ADDED
As of February 27, 2026, 71,330,106 Class A common shares and 76,096,410 Class B common shares were outstanding.
Form 10-K Summary 89 Signatures 90 Financial Statement Schedules 91 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements that are subject to risks and uncertainties.
Business Structure and Formation of Our Company ; FP LP refers to Five Point Communities, LP, a Delaware limited partnership; FP Inc.
In total, our communities consist of up to approximately 20 million square feet of built or planned commercial space and approximately 40,000 homes built or planned.
We also operate a residential asset management platform providing capital solutions to the U.S.
Class A units of the operating company that we do not own are held by affiliates of Lennar and GFFP and can be exchanged on a one-for-one basis, at our option, for either Class A common shares or cash equal to the fair market value of such shares.
Until Class A units of the operating company are exchanged or redeemed, the capital associated with Class A units of the operating company not held by us is presented within noncontrolling interests on our consolidated balance sheet.
During the year ended December 31, 2025, an entity controlled by Emile Haddad, the Chairman Emeritus of our Board of Directors, exchanged 3,137,134 Class A units of the operating company, and in exchange therefor, received 1,109,172 Class A common shares of the holding company.
The remaining 2,027,962 Class A units of the operating company that were tendered for redemption by Mr.
Haddad were returned to the operating company in accordance with the dilution provisions of the operating company's limited partnership agreement and were canceled.
REMOVED
As of February 14, 2025, 69,478,342 Class A common shares and 79,233,544 Class B common shares were outstanding.
Form 10-K Summary 85 Signatures 86 Financial Statement Schedules 87 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements that are subject to risks and uncertainties.
This report may contain forward-looking statements regarding: our expectations of our future revenues, costs and financial performance; the impact of inflation and interest rates; future demographics and market conditions, including housing supply levels, in the areas where our communities are located; the outcome of pending litigation and its effect on our operations; the timing of our development activities; and the timing of future real estate purchases or sales, including anticipated deliveries of homesites and anticipated amenities in our communities.
Business Structure and Formation of Our Company ; FP LP refers to Five Point Communities, LP, a Delaware limited partnership; FP LP Class B partnership interests or Class B partnership interests in FP LP refer to partnership interests in FP LP that were owned by Lennar and FPC-HF that were entitled to receive distributions equal to the amount of any incentive compensation payments under the amended and restated development management agreement that are attributable to payments on legacy interests in the Great Park Venture; FP Inc.
In total, our communities consist of approximately 23 million square feet of built or planned commercial space and approximately 40,000 homes built or planned.
In August 2017, we acquired a 75% interest in the Gateway Commercial Venture, the entity that previously owned portions of the Five Point Gateway Campus.
Castlelake was previously one of the two largest equity owners of our company.
1 to Schedule 13D filed on October 10, 2024, affiliates of Castlelake entered into a share purchase agreement with GFFP, pursuant to which Castlelake agreed to sell its Class A and Class B common shares, as well as its equity interests in the operating company and the San Francisco Venture to GFFP.
The sale of Castlelake s equity interests to GFFP closed on October 22, 2024.
(1) Through a wholly owned subsidiary, we serve as sole managing general partner of the operating company, and as of December 31, 2024, we owned approximately 62.6% of the outstanding Class A units of the operating company.