Appreciating Land Value at Great Park Demonstrates Value Creation Process Development of parks, schools, community spaces, and commercial amenities at Great Park has attracted new residents and increased the value of Great Park land over time Average Price Per Residential Acre Sold at Great Park; $m
Slide 7: Pipeline for Long-Term Value
Our MPCs Provide a Runway for Significant Value Creation for 20+ Years Estimated Build-out Timeline Current 2030 2035 2040 Thereafter Full Sell-out Inception Development Land Mature Development Community / Initial Sales Sales ~200 Total Acres Pipeline for Long-Term Value Entitlement and Subject to r
Slide 8: Key Credit Highlights
Key Credit Highlights 1 Highly-compelling long-term California market dynamics 2 Differentiated MPCs in prime locations within supply-constrained markets 3 Investment in Hearthstone Residential creates a new growth engine 4 Conservative balance sheet with low leverage and high asset coverage 5 Stron
Slide 9: Highly-Compelling Long-Term California Market Dynamics
1 Highly-Compelling Long-Term California Market Dynamics California Continues to be the Golden State(1) California Real GDP Growth Outpaces the US and Other Major States(2) Cumulative Real GDP growth has been driven by growth in jobs and businesses ⚫ California is the largest state in the U.S. with
Slide 10: Our Communities are in Prime Locations
1 Our Communities are in Prime Locations Great Park – Irvine, CA Valencia – Santa Clarita, CA Candlestick – San Francisco, CA Downtown SF Mission Bay 19 mi 35 mi 6 mi 25 mi 4 mi Woodland Glendale / Hills Burbank 45 mi Disneyland Downtown 17 mi LA LAX 15 mi 9 mi UC Irvine 7 mi Pacific SFO Ocean ⚫ Hom
Slide 11: Our Communities: Great Park
2 Our Communities: Community Highlights Acres Sold(1) ⚫ Great Park Neighborhoods is located in Orange County, 7 miles from the Pacific Commercial 122 Ocean and adjacent to Irvine Ranch Communities Residential 84 69 ⚫ Spanning ~2,100 acres and including up to ~10,500 homesites, Great Park 45 Neighbor
Slide 12: Our Communities: Great Park Land Map
2 Our Communities: Residential - District 6 North - 572 homesites; 53.9 Acres (Currently Under Contract) Remaining Land - 204.2 Acres (Includes Affordable Acres) Previous Land Sales Represents substantial majority of remaining land 11
Slide 13: Our Communities: Valencia
2 Our Communities: Community Highlights Acres Sold ⚫ Valencia is located on ~15,000 acres in the Santa Clarita Valley, one of the last growth Residential 72 corridors of northern Los Angeles County 59 57 54 52 ⚫ Planned to be developed as a community with “net zero” greenhouse gas emissions, and ~10
Slide 14: Our Communities: Valencia Development Phases
2 Our Communities: Currently Entitled (Mission Village Currently Under Development) - 220 Remaining Revenue Acres Pending Subdivision Map & Other Regulatory Approvals (Next Phase of Development After Mission Village) - 302 Revenue Acres Pending Subdivision Map & Other Regulatory Approvals (Developme
Slide 15: Our Communities: Candlestick and San Francisco Shipyard
2 Our Communities: Candlestick and San Francisco Shipyard Approximately 800 acres of bayfront property planned for up to approximately 12,000 homesites(1) and approximately 6.3 million square feet of commercial space(1) located in the heart of San Francisco (1) As of June 30, 2025; Actual commercial
Slide 16: Our Communities: Development Program
2 Our Communities: Development Program RESEARCH & RETAIL, ENTERTAINMENT RESIDENTIAL RECREATION DEVELOPMENT & HOTEL Up to 7,200 Up to 2.8 Million SF Up to 550,000 SF Outdoor Space New housing units R&D/Office space available at Commercial space for retail, 105 acres of parks, dedicated bike (4,759 ma
Slide 17: Our Communities: Current Work Plan
2 Our Communities: Current Work Plan INFRASTRUCTURE DESIGN WORK ⚫ Detailed planning and engineering for Phase 2 infrastructure in process ⚫ Obtaining necessary permits (non-discretionary) for infrastructure INFRASTRUCTURE development PERMITTING ⚫ Targeted for Q1 2026 ⚫ Begin infrastructure developme
Slide 18: Investment in Hearthstone Residential Creates a New Growth Engine
3 Investment in Hearthstone Residential Creates a New Growth Engine Expands Capital Solutions Offering to Homebuilders ⚫ Broadens Five Point’s platform to deliver flexible, off-balance sheet capital supporting homebuilders’ land-light strategies ⚫ Founded in 1992 with over three decades of Enhances
Slide 19: Positioned to Address a Missing Component of the Housing Ecosystem
3 Positioned to Address a Missing Component of the Housing Ecosystem Homebuilders: Transitioning towards Land Banking is in its Early Innings of Land Acquisition and Development is an Asset-Light Models Growth as a Capital Source Important Frontier for Institutionalization ⚫ Homebuilders are increas
Slide 20: Expanded Strategic Focus
3 Expanded Strategic Focus MPC DEVELOPMENT ⚫ Harvest existing MPC assets, with focus on optimizing cash flow deployment to near-term cash flow generating opportunities ⚫ Expand fee-based revenue model through management and performance fees JOINT VENTURE FINANCING ⚫ Expand joint venture partnerships
Slide 21: Strong Credit Profile
4 Strong Credit Profile Strong Credit Profile Capitalization ⚫ Debt / book capitalization of 19.1% (150bps decrease YoY) $mm As of 6/30/2025 ⚫ Net debt / net book capitalization of 3.0% Cash and cash equivalents $457 ⚫ Current liquidity at 6/30/2025 of $582mm (+70% YoY) Total inventory and investmen
Slide 22: Current Market Data Supports Aggregate Inventory Value
4 Current Market Data Supports Aggregate Inventory Value Five Point Holdings Community Level Build-Up ⚫ ~85 high density residential and commercial acres remaining to be sold at Candlestick San Francisco ⚫ The last recorded land sale within the Candlestick site was a Total Inventories 3.6 acre resid
Slide 23: Generating Positive Earnings while Strategically De-leveraging
4 Generating Positive Earnings while Strategically De-leveraging ⚫ Expected to continue to demonstrate positive annual net income Figures in $mm Net Income Nine consecutive quarters $178 of positive net income $114 $69 $22 $13 $1 ($35) 2019 2020 2021 2022 2023 2024 H1'25 Figures in $mm Net Debt $493
Slide 24: Low Leverage and High Asset Coverage
4 Low Leverage and High Asset Coverage ⚫ Five Point has significantly lower leverage and higher asset coverage than most peers Total Debt to Book Cap 59% 50% 48% 51% 52% 46% 34% 32% 33% 34% 22% 24% 26% 19% 18% FPH FOR BRP HHH MHO TPH TMHC MTH KBH CCS MDC LGIH BZH DFH HOV (6/30/2025) Five Point Land
Slide 25: High Quality Group of Collaborators and Partners
5 High Quality Group of Collaborators and Partners ⚫ Deep existing relationships with key collaborators and partners help with seamless development of communities ⚫ We seek out strong collaborators in our state that are leaders of innovation in their industries and share our passion for building sus
Slide 26: Nationally-Recognized, Experienced and Proven Leadership Team
6 Nationally-Recognized, Experienced and Proven Leadership Team ⚫ Wide-ranging experience including community development, urban and infill redevelopment, and miliary base reuse ⚫ Longstanding community relationships and experience crucial to helping us understand public policy objectives, navigate
Slide 27: High Quality Sponsorship and Board of Directors
6 High Quality Sponsorship and Board of Directors Lennar is a long-standing investor in Five Point Director Background ✓ Lennar has been an initial investor in each Executive Chairman, Five Point Stuart Miller of our three communities in 1999 – 2007 Executive Chairman and Co-CEO Lennar Lead Director
Slide 28: Conclusion
Conclusion 1 Highly-compelling long-term California market dynamics 2 Differentiated MPCs in prime locations within supply-constrained markets 3 Investment in Hearthstone Residential creates a new growth engine 4 Conservative balance sheet with low leverage and high asset coverage 5 Strong relations
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