FPH Five Point Holdings LLC

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Five Point Holdings, LLC, a Delaware limited liability company (the “Holding Company” and, together with its consolidated subsidiaries, the “Company”), is an owner and developer of mixed-use planned communities in California. The Holding Company owns all of its assets and conducts all of its operations through Five Point Operating Company, LP, a Delaware limited partnership (the “Operating Company”), and its subsidiaries.

The Company has two classes of shares outstanding: Class A common shares and Class B common shares. Holders of Class A common shares and holders of Class B common shares are entitled to one vote for each share held of record on all matters submitted to a vote of shareholders, and are both entitled to receive distributions at the same time. However, the distributions paid to holders of Class B common shares are in an amount per share equal to 0.0003 multiplied by the amount paid per Class A common share.

The Company presents noncontrolling interests on the Company’s condensed consolidated balance sheet and classifies such interests within capital but separate from the Company’s Class A and Class B members’ capital. Noncontrolling interests represent equity interests in the Company’s consolidated subsidiaries held by partners in the Operating Company, excluding the Holding Company, and members in The Shipyard Communities, LLC (the “San Francisco Venture”), excluding the Operating Company (see Note 5).

The Company has an entity structure in which the Company’s two largest equity owners, Lennar Corporation (“Lennar”) and Castlelake, LP (“Castlelake”), and the Company’s founder and Chairman Emeritus, Emile Haddad, separately hold, in addition to interests in the Company’s common shares, equity interests in either or both the Operating Company or the San Francisco Venture that can be exchanged for, at the Company’s option, either the Company’s Class A common shares or cash. The diagram below presents a simplified depiction of the Company’s organizational structure as of June 30, 2023:

(1) A wholly owned subsidiary of the Holding Company serves as the sole managing general partner of the Operating Company. As of June 30, 2023, the Company owned approximately 62.6% of the outstanding Class A Common Units of the Operating Company. After a one year holding period, a holder of Class A Common Units of the Operating Company can exchange the units for, at the Company’s option, either Class A common shares of the Holding Company, on a one-for-one basis, or cash equal to the fair market value of such shares. Until Class A Common Units of the Operating Company are exchanged or redeemed, the capital associated with Class A Common Units of the Operating Company not held by the Holding Company is presented within "noncontrolling interests" on the Company’s condensed consolidated balance sheet. Assuming the exchange of all outstanding Class A Common Units of the Operating Company and all outstanding Class A units of the San Francisco Venture (see (2)

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below), that are not held by the Company, based on the closing price of the Company’s Class A common shares on July 14, 2023 ($3.00), the equity market capitalization of the Company was approximately $445.4 million.

(2) The Operating Company owns all of the outstanding Class B units of the San Francisco Venture, the entity developing the Candlestick and The San Francisco Shipyard communities. The Class A units of the San Francisco Venture, which the Operating Company does not own, are intended to be economically equivalent to Class A Common Units of the Operating Company. As the holder of all outstanding Class B units of the San Francisco Venture, the Operating Company is entitled to receive 99% of available cash from the San Francisco Venture after the holders of Class A units in the San Francisco Venture have received distributions equivalent to the distributions, if any, paid on Class A Common Units of the Operating Company. Class A units of the San Francisco Venture can be exchanged, on a one-for-one basis, for Class A Common Units of the Operating Company (See Note 5). Until exchanged or redeemed through the Operating Company, the capital associated with Class A units of the San Francisco Venture is presented within "noncontrolling interests" on the Company’s condensed consolidated balance sheet.

(3) Together, the Operating Company, Five Point Communities, LP, a Delaware limited partnership (“FP LP”), and Five Point Communities Management, Inc., a Delaware corporation (“FP Inc.” and together with FP LP, the “Management Company”) own 100% of Five Point Land, LLC, a Delaware limited liability company (“FPL”), the entity developing Valencia, a mixed-use planned community located in northern Los Angeles County, California. The Operating Company has a controlling interest in the Management Company.

(4) Interests in Heritage Fields LLC, a Delaware limited liability company (the “Great Park Venture”), are either “Percentage Interests” or “Legacy Interests.” Holders of the Legacy Interests were entitled to receive priority distributions up to an aggregate amount of $565.0 million, of which $524.3 million had been distributed as of July 14, 2023 (See Note 4). The Company owns a 37.5% Percentage Interest in the Great Park Venture and serves as its administrative member. However, management of the Great Park Venture is vested in the four voting members, who have a total of five votes. Major decisions generally require the approval of at least 75% of the votes of the voting members. The Company has two votes, and the other three voting members each have one vote, so the Company is unable to approve any major decision without the consent or approval of at least two of the other voting members. The Company does not include the Great Park Venture as a consolidated subsidiary, but rather as an equity method investee, in its condensed consolidated financial statements.

(5) The Company owns a 75% interest in Five Point Office Venture Holdings I, LLC, a Delaware limited liability company (the “Gateway Commercial Venture”). The Company manages the Gateway Commercial Venture, however, the manager’s authority is limited. Major decisions by the Gateway Commercial Venture generally require unanimous approval by an executive committee composed of two people designated by the Company and two people designated by another investor. Some decisions require approval by all of the members of the Gateway Commercial Venture. The Company does not include the Gateway Commercial Venture as a consolidated subsidiary, but rather as an equity method investee, in its condensed consolidated financial statements.

Principles of consolidation—The accompanying condensed consolidated financial statements include the accounts of the Holding Company and the accounts of all subsidiaries in which the Holding Company has a controlling interest and the consolidated accounts of variable interest entities (“VIEs”) in which the Holding Company is deemed to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation.

Unaudited interim financial information—The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, all adjustments (including normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results and cash flows for the three and six months ended June 30, 2023 are not necessarily indicative of the operating results and cash flows that may be expected for the full year.

Use of estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from those estimates.

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Miscellaneous other (loss) income—Miscellaneous other (loss) income consisted of the following (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Net periodic pension (cost) benefit			$	(20)					$	112					$	(41)					$	224
Total miscellaneous other (loss) income			$	(20)					$	112					$	(41)					$	224

Recently adopted accounting pronouncements—There are no recent accounting pronouncements that have had or are expected to have a material impact on the Company’s condensed consolidated financial statements or disclosures.

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The following tables present the Company’s consolidated revenues disaggregated by revenue source and reporting segment (in thousands):

			Three Months Ended June 30, 2023																														Six Months Ended June 30, 2023
			Valencia						San Francisco						Great Park(1)						Commercial(1)						Total						Valencia						San Francisco						Great Park(1)						Commercial(1)						Total
Land sales and land sales—related party			$	(13)					$	—					$	—					$	—					$	(13)					$	586					$	—					$	—					$	—					$	586
Management services—related party			—						—						20,670						104						20,774						—						—						24,799						211						25,010
Operating properties			141						—						—						—						141						499						—						—						—						499
			128						—						20,670						104						20,902						1,085						—						24,799						211						26,095
Operating properties leasing revenues			285						162						—						—						447						631						324						—						—						955
			$	413					$	162					$	20,670					$	104					$	21,349					$	1,716					$	324					$	24,799					$	211					$	27,050

			Three Months Ended June 30, 2022																														Six Months Ended June 30, 2022
			Valencia						San Francisco						Great Park(1)						Commercial(1)						Total						Valencia						San Francisco						Great Park(1)						Commercial(1)						Total
Land sales and land sales—related party			$	1,725					$	—					$	—					$	—					$	1,725					$	2,283					$	—					$	—					$	—					$	2,283
Management services—related party			—						—						2,602						101						2,703						—						—						6,046						204						6,250
Operating properties			560						—						—						—						560						916						—						—						—						916
			2,285						—						2,602						101						4,988						3,199						—						6,046						204						9,449
Operating properties leasing revenues			283						122						—						—						405						528						302						—						—						830
			$	2,568					$	122					$	2,602					$	101					$	5,393					$	3,727					$	302					$	6,046					$	204					$	10,279

(1) The tables above do not include revenues of the Great Park Venture and the Gateway Commercial Venture, which are included in the Company’s reporting segment totals (see Notes 4 and 13).

The opening and closing balances of the Company’s contract assets for the six months ended June 30, 2023 were $86.5 million ($79.9 million related party, see Note 8) and $78.6 million ($73.8 million related party, see Note 8), respectively. The opening and closing balances of the Company’s contract assets for the six months ended June 30, 2022 were $87.6 million ($79.1 million related party, see Note 8) and $87.8 million ($80.2 million related party, see Note 8), respectively. The decrease of $7.9 million for the six months ended June 30, 2023 between the opening and closing balances of the Company’s contract assets primarily resulted from the receipt of marketing fees from homebuilders from prior period land sales and the receipt of $24.6 million in incentive compensation payments from the Great Park Venture partially offset by additional incentive compensation revenue earned during the period from the Company's amended and restated development management agreement ("A&R DMA") with the Great Park Venture (see Note 8). The increase of $0.2 million for the six months ended June 30, 2022 between the opening and closing balances of the Company’s contract assets primarily resulted from a timing difference between when payments are made and the Company’s recognition of revenue earned from marketing fees from prior period land sales and agricultural crop sales.

The opening and closing balances of the Company’s other receivables from contracts with customers and contract liabilities for the six months ended June 30, 2023 and 2022 were insignificant.

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Great Park Venture

The Great Park Venture has two classes of interests—“Percentage Interests” and “Legacy Interests.” The Operating Company owned 37.5% of the Great Park Venture’s Percentage Interests as of June 30, 2023. During the six months ended June 30, 2023, the Great Park Venture made aggregate distributions of $25.5 million to holders of Legacy Interests and $218.0 million to holders of Percentage Interests. The Company received $81.8 million for its 37.5% Percentage Interest. As of June 30, 2023, Legacy Interest holders were entitled to receive a maximum of $40.7 million in distributions to be paid pro-rata with Percentage Interest holders. Approximately 10% of future distributions will be paid to the Legacy Interest holders until such time as the remaining balance has been fully paid. The holders of the Percentage Interests will receive all other distributions.

The Great Park Venture is the owner of Great Park Neighborhoods, a mixed-use planned community located in Orange County, California. The Company, through the A&R DMA, as amended, manages the planning, development and sale of land at the Great Park Neighborhoods and supervises the day-to-day affairs of the Great Park Venture. The Great Park Venture is governed by an executive committee of representatives appointed by only the holders of Percentage Interests. The Company serves as the administrative member but does not control the actions of the executive committee. The Company accounts for its investment in the Great Park Venture using the equity method of accounting.

The carrying value of the Company’s investment in the Great Park Venture is higher than the Company’s underlying share of equity in the carrying value of net assets of the Great Park Venture, resulting in a basis difference. The Company’s earnings or losses from the equity method investment are adjusted by amortization and accretion of the basis differences as the assets (mainly inventory) and liabilities that gave rise to the basis difference are sold, settled or amortized.

During the six months ended June 30, 2023, the Great Park Venture recognized $7.4 million in land sale revenues to related parties of the Company and $361.8 million in land sale revenues to third parties, of which $357.8 million relates to homesites sold to an unaffiliated land banking entity whereby a related party of the Company retained the option to acquire these homesites in the future from the land bank entity.

During the six months ended June 30, 2022, the Great Park Venture recognized $3.2 million in land sale revenues to related parties of the Company and $0.6 million in land sale revenues to third parties.

The following table summarizes the statements of operations of the Great Park Venture for the six months ended June 30, 2023 and 2022 (in thousands):

			Six Months Ended June 30,
			2023						2022
Land sale and related party land sale revenues			$	369,196					$	3,825
Home sale revenues			—						40,475
Cost of land sales			(165,749)						(13)
Cost of home sales			—						(30,784)
Other costs and expenses			(32,547)						(14,858)
Net income (loss) of Great Park Venture			$	170,900					$	(1,355)
The Company’s share of net income (loss)			$	64,088					$	(508)
Basis difference amortization, net			(10,604)						(586)
Equity in earnings (loss) from Great Park Venture			$	53,484					$	(1,094)

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The following table summarizes the balance sheet data of the Great Park Venture and the Company’s investment balance as of June 30, 2023 and December 31, 2022 (in thousands):

			June 30, 2023						December 31, 2022
Inventories			$	435,920					$	605,893
Cash and cash equivalents			140,889						149,326
Contract assets, receivable and other assets			167,010						43,955
Total assets			$	743,819					$	799,174
Accounts payable and other liabilities			$	173,420					$	156,085
Redeemable Legacy Interests			40,705						66,254
Capital (Percentage Interest)			529,694						576,835
Total liabilities and capital			$	743,819					$	799,174
The Company’s share of capital in Great Park Venture			$	198,636					$	216,313
Unamortized basis difference			62,109						72,713
The Company’s investment in the Great Park Venture			$	260,745					$	289,026

Gateway Commercial Venture

The Company owned a 75% interest in the Gateway Commercial Venture as of June 30, 2023. The Gateway Commercial Venture is governed by an executive committee in which the Company is entitled to appoint two individuals. One of the other members of the Gateway Commercial Venture is also entitled to appoint two individuals to the executive committee. The unanimous approval of the executive committee is required for certain matters, which limits the Company’s ability to control the Gateway Commercial Venture, however, the Company is able to exercise significant influence and therefore accounts for its investment in the Gateway Commercial Venture using the equity method. The Company is the manager of the Gateway Commercial Venture, with responsibility to manage and administer its day-to-day affairs and implement a business plan approved by the executive committee.

The Gateway Commercial Venture owns one commercial office building and approximately 50 acres of commercial land with additional development rights at a 73 acre office, medical, research and development campus located within the Great Park Neighborhoods (the “Five Point Gateway Campus”). The Five Point Gateway Campus consists of four buildings totaling approximately one million square feet. The Company and a subsidiary of Lennar lease portions of the building owned by the Gateway Commercial Venture, and during the six months ended June 30, 2023 and 2022, the Gateway Commercial Venture recognized $4.2 million and $4.1 million, respectively, in rental revenues from those leasing arrangements.

The following table summarizes the statements of operations of the Gateway Commercial Venture for the six months ended June 30, 2023 and 2022 (in thousands):

			Six Months Ended June 30,
			2023						2022
Rental revenues			$	4,175					$	4,059
Rental operating and other expenses			(1,967)						(1,225)
Depreciation and amortization			(1,989)						(1,969)
Interest expense			(1,108)						(620)
Net (loss) income of Gateway Commercial Venture			$	(889)					$	245
Equity in (loss) earnings from Gateway Commercial Venture			$	(667)					$	184

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The following table summarizes the balance sheet data of the Gateway Commercial Venture and the Company’s investment balance as of June 30, 2023 and December 31, 2022 (in thousands):

			June 30, 2023						December 31, 2022
Real estate and related intangible assets, net			$	80,834					$	82,797
Cash			5,081						4,244
Other assets			4,639						4,588
Total assets			$	90,554					$	91,629
Notes payable, net			$	29,418					$	29,418
Other liabilities			7,764						7,951
Members’ capital			53,372						54,260
Total liabilities and capital			$	90,554					$	91,629
The Company’s investment in the Gateway Commercial Venture			$	40,028					$	40,695

The debt of the Gateway Commercial Venture is non-recourse to the Company other than in the case of customary “bad act” exceptions or bankruptcy or insolvency events.

Valencia Landbank Venture

As of June 30, 2023, the Company owned a 10% interest in the Valencia Landbank Venture, an entity organized in December 2020 for the purpose of taking assignment from homebuilders of purchase and sale agreements for the purchase of residential lots within the Valencia community. The Valencia Landbank Venture concurrently enters into option and development agreements with homebuilders pursuant to which the homebuilders retain the option to purchase the land to construct and sell homes. The Company does not have a controlling financial interest in the Valencia Landbank Venture, however, the Company has the ability to significantly influence the Valencia Landbank Venture’s operating and financial policies, and most major decisions require the Company’s approval in addition to the approval of the Valencia Landbank Venture’s other unaffiliated member, and therefore the Company accounts for its investment in the Valencia Landbank Venture using the equity method. At June 30, 2023 and December 31, 2022, the Company’s investment in the Valencia Landbank Venture was $1.6 million and $1.9 million, respectively, and the Company recognized $0.4 million and $0.5 million in equity in earnings for the six months ended June 30, 2023 and 2022, respectively.

The Operating Company

The Holding Company’s wholly owned subsidiary is the managing general partner of the Operating Company, and at June 30, 2023, the Holding Company and its wholly owned subsidiary owned approximately 62.6% of the outstanding Class A Common Units and 100% of the outstanding Class B Common Units of the Operating Company. The Holding Company consolidates the financial results of the Operating Company and its subsidiaries and records a noncontrolling interest for the remaining 37.4% of the outstanding Class A Common Units of the Operating Company that are owned separately by affiliates of Lennar, affiliates of Castlelake and an entity controlled by Emile Haddad, the Company’s Chairman Emeritus of the Board of Directors (the “Management Partner”).

After a 12 month holding period, holders of Class A Common Units of the Operating Company may exchange their units for, at the Company’s option, either (i) Class A common shares on a one-for-one basis (subject to adjustment in the event of share splits, distributions of shares, warrants or share rights, specified extraordinary distributions and similar events), or (ii) cash in an amount equal to the market value of such shares at the time of exchange. In either situation, an equal number of that holder’s Class B common shares will automatically convert into Class A common shares, at a ratio of 0.0003 Class A common shares for each Class B common share. This exchange right is currently exercisable by all holders of outstanding Class A Common Units of the Operating Company.

With each exchange of Class A Common Units of the Operating Company for Class A common shares, the Holding Company’s percentage ownership interest in the Operating Company and its share of the Operating Company’s cash distributions and profits and losses will increase. Additionally, other issuances of common shares of the Holding Company or common units of the Operating Company result in changes to the noncontrolling interest percentage. Such equity transactions result in an adjustment between members’ capital and the noncontrolling interest in the Company’s condensed consolidated balance sheet and statement of capital to account for the changes in the noncontrolling interest ownership percentage as well as any change in total net assets of the Company.

During the six months ended June 30, 2023 and 2022, the Holding Company’s ownership interest in the Operating Company changed as a result of net equity transactions related to the Company’s share-based compensation plan.

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The terms of the Operating Company's Limited Partnership Agreement (“LPA”) provide for the payment of tax distributions to the Operating Company's partners in an amount equal to the estimated income tax liabilities resulting from taxable income or gain allocated to those parties. The tax distribution provisions in the LPA were included in the Operating Company's governing documents adopted prior to the Company’s initial public offering and were designed to provide funds necessary to pay tax liabilities for income that might be allocated, but not paid, to the partners.

Tax distributions to the partners of the Operating Company for the three and six months ended June 30, 2023 and 2022, were as follows (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Management Partner			$	—					$	—					$	1,974					$	435
Other partners (excluding the Holding Company)			—						—						—						—
Total tax distributions			$	—					$	—					$	1,974					$	435

Generally, tax distributions are treated as advance distributions under the LPA and are taken into account when determining the amounts otherwise distributable under the LPA.

The San Francisco Venture

 

The San Francisco Venture has three classes of units—Class A, Class B and Class C units. The Operating Company owns all of the outstanding Class B units of the San Francisco Venture. All of the outstanding Class A units are owned by Lennar and Castlelake. The Class A units of the San Francisco Venture are intended to be substantially economically equivalent to the Class A Common Units of the Operating Company. The Class A units of the San Francisco Venture represent noncontrolling interests to the Operating Company.

Holders of Class A units of the San Francisco Venture can redeem their units at any time and receive Class A Common Units of the Operating Company on a one-for-one basis (subject to adjustment in the event of share splits, distributions of shares, warrants or share rights, specified extraordinary distributions and similar events). If a holder requests a redemption of Class A units of the San Francisco Venture that would result in the Holding Company’s ownership of the Operating Company falling below 50.1%, the Holding Company has the option of satisfying the redemption with Class A common shares instead. The Company also has the option, at any time, to acquire outstanding Class A units of the San Francisco Venture in exchange for Class A Common Units of the Operating Company. The 12 month holding period for any Class A Common Units of the Operating Company issued in exchange for Class A units of the San Francisco Venture is calculated by including the period that such Class A units of the San Francisco Venture were owned. This exchange right is currently exercisable by all holders of outstanding Class A units of the San Francisco Venture.

Redeemable Noncontrolling Interest

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The San Francisco Venture is a VIE as the other members of the venture, individually or as a group, are not able to exercise kick-out rights or substantive participating rights. The Company applied the variable interest model and determined that it is the primary beneficiary of the San Francisco Venture and, accordingly, the San Francisco Venture is consolidated in the Company’s results. In making that determination, the Company evaluated that the Operating Company has unilateral and unconditional power to make decisions in regards to the activities that significantly impact the economics of the VIE, which are the development of properties, marketing and sale of properties, acquisition of land and other real estate properties and obtaining land ownership or ground lease for the underlying properties to be developed. The Company is determined to have more-than-insignificant economic benefit from the San Francisco Venture because, excluding Class C units, the Operating Company can prevent or cause the San Francisco Venture from making distributions on its units, and the Operating Company would receive 99% of any such distributions made (assuming no distributions had been paid on the Class A Common Units of the Operating Company). In addition, the San Francisco Venture is only allowed to make a capital call on the Operating Company and not any other interest holders, which could be a significant financial risk to the Operating Company.

As of June 30, 2023, the San Francisco Venture had total combined assets of $1.34 billion, primarily comprised of $1.34 billion of inventories and $0.9 million in related party assets, and total combined liabilities of $67.3 million, including $59.0 million in related party liabilities.

As of December 31, 2022, the San Francisco Venture had total combined assets of $1.31 billion, primarily comprised of $1.31 billion of inventories and $0.8 million in related party assets, and total combined liabilities of $67.3 million, including $63.0 million in related party liabilities.

Those assets are owned by, and those liabilities are obligations of, the San Francisco Venture, not the Company. The San Francisco Venture’s operating subsidiaries are not guarantors of the Company’s obligations, and the assets held by the San Francisco Venture may only be used as collateral for the San Francisco Venture’s obligations. The creditors of the San Francisco Venture do not have recourse to the assets of the Operating Company, as the VIE’s primary beneficiary, or of the Holding Company.

The Company and the other members do not generally have an obligation to make capital contributions to the San Francisco Venture. In addition, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to the San Francisco Venture. The Company does not guarantee any debt of the San Francisco Venture. However, the Operating Company has guaranteed the performance of payment by the San Francisco Venture in accordance with the redemption terms of the Class C units of the San Francisco Venture (see Note 5).

FP LP and FPL are VIEs because the other partners or members have disproportionately fewer voting rights, and substantially all of the activities of the entities are conducted on behalf of the other partners or members and their related parties. The Operating Company, or a wholly owned subsidiary of the Operating Company, is the primary beneficiary of FP LP and FPL.

As of June 30, 2023, FP LP and FPL had combined assets of $1.1 billion, primarily comprised of $918.5 million of inventories, $31.7 million of intangibles and $73.8 million in related party assets, and total combined liabilities of $71.8 million, including $66.8 million in accounts payable and other liabilities and $4.9 million in related party liabilities.

As of December 31, 2022, FP LP and FPL had combined assets of $1.1 billion, primarily comprised of $927.9 million of inventories, $40.3 million of intangibles and $79.9 million in related party assets, and total combined liabilities of $77.2 million, including $70.5 million in accounts payable and other liabilities and $6.7 million in related party liabilities.

The Company evaluates its primary beneficiary designation on an ongoing basis and assesses the appropriateness of the VIE’s status when events have occurred that would trigger such an analysis. During the six months ended June 30, 2023 and 2022, there were no VIEs that were deconsolidated.

The intangible asset relates to the contract value of the incentive compensation provisions of the A&R DMA with the Great Park Venture. The intangible asset will be amortized over the expected contract period based on the pattern in which the economic benefits are expected to be received.

The carrying amount and accumulated amortization of the intangible asset as of June 30, 2023 and December 31, 2022 were as follows (in thousands):

			June 30, 2023						December 31, 2022
Gross carrying amount			$	129,705					$	129,705
Accumulated amortization			(98,049)						(89,448)
Net book value			$	31,656					$	40,257

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Related party assets and liabilities included in the Company’s condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022 consisted of the following (in thousands):

			June 30, 2023						December 31, 2022
Related Party Assets:
Contract assets (see Note 3)			$	73,826					$	79,863
Operating lease right-of-use asset (corporate office lease at Five Point Gateway Campus)			15,245						16,425
Other			862						838
			$	89,933					$	97,126
Related Party Liabilities:
Reimbursement obligation			$	58,998					$	62,990
Payable to holders of Management Company’s Class B interests			4,116						6,700
Operating lease liability (corporate office lease at Five Point Gateway Campus)			11,776						12,535
Accrued advisory fees			7,625						10,525
Other			1,169						336
			$	83,684					$	93,086

Development Management Agreement with the Great Park Venture (Incentive Compensation Contract Asset)

In 2010, the Great Park Venture, the Company’s equity method investee, engaged the Management Company under a development management agreement to provide management services to the Great Park Venture. The compensation structure in place consists of a base fee and incentive compensation. Incentive compensation is 9% of distributions available to be made by the Great Park Venture to its Legacy and Percentage Interest Holders. In December 2022, the Company and the Great Park Venture entered into an amendment to the A&R DMA to extend the term to December 31, 2024 (the "First Renewal Term"). If the A&R DMA is not extended by mutual agreement of the parties beyond December 31, 2024 and the Company is no longer providing management services subsequent to December 31, 2024, the Company will be entitled to 6.75% of distributions paid thereafter.

During the six months ended June 30, 2023, the Great Park Venture made a Legacy Incentive Compensation payment to the Company of $2.6 million and a Non-Legacy Incentive Compensation payment of $22.0 million. Upon receiving the Legacy Incentive Compensation payment, the Company distributed the $2.6 million in proceeds to the holders of the Management Company's Class B interests.

At June 30, 2023 and December 31, 2022, included in contract assets in the table above is $71.5 million and $77.4 million, respectively, attributed to incentive compensation revenue recognized but not yet due (see Note 3). Management fee revenues under the A&R DMA are included in management services—related party in the accompanying condensed consolidated statements of operations and are included in the Great Park segment. Management fee revenues under the A&R DMA were $20.7 million and $24.8 million for the three and six months ended June 30, 2023, respectively, and $2.6 million and $6.0 million for the three and six months ended June 30, 2022, respectively.

---

At June 30, 2023 and December 31, 2022, notes payable consisted of the following (in thousands):

			June 30, 2023						December 31, 2022
7.875% Senior Notes due 2025			$	625,000					$	625,000
Unamortized debt issuance costs and discount			(3,581)						(4,349)
			$	621,419					$	620,651

Revolving Credit Facility

In June 2023, the Operating Company entered into the fourth amendment to its $125.0 million unsecured revolving credit facility which, among other things, replaces the London Interbank Offer Rate with the Secured Overnight Financing Rate (“SOFR”) as a benchmark interest rate. Any borrowings under the revolving credit facility will bear interest at CME Term SOFR 1 month increased by 0.10% plus a margin ranging from 1.75% to 2.00% based on the Company’s leverage ratio. The maturity date of the unsecured revolving credit facility remains in April 2024, with one option to extend the maturity date by an additional year, subject to the satisfaction of certain conditions including the approval of the administrative agent and lenders. As of June 30, 2023, no borrowings or letters of credit were outstanding on the Operating Company’s revolving credit facility.

The Company is subject to the usual obligations associated with entering into contracts for the purchase, development and sale of real estate, which the Company does in the routine conduct of its business. The operations of the Company are conducted through the Operating Company and its subsidiaries, and in some cases, the Holding Company will guarantee the payment by or performance of the Operating Company or its subsidiaries. The Company has operating leases for its corporate office and other facilities and the Holding Company is a guarantor to some of these lease agreements. Operating lease right-of-use assets are included in other assets or related party assets, and operating lease liabilities are included in accounts payable and other liabilities or related party liabilities on the condensed consolidated balance sheets and were as follows as of June 30, 2023 and December 31, 2022 (in thousands):

			June 30, 2023						December 31, 2022
Operating lease right-of-use assets ($15,245 and $16,425 related party, respectively)			$	16,156					$	19,067
Operating lease liabilities ($11,776 and $12,535 related party, respectively)			$	12,597					$	15,705

In addition to operating lease payment guarantees, the Holding Company had other contractual payment guarantees as of June 30, 2023 totaling $10.2 million.

Performance and Completion Bonding Agreements

In the ordinary course of business and as a part of the entitlement and development process, the Company is required to provide performance bonds to ensure completion of certain development obligations. The Company had outstanding performance bonds of $307.3 million and $315.0 million as of June 30, 2023 and December 31, 2022, respectively.

Candlestick and The San Francisco Shipyard Disposition and Development Agreement

The San Francisco Venture is a party to a disposition and development agreement with the Successor to the Redevelopment Agency of the City and County of San Francisco (the “San Francisco Agency”) in which the San Francisco Agency has agreed to convey portions of Candlestick and The San Francisco Shipyard to the San Francisco Venture for development. The San Francisco Venture has agreed to reimburse the San Francisco Agency for reasonable costs and expenses actually incurred and paid by the San Francisco Agency in performing its obligations under the disposition and development agreement. The San Francisco Agency can also earn a return of certain profits generated from the development and sale of Candlestick and The San Francisco Shipyard if certain thresholds are met.

---

At each of June 30, 2023 and December 31, 2022, the San Francisco Venture had outstanding guarantees benefiting the San Francisco Agency for infrastructure and construction of certain park and open space obligations with aggregate maximum obligations of $198.3 million.

Letters of Credit

At each of June 30, 2023 and December 31, 2022, the Company had outstanding letters of credit totaling $1.0 million. These letters of credit were issued to secure various development and financial obligations. At each of June 30, 2023 and December 31, 2022, the Company had restricted cash and certificates of deposit of $1.0 million pledged as collateral under certain of the letters of credit agreements.

Legal Proceedings

Hunters Point Litigation

In May 2018, residents of the Bayview Hunters Point neighborhood in San Francisco filed a putative class action in San Francisco Superior Court naming Tetra Tech, Inc. and Tetra Tech EC, Inc., an independent contractor hired by the U.S. Navy to conduct testing and remediation of toxic radiological waste at The San Francisco Shipyard (“Tetra Tech”), Lennar and the Company as defendants (the “Bayview Action”). The plaintiffs allege that, among other things, Tetra Tech fraudulently misrepresented its test results and remediation efforts. The plaintiffs are seeking damages against Tetra Tech and the Company and have requested an injunction to prevent the Company and Lennar from undertaking any development activities at The San Francisco Shipyard. Given the preliminary nature of the claims, the Company cannot predict the outcome of the Bayview Action. The Company believes that it has meritorious defenses to the allegations in the Bayview Action and may have insurance and indemnification rights against third parties with respect to the claims.

Other

Other than the actions outlined above, the Company is also a party to various other claims, legal actions, and complaints arising in the ordinary course of business, the disposition of which, in the Company’s opinion, will not have a material adverse effect on the Company’s condensed consolidated financial statements.

As a significant land owner and developer of unimproved land it is possible that environmental contamination conditions could exist that would require the Company to take corrective action. In the opinion of the Company, such corrective actions, if any, would not have a material adverse effect on the Company’s condensed consolidated financial statements.

---

Supplemental cash flow information for the six months ended June 30, 2023 and 2022 were as follows (in thousands):

			Six Months Ended June 30,
			2023						2022
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest, all of which was capitalized to inventories			$	25,998					$	26,146
Noncash lease expense			$	2,094					$	2,452
NONCASH INVESTING AND FINANCING ACTIVITIES:
Adjustment to operating lease right-of-use assets from lease modification			$	(773)					$	—
Adjustment to liability recognized under TRA			$	140					$	(1,058)

Noncash lease expense is included within the depreciation and amortization adjustment to net loss on the Company’s condensed consolidated statements of cash flows.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows for the six months ended June 30, 2023 and 2022 (in thousands):

			June 30, 2023						June 30, 2022
Cash and cash equivalents			$	193,203					$	127,820
Restricted cash and certificates of deposit			992						1,330
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows			$	194,195					$	129,150

Amounts included in restricted cash and certificates of deposit represent amounts held as collateral on open letters of credit related to development obligations or because of other contractual obligations of the Company that require the restriction.

The Company’s reportable segments consist of:

• Valencia—includes the community of Valencia being developed in northern Los Angeles County, California. The Valencia segment derives revenues from the sale of residential and commercial land sites to homebuilders, commercial developers and commercial buyers. The Company’s investment in the Valencia Landbank Venture is also reported in the Valencia segment.

• San Francisco—includes the Candlestick and The San Francisco Shipyard communities located on bayfront property in the City of San Francisco, California. The San Francisco segment derives revenues from the sale of residential and commercial land sites to homebuilders, commercial developers and commercial buyers.

• Great Park—includes the Great Park Neighborhoods being developed adjacent to and around the Orange County Great Park, a metropolitan park under construction in Orange County, California. This segment also includes management services provided by the Management Company to the Great Park Venture, the owner of the Great Park Neighborhoods. As of June 30, 2023, the Company had a 37.5% Percentage Interest in the Great Park Venture and accounted for the investment under the equity method. The reported segment information for the Great Park segment includes the results of 100% of the Great Park Venture at the historical basis of the venture, which did not apply push down accounting at acquisition date. The Great Park segment derives revenues at the Great Park Neighborhoods from sales of residential and commercial land sites to homebuilders, commercial developers and commercial buyers, sales of homes constructed and marketed under a fee build arrangement, and management services provided by the Company to the Great Park Venture.

• Commercial—includes the operations of the Gateway Commercial Venture, which owns an approximately 189,000 square foot office building at the Five Point Gateway Campus. The Five Point Gateway Campus is an office, medical and research and development campus located within the Great Park Neighborhoods and consists of four buildings and surrounding land. The Company and a subsidiary of Lennar lease portions of the building owned by the Gateway Commercial Venture. The Gateway Commercial Venture also owns approximately 50 acres of the surrounding commercial land with additional development rights at the campus. This segment also includes property management services provided by the Management Company to the Gateway Commercial Venture. As of June 30, 2023, the Company had a 75% interest in the Gateway Commercial Venture and accounted for the investment under the equity method. The reported segment information for the Commercial segment includes the results of 100% of the Gateway Commercial Venture at the historical basis of the venture.

---

     Segment operating results and reconciliations to the Company’s consolidated balances are as follows (in thousands):

			Revenues												Profit (Loss)												Revenues												Profit (Loss)
			Three Months Ended June 30,																								Six Months Ended June 30,
			2023						2022						2023						2022						2023						2022						2023						2022
Valencia			$	413					$	2,568					$	(4,538)					$	(2,944)					$	1,716					$	3,727					$	(6,977)					$	(7,771)
San Francisco			162						122						(885)						(814)						324						302						(1,915)						(1,483)
Great Park			381,266						27,922						179,145						1,878						393,995						50,346						183,651						(193)
Commercial			2,125						2,222						(502)						234						4,386						4,263						(678)						449
Total reportable segments			383,966						32,834						173,220						(1,646)						400,421						58,638						174,081						(8,998)
Reconciling items:
Removal of results of unconsolidated entities—
Great Park Venture (1)			(360,596)						(25,320)						(168,157)						(1,476)						(369,196)						(44,300)						(170,900)						1,355
Gateway Commercial Venture (1)			(2,021)						(2,121)						606						(133)						(4,175)						(4,059)						889						(245)
Add equity in earnings (losses) from unconsolidated entities—
Great Park Venture			—						—						52,322						207						—						—						53,484						(1,094)
Gateway Commercial Venture			—						—						(455)						100						—						—						(667)						184
Corporate and unallocated (2)			—						—						(6,981)						(8,024)						—						—						(16,066)						(38,943)
Total consolidated balances			$	21,349					$	5,393					$	50,555					$	(10,972)					$	27,050					$	10,279					$	40,821					$	(47,741)

(1) Represents the removal of the Great Park Venture and Gateway Commercial Venture operating results, which are included in the Great Park segment and Commercial segment operating results at 100% of each venture’s historical basis, respectively, but are not included in the Company’s consolidated results and balances as the Company accounts for its investment in each venture using the equity method of accounting.

(2) Corporate and unallocated activity is primarily comprised of corporate general and administrative expenses and restructuring expenses.

Segment assets and reconciliations to the Company’s consolidated balances are as follows (in thousands):

			June 30, 2023						December 31, 2022
Valencia			$	958,922					$	972,028
San Francisco			1,338,610						1,314,308
Great Park			847,120						916,909
Commercial			90,554						91,629
Total reportable segments			3,235,206						3,294,874
Reconciling items:
Removal of unconsolidated balances of Great Park Venture (1)			(743,819)						(799,174)
Removal of unconsolidated balances of Gateway Commercial Venture (1)			(90,554)						(91,629)
Other eliminations (2)			(21)						(174)
Add investment balance in Great Park Venture			260,745						289,026
Add investment balance in Gateway Commercial Venture			40,028						40,695
Corporate and unallocated (3)			212,318						152,166
Total consolidated balances			$	2,913,903					$	2,885,784

(1) Represents the removal of the Great Park Venture and Gateway Commercial Venture balances, which are included in the Great Park segment and Commercial segment balances at 100% of each venture’s historical basis, respectively, but are not included in the Company’s consolidated balances as the Company accounts for its investment in each venture using the equity method of accounting.

(2) Represents intersegment balances that eliminate in consolidation.

---

In April 2023, the Company’s Board of Directors approved the Five Point Holdings, LLC 2023 Incentive Award Plan (the “Incentive Award Plan”) as the successor to the Five Point Holdings, LLC Amended and Restated 2016 Incentive Award Plan (the “Prior Plan”). The Incentive Award Plan became effective on June 7, 2023, the date on which it was approved by shareholders at the 2023 Annual Meeting of Shareholders. The Incentive Award Plan increased the aggregate number of common shares available for issuance under the Prior Plan by 7,500,000 Class A common shares of the Holding Company.

The following table summarizes share-based equity compensation activity for the six months ended June 30, 2023:

			Share-Based Awards (in thousands)						Weighted-Average Grant Date Fair Value
Nonvested at January 1, 2023			2,166						$	3.77
Granted			3,947						$	1.92
Cancelled			(906)						$	2.16
Forfeited			—						$	—
Vested			(690)						$	6.01
Nonvested at June 30, 2023			4,517						$	2.13

Share-based compensation expense was $0.9 million and $1.7 million for the three and six months ended June 30, 2023, respectively, and $0.7 million and $4.8 million for the three and six months ended June 30, 2022, respectively. All share-based compensation for the three and six months ended June 30, 2023 and the three months ended June 30, 2022 is included in selling, general, and administrative expenses on the accompanying condensed consolidated statements of operations. In February 2022, the Company accelerated the expense attributed to the outstanding restricted share awards of two former officers of the Company resulting from a modification of the required service condition of the awards. As a result, for the six months ended June 30, 2022, share-based compensation expense of $3.0 million is included in restructuring expense and $1.8 million is included in selling, general, and administrative expenses on the accompanying condensed consolidated statement of operations.

The estimated fair value at vesting of share-based awards that vested during the six months ended June 30, 2023 was $1.7 million. In January 2023 and 2022, the Company reacquired vested restricted Class A common shares for $0.2 million and $2.7 million, respectively, for the purpose of settling tax withholding obligations of employees. The reacquisition cost is based on the fair value of the Company’s Class A common shares on the date the tax obligation is incurred.

Retirement Plan—The Newhall Land and Farming Company Retirement Plan (the “Retirement Plan”) is a defined benefit plan that is funded by the Company and qualified under the Employee Retirement Income Security Act. The Retirement Plan was frozen in 2004.

The components of net periodic cost (benefit) for the three and six months ended June 30, 2023 and 2022, are as follows (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Net periodic cost (benefit):
Interest cost			$	202					$	136					$	404					$	272
Expected return on plan assets			(222)						(261)						(444)						(522)
Amortization of net actuarial loss			40						13						81						26
Net periodic cost (benefit)			$	20					$	(112)					$	41					$	(224)

---

Other than a small income tax provision attributed to one of the Company’s consolidated subsidiary corporations, during the three months ended June 30, 2023, the Company recorded no provision or benefit for income taxes (after application of a decrease in the Company’s valuation allowance) on pre-tax income of $50.6 million. In the three months ended June 30, 2022, the Company recorded no provision or benefit for income taxes (after application of an increase in the Company’s valuation allowance) on pre-tax loss of $11.0 million. Other than a small income tax provision attributed to one of the Company’s consolidated subsidiary corporations, during the six months ended June 30, 2023, the Company recorded no provision or benefit for income taxes (after application of a decrease in the Company’s valuation allowance) on pre-tax income of $40.8 million. In the six months ended June 30, 2022, the Company recorded no provision or benefit for income taxes (after application of an increase in the Company’s valuation allowance) on pre-tax loss of $47.7 million. The effective tax rates for the six months ended June 30, 2023 and 2022, differ from the 21% federal statutory rate and applicable state statutory rates primarily due to the Company’s valuation allowance on its book losses, disallowance of executive compensation expenses not deductible for tax, and to the pre-tax portion of income and losses that are passed through to the other partners of the Operating Company and the San Francisco Venture.

Largely due to a history of book losses, the Company continues to record a valuation allowance against its federal and state net deferred tax assets.

ASC Topic 820, Fair Value Measurement, emphasizes that a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. The following hierarchy classifies the inputs used to determine fair value into three levels:

Level 1—Quoted prices for identical instruments in active markets

Level 2—Quoted prices for similar instruments in active markets or inputs, other than quoted prices, that are observable for the instrument either directly or indirectly

Level 3—Significant inputs to the valuation model are unobservable

At each reporting period, the Company evaluates the fair value of its financial instruments compared to carrying values. Other than the Company’s notes payable, net, the carrying amount of the Company’s financial instruments, which includes cash and cash equivalents, restricted cash and certificates of deposit, certain related party assets and liabilities, and accounts payable and other liabilities, approximated the Company’s estimates of fair value at both June 30, 2023 and December 31, 2022.

The fair value of the Company’s notes payable, net, are estimated based on quoted market prices or discounting the expected cash flows based on rates available to the Company (level 2). At June 30, 2023, the estimated fair value of notes payable, net was $566.0 million, compared to a carrying value of $621.4 million. At December 31, 2022, the estimated fair value of notes payable, net was $525.5 million, compared to a carrying value of $620.7 million. During the three and six months ended June 30, 2023 and 2022, the Company had no assets that were measured at fair value on a nonrecurring basis.

The Company uses the two-class method in its computation of earnings per share. The Company’s Class A common shares and Class B common shares are entitled to receive distributions at different rates, with each Class B common share receiving 0.03% of the distributions paid on each Class A common share. Under the two-class method, the Company’s net income available to common shareholders is allocated between the two classes of common shares on a fully-distributed basis and reflects residual net income after amounts attributed to noncontrolling interests. In the event of a net loss, the Company determined that both classes share in the Company’s losses, and they share in the losses using the same mechanism as the distributions. The Company also has restricted share awards and performance restricted share awards (see Note 14) that have a right to non-forfeitable dividends while unvested and are contemplated as participating when the Company is in a net income position. These awards participate in distributions on a basis equivalent to other Class A common shares but do not participate in losses.

No distributions on common shares were declared for the three and six months ended June 30, 2023 or 2022.

Diluted income (loss) per share calculations for both Class A common shares and Class B common shares contemplate adjustments to the numerator and the denominator under the if-converted method for the convertible Class B common shares, the exchangeable Class A units of the San Francisco Venture and the exchangeable Class A Common Units of the Operating Company. The Company uses the treasury stock method or the two-class method when evaluating dilution for RSUs, restricted shares, and performance restricted units and shares. The more dilutive of the two methods is included in the calculation for diluted income (loss) per share.

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The following table summarizes the basic and diluted earnings (loss) per share calculations for the three and six months ended June 30, 2023 and 2022 (in thousands, except shares and per share amounts):    

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Numerator:
Net income (loss) attributable to the Company			$	23,571					$	(5,111)					$	19,035					$	(22,241)
Adjustments to net income (loss) attributable to the Company			—						23						(13)						129
Net income (loss) attributable to common shareholders			$	23,571					$	(5,088)					$	19,022					$	(22,112)
Numerator—basic common shares:
Net income (loss) attributable to common shareholders			$	23,571					$	(5,088)					$	19,022					$	(22,112)
Less: net income allocated to participating securities			132						—						100						—
Allocation of basic net income (loss) among common shareholders			$	23,439					$	(5,088)					$	18,922					$	(22,112)
Numerator for basic net income (loss) available to Class A common shareholders			$	23,431					$	(5,086)					$	18,915					$	(22,104)
Numerator for basic net income (loss) available to Class B common shareholders			$	8					$	(2)					$	7					$	(8)
Numerator—diluted common shares:
Net income (loss) attributable to common shareholders			$	23,571					$	(5,088)					$	19,022					$	(22,112)
Reallocation of income (loss) from dilutive potential securities			25,878						(133)						20,917						(536)
Less: net income allocated to participating securities			132						—						100						—
Allocation of diluted net income (loss) among common shareholders			$	49,317					$	(5,221)					$	39,839					$	(22,648)
Numerator for diluted net income (loss) available to Class A common shareholders			$	49,309					$	(5,219)					$	39,832					$	(22,640)
Numerator for diluted net income (loss) available to Class B common shareholders			$	8					$	(2)					$	7					$	(8)
Denominator:
Basic weighted average Class A common shares outstanding			68,811,975						68,495,523						68,758,894						68,332,460
Diluted weighted average Class A common shares outstanding			145,040,689						69,635,563						144,939,450						69,472,500
Basic and diluted weighted average Class B common shares outstanding			79,233,544						79,233,544						79,233,544						79,233,544
Basic earnings (loss) per share:
Class A common shares			$	0.34					$	(0.07)					$	0.28					$	(0.32)
Class B common shares			$	0.00					$	(0.00)					$	0.00					$	(0.00)
Diluted earnings (loss) per share:
Class A common shares			$	0.34					$	(0.07)					$	0.27					$	(0.33)
Class B common shares			$	0.00					$	(0.00)					$	0.00					$	(0.00)
Anti-dilutive potential Performance RSUs			3,123,408						—						3,123,408						—
Anti-dilutive potential Restricted Shares (weighted average)			—						572,831						—						803,665
Anti-dilutive potential Performance Restricted Shares (weighted average)			—						—						—						49,869
Anti-dilutive potential Class A common shares from exchanges (weighted average)			3,137,134						76,120,180						3,137,134						76,120,180

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v3.23.2

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 14, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-38088
Entity Registrant Name	Five Point Holdings, LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-0599397
Entity Address, Address Line One	2000 FivePoint
Entity Address, Address Line Two	4th Floor
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	949
Local Phone Number	349-1000
Title of 12(b) Security	Class A common shares
Trading Symbol	FPH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001574197
Current Fiscal Year End Date	--12-31
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		69,199,938
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		79,233,544

v3.23.2

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
INVENTORIES	$ 2,254,935	$ 2,239,125
INVESTMENT IN UNCONSOLIDATED ENTITIES	302,337	331,594
PROPERTIES AND EQUIPMENT, NET	29,668	30,243
INTANGIBLE ASSET, NET—RELATED PARTY	31,656	40,257
CASH AND CASH EQUIVALENTS	193,203	131,771
RESTRICTED CASH AND CERTIFICATES OF DEPOSIT	992	992
TOTAL	2,913,903	2,885,784
LIABILITIES:
Notes payable, net	621,419	620,651
Accounts payable and other liabilities	90,760	94,426
Related party liabilities	83,684	93,086
Deferred income tax liability, net	11,506	11,506
Payable pursuant to tax receivable agreement	173,208	173,068
Total liabilities	980,577	992,737
COMMITMENTS AND CONTINGENT LIABILITIES (Note 11)
REDEEMABLE NONCONTROLLING INTEREST	25,000	25,000
CAPITAL:
Contributed capital	589,634	587,733
Retained earnings	52,421	33,386
Accumulated other comprehensive loss	(2,939)	(2,988)
Total members’ capital	639,116	618,131
Noncontrolling interests	1,269,210	1,249,916
Total capital	1,908,326	1,868,047
TOTAL	2,913,903	2,885,784
Related Party
ASSETS
OTHER ASSETS	89,933	97,126
LIABILITIES:
Related party liabilities	83,684	93,086
Nonrelated Party
ASSETS
OTHER ASSETS	$ 11,179	$ 14,676

v3.23.2

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Jun. 30, 2023	Dec. 31, 2022
Common Class A
Common shares issued (in shares)	69,199,938	69,068,354
Common shares outstanding (in shares)	69,199,938	69,068,354
Common Class B
Common shares issued (in shares)	79,233,544	79,233,544
Common shares outstanding (in shares)	79,233,544	79,233,544

v3.23.2

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUES:
Revenues	$ 21,349	$ 5,393	$ 27,050	$ 10,279
COSTS AND EXPENSES:
Selling, general, and administrative	12,710	12,651	26,462	29,442
Restructuring	0	0	0	19,437
Total costs and expenses	24,190	17,229	41,480	57,980
OTHER INCOME (EXPENSE):
Interest income	1,293	117	2,129	138
Miscellaneous	(20)	112	(41)	224
Total other income	1,273	229	2,088	362
EQUITY IN EARNINGS (LOSS) FROM UNCONSOLIDATED ENTITIES	52,128	643	53,176	(389)
INCOME (LOSS) BEFORE INCOME TAX PROVISION	50,560	(10,964)	40,834	(47,728)
INCOME TAX PROVISION	(5)	(8)	(13)	(13)
NET INCOME (LOSS)	50,555	(10,972)	40,821	(47,741)
LESS NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	26,984	(5,861)	21,786	(25,500)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ 23,571	$ (5,111)	$ 19,035	$ (22,241)
Common Class A
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE
Basic (in dollars per share)	$ 0.34	$ (0.07)	$ 0.28	$ (0.32)
Diluted (in dollar per share)	$ 0.34	$ (0.07)	$ 0.27	$ (0.33)
WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING
Basic (in shares)	68,811,975	68,495,523	68,758,894	68,332,460
Diluted (in shares)	145,040,689	69,635,563	144,939,450	69,472,500
Common Class B
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE
Basic (in dollars per share)	$ 0.00	$ (0.00)	$ 0.00	$ (0.00)
Diluted (in dollar per share)	$ 0.00	$ (0.00)	$ 0.00	$ (0.00)
WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING
Basic (in shares)	79,233,544	79,233,544	79,233,544	79,233,544
Diluted (in shares)	79,233,544	79,233,544	79,233,544	79,233,544
Land sales
COSTS AND EXPENSES:
Cost and expenses	$ 0	$ 0	$ 0	$ 0
Land sales | Nonrelated Party
REVENUES:
Revenues	16	14	(9)	571
Land sales | Related Party
REVENUES:
Revenues	(29)	1,711	595	1,712
Management services
COSTS AND EXPENSES:
Cost and expenses	9,682	2,200	12,048	4,884
Management services | Related Party
REVENUES:
Revenues	20,774	2,703	25,010	6,250
Operating properties
COSTS AND EXPENSES:
Cost and expenses	1,798	2,378	2,970	4,217
Operating properties | Nonrelated Party
REVENUES:
Revenues	$ 588	$ 965	$ 1,454	$ 1,746

v3.23.2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 50,555	$ (10,972)	$ 40,821	$ (47,741)
OTHER COMPREHENSIVE INCOME:
Reclassification of actuarial loss on defined benefit pension plan included in net income (loss)	40	13	81	26
Other comprehensive income before taxes	40	13	81	26
INCOME TAX PROVISION RELATED TO OTHER COMPREHENSIVE INCOME	0	0	0	0
OTHER COMPREHENSIVE INCOME—Net of tax	40	13	81	26
COMPREHENSIVE INCOME (LOSS)	50,595	(10,959)	40,902	(47,715)
LESS COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	26,999	(5,856)	21,816	(25,490)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ 23,596	$ (5,103)	$ 19,086	$ (22,225)

v3.23.2

Condensed Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,856,801	$ 1,865,612	$ 1,868,047	$ 1,900,378
Net income	50,555	(10,972)	40,821	(47,741)
Share-based compensation expense	930	661	1,693	4,764
Reacquisition of share-based compensation awards for tax-withholding purposes			(202)	(2,736)
Other comprehensive income—net of tax	40	13	81	26
Tax distributions to noncontrolling interests			(1,974)	(435)
Adjustment to liability recognized under tax receivable agreement - net of tax			(140)	1,058
Adjustment of noncontrolling interest in the Operating Company			0	0
Ending balance	$ 1,908,326	$ 1,855,314	$ 1,908,326	$ 1,855,314
Common Stock | Class A Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	69,199,938	69,068,354	69,068,354	70,107,552
Reacquisition of share-based compensation awards for tax-withholding purposes (in shares)			(83,660)	(417,716)
Issuance of share-based compensation awards, net of forfeitures (in shares)			215,244	(621,482)
Ending Balance (in shares)	69,199,938	69,068,354	69,199,938	69,068,354
Common Stock | Class B Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	79,233,544	79,233,544	79,233,544	79,233,544
Ending Balance (in shares)	79,233,544	79,233,544	79,233,544	79,233,544
Contributed Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 588,704	$ 585,606	$ 587,733	$ 587,587
Share-based compensation expense	930	661	1,693	4,764
Reacquisition of share-based compensation awards for tax-withholding purposes			(202)	(2,736)
Adjustment to liability recognized under tax receivable agreement - net of tax			(140)	1,058
Adjustment of noncontrolling interest in the Operating Company			550	(4,406)
Ending balance	589,634	586,267	589,634	586,267
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	28,850	31,659	33,386	48,789
Net income	23,571	(5,111)	19,035	(22,241)
Ending balance	52,421	26,548	52,421	26,548
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(2,964)	(1,933)	(2,988)	(1,952)
Other comprehensive income—net of tax	25	8	51	16
Adjustment of noncontrolling interest in the Operating Company			(2)	11
Ending balance	(2,939)	(1,925)	(2,939)	(1,925)
Total Members’ Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	614,590	615,332	618,131	634,424
Net income	23,571	(5,111)	19,035	(22,241)
Share-based compensation expense	930	661	1,693	4,764
Reacquisition of share-based compensation awards for tax-withholding purposes			(202)	(2,736)
Other comprehensive income—net of tax	25	8	51	16
Adjustment to liability recognized under tax receivable agreement - net of tax			(140)	1,058
Adjustment of noncontrolling interest in the Operating Company			548	(4,395)
Ending balance	639,116	610,890	639,116	610,890
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,242,211	1,250,280	1,249,916	1,265,954
Net income	26,984	(5,861)	21,786	(25,500)
Other comprehensive income—net of tax	15	5	30	10
Tax distributions to noncontrolling interests			(1,974)	(435)
Adjustment of noncontrolling interest in the Operating Company			(548)	4,395
Ending balance	$ 1,269,210	$ 1,244,424	$ 1,269,210	$ 1,244,424

v3.23.2

Condensed Consolidated Statements of Capital (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Other comprehensive income, tax	$ 0	$ 0
Tax related to adjustments to liability recognized under tax receivable agreement	$ 0	$ 0

v3.23.2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 40,821	$ (47,741)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity in (earnings) loss from unconsolidated entities	(53,176)	389
Return on investment from Great Park Venture	52,736	0
Depreciation and amortization	11,204	3,034
Share-based compensation	1,693	4,764
Changes in operating assets and liabilities:
Inventories	(14,867)	(89,880)
Related party assets	6,013	2,029
Other assets	2,430	(602)
Accounts payable and other liabilities	(3,520)	(14,521)
Related party liabilities	(5,409)	8,997
Net cash provided by (used in) operating activities	37,925	(133,531)
CASH FLOWS FROM INVESTING ACTIVITIES:
Contribution to Valencia Landbank Venture	0	(95)
Purchase of properties and equipment	0	(62)
Net cash provided by investing activities	29,676	1,387
CASH FLOWS FROM FINANCING ACTIVITIES:
Related party reimbursement obligation	(3,993)	(2,327)
Reacquisition of share-based compensation awards for tax-withholding purposes	(202)	(2,736)
Tax distributions to noncontrolling interests	(1,974)	(435)
Net cash used in financing activities	(6,169)	(5,498)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	61,432	(137,642)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period	132,763	266,792
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period	194,195	129,150
Great Park Venture
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity in (earnings) loss from unconsolidated entities	(53,484)	1,094
CASH FLOWS FROM INVESTING ACTIVITIES:
Return of investment	29,028	0
Valencia Landbank Venture
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity in (earnings) loss from unconsolidated entities	(400)	(500)
CASH FLOWS FROM INVESTING ACTIVITIES:
Return of investment	$ 648	$ 1,544

v3.23.2

Business and Organization	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	BUSINESS AND ORGANIZATION Five Point Holdings, LLC, a Delaware limited liability company (the “Holding Company” and, together with its consolidated subsidiaries, the “Company”), is an owner and developer of mixed-use planned communities in California. The Holding Company owns all of its assets and conducts all of its operations through Five Point Operating Company, LP, a Delaware limited partnership (the “Operating Company”), and its subsidiaries. The Company has two classes of shares outstanding: Class A common shares and Class B common shares. Holders of Class A common shares and holders of Class B common shares are entitled to one vote for each share held of record on all matters submitted to a vote of shareholders, and are both entitled to receive distributions at the same time. However, the distributions paid to holders of Class B common shares are in an amount per share equal to 0.0003 multiplied by the amount paid per Class A common share. The Company presents noncontrolling interests on the Company’s condensed consolidated balance sheet and classifies such interests within capital but separate from the Company’s Class A and Class B members’ capital. Noncontrolling interests represent equity interests in the Company’s consolidated subsidiaries held by partners in the Operating Company, excluding the Holding Company, and members in The Shipyard Communities, LLC (the “San Francisco Venture”), excluding the Operating Company (see Note 5). The Company has an entity structure in which the Company’s two largest equity owners, Lennar Corporation (“Lennar”) and Castlelake, LP (“Castlelake”), and the Company’s founder and Chairman Emeritus, Emile Haddad, separately hold, in addition to interests in the Company’s common shares, equity interests in either or both the Operating Company or the San Francisco Venture that can be exchanged for, at the Company’s option, either the Company’s Class A common shares or cash. The diagram below presents a simplified depiction of the Company’s organizational structure as of June 30, 2023: (1) A wholly owned subsidiary of the Holding Company serves as the sole managing general partner of the Operating Company. As of June 30, 2023, the Company owned approximately 62.6% of the outstanding Class A Common Units of the Operating Company. After a one year holding period, a holder of Class A Common Units of the Operating Company can exchange the units for, at the Company’s option, either Class A common shares of the Holding Company, on a one-for-one basis, or cash equal to the fair market value of such shares. Until Class A Common Units of the Operating Company are exchanged or redeemed, the capital associated with Class A Common Units of the Operating Company not held by the Holding Company is presented within "noncontrolling interests" on the Company’s condensed consolidated balance sheet. Assuming the exchange of all outstanding Class A Common Units of the Operating Company and all outstanding Class A units of the San Francisco Venture (see (2) below), that are not held by the Company, based on the closing price of the Company’s Class A common shares on July 14, 2023 ($3.00), the equity market capitalization of the Company was approximately $445.4 million. (2) The Operating Company owns all of the outstanding Class B units of the San Francisco Venture, the entity developing the Candlestick and The San Francisco Shipyard communities. The Class A units of the San Francisco Venture, which the Operating Company does not own, are intended to be economically equivalent to Class A Common Units of the Operating Company. As the holder of all outstanding Class B units of the San Francisco Venture, the Operating Company is entitled to receive 99% of available cash from the San Francisco Venture after the holders of Class A units in the San Francisco Venture have received distributions equivalent to the distributions, if any, paid on Class A Common Units of the Operating Company. Class A units of the San Francisco Venture can be exchanged, on a one-for-one basis, for Class A Common Units of the Operating Company (See Note 5). Until exchanged or redeemed through the Operating Company, the capital associated with Class A units of the San Francisco Venture is presented within "noncontrolling interests" on the Company’s condensed consolidated balance sheet. (3) Together, the Operating Company, Five Point Communities, LP, a Delaware limited partnership (“FP LP”), and Five Point Communities Management, Inc., a Delaware corporation (“FP Inc.” and together with FP LP, the “Management Company”) own 100% of Five Point Land, LLC, a Delaware limited liability company (“FPL”), the entity developing Valencia, a mixed-use planned community located in northern Los Angeles County, California. The Operating Company has a controlling interest in the Management Company. (4) Interests in Heritage Fields LLC, a Delaware limited liability company (the “Great Park Venture”), are either “Percentage Interests” or “Legacy Interests.” Holders of the Legacy Interests were entitled to receive priority distributions up to an aggregate amount of $565.0 million, of which $524.3 million had been distributed as of July 14, 2023 (See Note 4). The Company owns a 37.5% Percentage Interest in the Great Park Venture and serves as its administrative member. However, management of the Great Park Venture is vested in the four voting members, who have a total of five votes. Major decisions generally require the approval of at least 75% of the votes of the voting members. The Company has two votes, and the other three voting members each have one vote, so the Company is unable to approve any major decision without the consent or approval of at least two of the other voting members. The Company does not include the Great Park Venture as a consolidated subsidiary, but rather as an equity method investee, in its condensed consolidated financial statements. (5) The Company owns a 75% interest in Five Point Office Venture Holdings I, LLC, a Delaware limited liability company (the “Gateway Commercial Venture”). The Company manages the Gateway Commercial Venture, however, the manager’s authority is limited. Major decisions by the Gateway Commercial Venture generally require unanimous approval by an executive committee composed of two people designated by the Company and two people designated by another investor. Some decisions require approval by all of the members of the Gateway Commercial Venture. The Company does not include the Gateway Commercial Venture as a consolidated subsidiary, but rather as an equity method investee, in its condensed consolidated financial statements.

v3.23.2

Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION Principles of consolidation—The accompanying condensed consolidated financial statements include the accounts of the Holding Company and the accounts of all subsidiaries in which the Holding Company has a controlling interest and the consolidated accounts of variable interest entities (“VIEs”) in which the Holding Company is deemed to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. Unaudited interim financial information—The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, all adjustments (including normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results and cash flows for the three and six months ended June 30, 2023 are not necessarily indicative of the operating results and cash flows that may be expected for the full year. Use of estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from those estimates. Miscellaneous other (loss) income—Miscellaneous other (loss) income consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net periodic pension (cost) benefit $ (20) $ 112  $ (41) $ 224  Total miscellaneous other (loss) income $ (20) $ 112  $ (41) $ 224  Recently adopted accounting pronouncements—There are no recent accounting pronouncements that have had or are expected to have a material impact on the Company’s condensed consolidated financial statements or disclosures.

v3.23.2

Revenues	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenues	REVENUES The following tables present the Company’s consolidated revenues disaggregated by revenue source and reporting segment (in thousands): Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Valencia San Francisco Great Park(1) Commercial(1) Total Valencia San Francisco Great Park(1) Commercial(1) Total Land sales and land sales—related party $ (13) $ —  $ —  $ —  $ (13) $ 586  $ —  $ —  $ —  $ 586  Management services—related party —  —  20,670  104  20,774  —  —  24,799  211  25,010  Operating properties 141  —  —  —  141  499  —  —  —  499  128  —  20,670  104  20,902  1,085  —  24,799  211  26,095  Operating properties leasing revenues 285  162  —  —  447  631  324  —  —  955  $ 413  $ 162  $ 20,670  $ 104  $ 21,349  $ 1,716  $ 324  $ 24,799  $ 211  $ 27,050  Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Valencia San Francisco Great Park(1) Commercial(1) Total Valencia San Francisco Great Park(1) Commercial(1) Total Land sales and land sales—related party $ 1,725  $ —  $ —  $ —  $ 1,725  $ 2,283  $ —  $ —  $ —  $ 2,283  Management services—related party —  —  2,602  101  2,703  —  —  6,046  204  6,250  Operating properties 560  —  —  —  560  916  —  —  —  916  2,285  —  2,602  101  4,988  3,199  —  6,046  204  9,449  Operating properties leasing revenues 283  122  —  —  405  528  302  —  —  830  $ 2,568  $ 122  $ 2,602  $ 101  $ 5,393  $ 3,727  $ 302  $ 6,046  $ 204  $ 10,279  (1) The tables above do not include revenues of the Great Park Venture and the Gateway Commercial Venture, which are included in the Company’s reporting segment totals (see Notes 4 and 13). The opening and closing balances of the Company’s contract assets for the six months ended June 30, 2023 were $86.5 million ($79.9 million related party, see Note 8) and $78.6 million ($73.8 million related party, see Note 8), respectively. The opening and closing balances of the Company’s contract assets for the six months ended June 30, 2022 were $87.6 million ($79.1 million related party, see Note 8) and $87.8 million ($80.2 million related party, see Note 8), respectively. The decrease of $7.9 million for the six months ended June 30, 2023 between the opening and closing balances of the Company’s contract assets primarily resulted from the receipt of marketing fees from homebuilders from prior period land sales and the receipt of $24.6 million in incentive compensation payments from the Great Park Venture partially offset by additional incentive compensation revenue earned during the period from the Company's amended and restated development management agreement ("A&R DMA") with the Great Park Venture (see Note 8). The increase of $0.2 million for the six months ended June 30, 2022 between the opening and closing balances of the Company’s contract assets primarily resulted from a timing difference between when payments are made and the Company’s recognition of revenue earned from marketing fees from prior period land sales and agricultural crop sales. The opening and closing balances of the Company’s other receivables from contracts with customers and contract liabilities for the six months ended June 30, 2023 and 2022 were insignificant.

v3.23.2

Investment In Unconsolidated Entities	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entities	INVESTMENT IN UNCONSOLIDATED ENTITIES Great Park Venture The Great Park Venture has two classes of interests—“Percentage Interests” and “Legacy Interests.” The Operating Company owned 37.5% of the Great Park Venture’s Percentage Interests as of June 30, 2023. During the six months ended June 30, 2023, the Great Park Venture made aggregate distributions of $25.5 million to holders of Legacy Interests and $218.0 million to holders of Percentage Interests. The Company received $81.8 million for its 37.5% Percentage Interest. As of June 30, 2023, Legacy Interest holders were entitled to receive a maximum of $40.7 million in distributions to be paid pro-rata with Percentage Interest holders. Approximately 10% of future distributions will be paid to the Legacy Interest holders until such time as the remaining balance has been fully paid. The holders of the Percentage Interests will receive all other distributions. The Great Park Venture is the owner of Great Park Neighborhoods, a mixed-use planned community located in Orange County, California. The Company, through the A&R DMA, as amended, manages the planning, development and sale of land at the Great Park Neighborhoods and supervises the day-to-day affairs of the Great Park Venture. The Great Park Venture is governed by an executive committee of representatives appointed by only the holders of Percentage Interests. The Company serves as the administrative member but does not control the actions of the executive committee. The Company accounts for its investment in the Great Park Venture using the equity method of accounting. The carrying value of the Company’s investment in the Great Park Venture is higher than the Company’s underlying share of equity in the carrying value of net assets of the Great Park Venture, resulting in a basis difference. The Company’s earnings or losses from the equity method investment are adjusted by amortization and accretion of the basis differences as the assets (mainly inventory) and liabilities that gave rise to the basis difference are sold, settled or amortized. During the six months ended June 30, 2023, the Great Park Venture recognized $7.4 million in land sale revenues to related parties of the Company and $361.8 million in land sale revenues to third parties, of which $357.8 million relates to homesites sold to an unaffiliated land banking entity whereby a related party of the Company retained the option to acquire these homesites in the future from the land bank entity. During the six months ended June 30, 2022, the Great Park Venture recognized $3.2 million in land sale revenues to related parties of the Company and $0.6 million in land sale revenues to third parties. The following table summarizes the statements of operations of the Great Park Venture for the six months ended June 30, 2023 and 2022 (in thousands): Six Months Ended June 30, 2023 2022 Land sale and related party land sale revenues $ 369,196  $ 3,825  Home sale revenues —  40,475  Cost of land sales (165,749) (13) Cost of home sales —  (30,784) Other costs and expenses (32,547) (14,858) Net income (loss) of Great Park Venture $ 170,900  $ (1,355) The Company’s share of net income (loss) $ 64,088  $ (508) Basis difference amortization, net (10,604) (586) Equity in earnings (loss) from Great Park Venture $ 53,484  $ (1,094) The following table summarizes the balance sheet data of the Great Park Venture and the Company’s investment balance as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Inventories $ 435,920  $ 605,893  Cash and cash equivalents 140,889  149,326  Contract assets, receivable and other assets 167,010  43,955  Total assets $ 743,819  $ 799,174  Accounts payable and other liabilities $ 173,420  $ 156,085  Redeemable Legacy Interests 40,705  66,254  Capital (Percentage Interest) 529,694  576,835  Total liabilities and capital $ 743,819  $ 799,174  The Company’s share of capital in Great Park Venture $ 198,636  $ 216,313  Unamortized basis difference 62,109  72,713  The Company’s investment in the Great Park Venture $ 260,745  $ 289,026  Gateway Commercial Venture The Company owned a 75% interest in the Gateway Commercial Venture as of June 30, 2023. The Gateway Commercial Venture is governed by an executive committee in which the Company is entitled to appoint two individuals. One of the other members of the Gateway Commercial Venture is also entitled to appoint two individuals to the executive committee. The unanimous approval of the executive committee is required for certain matters, which limits the Company’s ability to control the Gateway Commercial Venture, however, the Company is able to exercise significant influence and therefore accounts for its investment in the Gateway Commercial Venture using the equity method. The Company is the manager of the Gateway Commercial Venture, with responsibility to manage and administer its day-to-day affairs and implement a business plan approved by the executive committee. The Gateway Commercial Venture owns one commercial office building and approximately 50 acres of commercial land with additional development rights at a 73 acre office, medical, research and development campus located within the Great Park Neighborhoods (the “Five Point Gateway Campus”). The Five Point Gateway Campus consists of four buildings totaling approximately one million square feet. The Company and a subsidiary of Lennar lease portions of the building owned by the Gateway Commercial Venture, and during the six months ended June 30, 2023 and 2022, the Gateway Commercial Venture recognized $4.2 million and $4.1 million, respectively, in rental revenues from those leasing arrangements. The following table summarizes the statements of operations of the Gateway Commercial Venture for the six months ended June 30, 2023 and 2022 (in thousands): Six Months Ended June 30, 2023 2022 Rental revenues $ 4,175  $ 4,059  Rental operating and other expenses (1,967) (1,225) Depreciation and amortization (1,989) (1,969) Interest expense (1,108) (620) Net (loss) income of Gateway Commercial Venture $ (889) $ 245  Equity in (loss) earnings from Gateway Commercial Venture $ (667) $ 184  The following table summarizes the balance sheet data of the Gateway Commercial Venture and the Company’s investment balance as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Real estate and related intangible assets, net $ 80,834  $ 82,797  Cash 5,081  4,244  Other assets 4,639  4,588  Total assets $ 90,554  $ 91,629  Notes payable, net $ 29,418  $ 29,418  Other liabilities 7,764  7,951  Members’ capital 53,372  54,260  Total liabilities and capital $ 90,554  $ 91,629  The Company’s investment in the Gateway Commercial Venture $ 40,028  $ 40,695  The debt of the Gateway Commercial Venture is non-recourse to the Company other than in the case of customary “bad act” exceptions or bankruptcy or insolvency events. Valencia Landbank Venture As of June 30, 2023, the Company owned a 10% interest in the Valencia Landbank Venture, an entity organized in December 2020 for the purpose of taking assignment from homebuilders of purchase and sale agreements for the purchase of residential lots within the Valencia community. The Valencia Landbank Venture concurrently enters into option and development agreements with homebuilders pursuant to which the homebuilders retain the option to purchase the land to construct and sell homes. The Company does not have a controlling financial interest in the Valencia Landbank Venture, however, the Company has the ability to significantly influence the Valencia Landbank Venture’s operating and financial policies, and most major decisions require the Company’s approval in addition to the approval of the Valencia Landbank Venture’s other unaffiliated member, and therefore the Company accounts for its investment in the Valencia Landbank Venture using the equity method. At June 30, 2023 and December 31, 2022, the Company’s investment in the Valencia Landbank Venture was $1.6 million and $1.9 million, respectively, and the Company recognized $0.4 million and $0.5 million in equity in earnings for the six months ended June 30, 2023 and 2022, respectively.

v3.23.2

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2023
Noncontrolling Interest [Abstract]
Noncontrolling Interests	NONCONTROLLING INTERESTS The Operating Company The Holding Company’s wholly owned subsidiary is the managing general partner of the Operating Company, and at June 30, 2023, the Holding Company and its wholly owned subsidiary owned approximately 62.6% of the outstanding Class A Common Units and 100% of the outstanding Class B Common Units of the Operating Company. The Holding Company consolidates the financial results of the Operating Company and its subsidiaries and records a noncontrolling interest for the remaining 37.4% of the outstanding Class A Common Units of the Operating Company that are owned separately by affiliates of Lennar, affiliates of Castlelake and an entity controlled by Emile Haddad, the Company’s Chairman Emeritus of the Board of Directors (the “Management Partner”). After a 12 month holding period, holders of Class A Common Units of the Operating Company may exchange their units for, at the Company’s option, either (i) Class A common shares on a one-for-one basis (subject to adjustment in the event of share splits, distributions of shares, warrants or share rights, specified extraordinary distributions and similar events), or (ii) cash in an amount equal to the market value of such shares at the time of exchange. In either situation, an equal number of that holder’s Class B common shares will automatically convert into Class A common shares, at a ratio of 0.0003 Class A common shares for each Class B common share. This exchange right is currently exercisable by all holders of outstanding Class A Common Units of the Operating Company. With each exchange of Class A Common Units of the Operating Company for Class A common shares, the Holding Company’s percentage ownership interest in the Operating Company and its share of the Operating Company’s cash distributions and profits and losses will increase. Additionally, other issuances of common shares of the Holding Company or common units of the Operating Company result in changes to the noncontrolling interest percentage. Such equity transactions result in an adjustment between members’ capital and the noncontrolling interest in the Company’s condensed consolidated balance sheet and statement of capital to account for the changes in the noncontrolling interest ownership percentage as well as any change in total net assets of the Company. During the six months ended June 30, 2023 and 2022, the Holding Company’s ownership interest in the Operating Company changed as a result of net equity transactions related to the Company’s share-based compensation plan. The terms of the Operating Company's Limited Partnership Agreement (“LPA”) provide for the payment of tax distributions to the Operating Company's partners in an amount equal to the estimated income tax liabilities resulting from taxable income or gain allocated to those parties. The tax distribution provisions in the LPA were included in the Operating Company's governing documents adopted prior to the Company’s initial public offering and were designed to provide funds necessary to pay tax liabilities for income that might be allocated, but not paid, to the partners. Tax distributions to the partners of the Operating Company for the three and six months ended June 30, 2023 and 2022, were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Management Partner $ —  $ —  $ 1,974  $ 435  Other partners (excluding the Holding Company) —  —  —  —  Total tax distributions $ —  $ —  $ 1,974  $ 435  Generally, tax distributions are treated as advance distributions under the LPA and are taken into account when determining the amounts otherwise distributable under the LPA. The San Francisco Venture   The San Francisco Venture has three classes of units—Class A, Class B and Class C units. The Operating Company owns all of the outstanding Class B units of the San Francisco Venture. All of the outstanding Class A units are owned by Lennar and Castlelake. The Class A units of the San Francisco Venture are intended to be substantially economically equivalent to the Class A Common Units of the Operating Company. The Class A units of the San Francisco Venture represent noncontrolling interests to the Operating Company. Holders of Class A units of the San Francisco Venture can redeem their units at any time and receive Class A Common Units of the Operating Company on a one-for-one basis (subject to adjustment in the event of share splits, distributions of shares, warrants or share rights, specified extraordinary distributions and similar events). If a holder requests a redemption of Class A units of the San Francisco Venture that would result in the Holding Company’s ownership of the Operating Company falling below 50.1%, the Holding Company has the option of satisfying the redemption with Class A common shares instead. The Company also has the option, at any time, to acquire outstanding Class A units of the San Francisco Venture in exchange for Class A Common Units of the Operating Company. The 12 month holding period for any Class A Common Units of the Operating Company issued in exchange for Class A units of the San Francisco Venture is calculated by including the period that such Class A units of the San Francisco Venture were owned. This exchange right is currently exercisable by all holders of outstanding Class A units of the San Francisco Venture. Redeemable Noncontrolling Interest In 2019, the San Francisco Venture issued 25.0 million Class C units to an affiliate of Lennar in exchange for a contribution of $25.0 million to the San Francisco Venture. Provided that Lennar completes the construction of a certain number of new homes in Candlestick as contemplated under purchase and sale agreements with the Company, the San Francisco Venture is required to redeem the Class C units if and when the Company receives reimbursements from the Mello-Roos community facilities district formed for the development, in an aggregate amount equal to 50% of any reimbursements received up to a maximum amount of $25.0 million. The San Francisco Venture also maintains the ability to redeem the then outstanding balance of Class C units for cash at any time. Upon a liquidation of the San Francisco Venture, the holders of Class C Units are entitled to a liquidation preference. The maximum amount payable by the San Francisco Venture pursuant to redemptions or liquidation of the Class C units is $25.0 million. The holders of Class C units are not entitled to receive any other forms of distributions and are not entitled to any voting rights. In connection with the issuance of the Class C units, the San Francisco Venture agreed to spend $25.0 million on the development of infrastructure and/or parking facilities at the Company’s Candlestick development. At June 30, 2023 and December 31, 2022, $25.0 million of Class C units were outstanding and included in redeemable noncontrolling interest on the condensed consolidated balance sheets.

v3.23.2

Consolidated Variable Interest Entity	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated Variable Interest Entity	CONSOLIDATED VARIABLE INTEREST ENTITY The Holding Company conducts all of its operations through the Operating Company, a consolidated VIE, and as a result, substantially all of the Company’s assets and liabilities represent the assets and liabilities of the Operating Company, other than items attributed to income taxes and the payable pursuant to a tax receivable agreement (“TRA”). The Operating Company has investments in and consolidates the assets and liabilities of the San Francisco Venture, FP LP and FPL, all of which have also been determined to be VIEs. The San Francisco Venture is a VIE as the other members of the venture, individually or as a group, are not able to exercise kick-out rights or substantive participating rights. The Company applied the variable interest model and determined that it is the primary beneficiary of the San Francisco Venture and, accordingly, the San Francisco Venture is consolidated in the Company’s results. In making that determination, the Company evaluated that the Operating Company has unilateral and unconditional power to make decisions in regards to the activities that significantly impact the economics of the VIE, which are the development of properties, marketing and sale of properties, acquisition of land and other real estate properties and obtaining land ownership or ground lease for the underlying properties to be developed. The Company is determined to have more-than-insignificant economic benefit from the San Francisco Venture because, excluding Class C units, the Operating Company can prevent or cause the San Francisco Venture from making distributions on its units, and the Operating Company would receive 99% of any such distributions made (assuming no distributions had been paid on the Class A Common Units of the Operating Company). In addition, the San Francisco Venture is only allowed to make a capital call on the Operating Company and not any other interest holders, which could be a significant financial risk to the Operating Company. As of June 30, 2023, the San Francisco Venture had total combined assets of $1.34 billion, primarily comprised of $1.34 billion of inventories and $0.9 million in related party assets, and total combined liabilities of $67.3 million, including $59.0 million in related party liabilities. As of December 31, 2022, the San Francisco Venture had total combined assets of $1.31 billion, primarily comprised of $1.31 billion of inventories and $0.8 million in related party assets, and total combined liabilities of $67.3 million, including $63.0 million in related party liabilities. Those assets are owned by, and those liabilities are obligations of, the San Francisco Venture, not the Company. The San Francisco Venture’s operating subsidiaries are not guarantors of the Company’s obligations, and the assets held by the San Francisco Venture may only be used as collateral for the San Francisco Venture’s obligations. The creditors of the San Francisco Venture do not have recourse to the assets of the Operating Company, as the VIE’s primary beneficiary, or of the Holding Company. The Company and the other members do not generally have an obligation to make capital contributions to the San Francisco Venture. In addition, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to the San Francisco Venture. The Company does not guarantee any debt of the San Francisco Venture. However, the Operating Company has guaranteed the performance of payment by the San Francisco Venture in accordance with the redemption terms of the Class C units of the San Francisco Venture (see Note 5). FP LP and FPL are VIEs because the other partners or members have disproportionately fewer voting rights, and substantially all of the activities of the entities are conducted on behalf of the other partners or members and their related parties. The Operating Company, or a wholly owned subsidiary of the Operating Company, is the primary beneficiary of FP LP and FPL. As of June 30, 2023, FP LP and FPL had combined assets of $1.1 billion, primarily comprised of $918.5 million of inventories, $31.7 million of intangibles and $73.8 million in related party assets, and total combined liabilities of $71.8 million, including $66.8 million in accounts payable and other liabilities and $4.9 million in related party liabilities. As of December 31, 2022, FP LP and FPL had combined assets of $1.1 billion, primarily comprised of $927.9 million of inventories, $40.3 million of intangibles and $79.9 million in related party assets, and total combined liabilities of $77.2 million, including $70.5 million in accounts payable and other liabilities and $6.7 million in related party liabilities. The Company evaluates its primary beneficiary designation on an ongoing basis and assesses the appropriateness of the VIE’s status when events have occurred that would trigger such an analysis. During the six months ended June 30, 2023 and 2022, there were no VIEs that were deconsolidated.

v3.23.2

Intangible Asset, Net - Related Party	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Asset, Net - Related Party	INTANGIBLE ASSET, NET—RELATED PARTY The intangible asset relates to the contract value of the incentive compensation provisions of the A&R DMA with the Great Park Venture. The intangible asset will be amortized over the expected contract period based on the pattern in which the economic benefits are expected to be received. The carrying amount and accumulated amortization of the intangible asset as of June 30, 2023 and December 31, 2022 were as follows (in thousands): June 30, 2023 December 31, 2022 Gross carrying amount $ 129,705  $ 129,705  Accumulated amortization (98,049) (89,448) Net book value $ 31,656  $ 40,257  Intangible asset amortization expense, as a result of revenue recognition attributable to incentive compensation, was $8.0 million and $8.6 million for the three and six months ended June 30, 2023, respectively. No amortization expense was recognized during the three and six months ended June 30, 2022 as no incentive compensation revenue was recognized during the period. Amortization expense is included in the cost of management services in the accompanying condensed consolidated statements of operations and is included in the Great Park segment.

v3.23.2

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Related party assets and liabilities included in the Company’s condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022 consisted of the following (in thousands): June 30, 2023 December 31, 2022 Related Party Assets: Contract assets (see Note 3) $ 73,826  $ 79,863  Operating lease right-of-use asset (corporate office lease at Five Point Gateway Campus) 15,245  16,425  Other 862  838  $ 89,933  $ 97,126  Related Party Liabilities: Reimbursement obligation $ 58,998  $ 62,990  Payable to holders of Management Company’s Class B interests 4,116  6,700  Operating lease liability (corporate office lease at Five Point Gateway Campus) 11,776  12,535  Accrued advisory fees 7,625  10,525  Other 1,169  336  $ 83,684  $ 93,086  Development Management Agreement with the Great Park Venture (Incentive Compensation Contract Asset) In 2010, the Great Park Venture, the Company’s equity method investee, engaged the Management Company under a development management agreement to provide management services to the Great Park Venture. The compensation structure in place consists of a base fee and incentive compensation. Incentive compensation is 9% of distributions available to be made by the Great Park Venture to its Legacy and Percentage Interest Holders. In December 2022, the Company and the Great Park Venture entered into an amendment to the A&R DMA to extend the term to December 31, 2024 (the "First Renewal Term"). If the A&R DMA is not extended by mutual agreement of the parties beyond December 31, 2024 and the Company is no longer providing management services subsequent to December 31, 2024, the Company will be entitled to 6.75% of distributions paid thereafter. During the six months ended June 30, 2023, the Great Park Venture made a Legacy Incentive Compensation payment to the Company of $2.6 million and a Non-Legacy Incentive Compensation payment of $22.0 million. Upon receiving the Legacy Incentive Compensation payment, the Company distributed the $2.6 million in proceeds to the holders of the Management Company's Class B interests. At June 30, 2023 and December 31, 2022, included in contract assets in the table above is $71.5 million and $77.4 million, respectively, attributed to incentive compensation revenue recognized but not yet due (see Note 3). Management fee revenues under the A&R DMA are included in management services—related party in the accompanying condensed consolidated statements of operations and are included in the Great Park segment. Management fee revenues under the A&R DMA were $20.7 million and $24.8 million for the three and six months ended June 30, 2023, respectively, and $2.6 million and $6.0 million for the three and six months ended June 30, 2022, respectively.

v3.23.2

Notes Payable, Net	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Notes Payable, Net	NOTES PAYABLE, NET At June 30, 2023 and December 31, 2022, notes payable consisted of the following (in thousands): June 30, 2023 December 31, 2022 7.875% Senior Notes due 2025 $ 625,000  $ 625,000  Unamortized debt issuance costs and discount (3,581) (4,349) $ 621,419  $ 620,651  Revolving Credit Facility In June 2023, the Operating Company entered into the fourth amendment to its $125.0 million unsecured revolving credit facility which, among other things, replaces the London Interbank Offer Rate with the Secured Overnight Financing Rate (“SOFR”) as a benchmark interest rate. Any borrowings under the revolving credit facility will bear interest at CME Term SOFR 1 month increased by 0.10% plus a margin ranging from 1.75% to 2.00% based on the Company’s leverage ratio. The maturity date of the unsecured revolving credit facility remains in April 2024, with one option to extend the maturity date by an additional year, subject to the satisfaction of certain conditions including the approval of the administrative agent and lenders. As of June 30, 2023, no borrowings or letters of credit were outstanding on the Operating Company’s revolving credit facility.

v3.23.2

Tax Receivable Agreement	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Tax Receivable Agreement	TAX RECEIVABLE AGREEMENT The Company is a party to a TRA with all of the holders of Class A Common Units of the Operating Company, all the holders of Class A units of the San Francisco Venture, and prior holders of Class A Common Units of the Operating Company and prior holders of Class A units of the San Francisco Venture that have exchanged their holdings for Class A common shares (as parties to the TRA, the “TRA Parties”). At June 30, 2023 and December 31, 2022, the Company’s condensed consolidated balance sheets included a liability of $173.2 million and $173.1 million, respectively, for payments expected to be made under certain components of the TRA which the Company deems to be probable and estimable. No TRA payments were made during the six months ended June 30, 2023 or 2022.

v3.23.2

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES The Company is subject to the usual obligations associated with entering into contracts for the purchase, development and sale of real estate, which the Company does in the routine conduct of its business. The operations of the Company are conducted through the Operating Company and its subsidiaries, and in some cases, the Holding Company will guarantee the payment by or performance of the Operating Company or its subsidiaries. The Company has operating leases for its corporate office and other facilities and the Holding Company is a guarantor to some of these lease agreements. Operating lease right-of-use assets are included in other assets or related party assets, and operating lease liabilities are included in accounts payable and other liabilities or related party liabilities on the condensed consolidated balance sheets and were as follows as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Operating lease right-of-use assets ($15,245 and $16,425 related party, respectively) $ 16,156  $ 19,067  Operating lease liabilities ($11,776 and $12,535 related party, respectively) $ 12,597  $ 15,705  In addition to operating lease payment guarantees, the Holding Company had other contractual payment guarantees as of June 30, 2023 totaling $10.2 million. Performance and Completion Bonding Agreements In the ordinary course of business and as a part of the entitlement and development process, the Company is required to provide performance bonds to ensure completion of certain development obligations. The Company had outstanding performance bonds of $307.3 million and $315.0 million as of June 30, 2023 and December 31, 2022, respectively. Candlestick and The San Francisco Shipyard Disposition and Development Agreement The San Francisco Venture is a party to a disposition and development agreement with the Successor to the Redevelopment Agency of the City and County of San Francisco (the “San Francisco Agency”) in which the San Francisco Agency has agreed to convey portions of Candlestick and The San Francisco Shipyard to the San Francisco Venture for development. The San Francisco Venture has agreed to reimburse the San Francisco Agency for reasonable costs and expenses actually incurred and paid by the San Francisco Agency in performing its obligations under the disposition and development agreement. The San Francisco Agency can also earn a return of certain profits generated from the development and sale of Candlestick and The San Francisco Shipyard if certain thresholds are met. At each of June 30, 2023 and December 31, 2022, the San Francisco Venture had outstanding guarantees benefiting the San Francisco Agency for infrastructure and construction of certain park and open space obligations with aggregate maximum obligations of $198.3 million. Letters of Credit At each of June 30, 2023 and December 31, 2022, the Company had outstanding letters of credit totaling $1.0 million. These letters of credit were issued to secure various development and financial obligations. At each of June 30, 2023 and December 31, 2022, the Company had restricted cash and certificates of deposit of $1.0 million pledged as collateral under certain of the letters of credit agreements. Legal Proceedings Hunters Point Litigation In May 2018, residents of the Bayview Hunters Point neighborhood in San Francisco filed a putative class action in San Francisco Superior Court naming Tetra Tech, Inc. and Tetra Tech EC, Inc., an independent contractor hired by the U.S. Navy to conduct testing and remediation of toxic radiological waste at The San Francisco Shipyard (“Tetra Tech”), Lennar and the Company as defendants (the “Bayview Action”). The plaintiffs allege that, among other things, Tetra Tech fraudulently misrepresented its test results and remediation efforts. The plaintiffs are seeking damages against Tetra Tech and the Company and have requested an injunction to prevent the Company and Lennar from undertaking any development activities at The San Francisco Shipyard. Given the preliminary nature of the claims, the Company cannot predict the outcome of the Bayview Action. The Company believes that it has meritorious defenses to the allegations in the Bayview Action and may have insurance and indemnification rights against third parties with respect to the claims. Other Other than the actions outlined above, the Company is also a party to various other claims, legal actions, and complaints arising in the ordinary course of business, the disposition of which, in the Company’s opinion, will not have a material adverse effect on the Company’s condensed consolidated financial statements. As a significant land owner and developer of unimproved land it is possible that environmental contamination conditions could exist that would require the Company to take corrective action. In the opinion of the Company, such corrective actions, if any, would not have a material adverse effect on the Company’s condensed consolidated financial statements.

v3.23.2

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information for the six months ended June 30, 2023 and 2022 were as follows (in thousands): Six Months Ended June 30, 2023 2022 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest, all of which was capitalized to inventories $ 25,998  $ 26,146  Noncash lease expense $ 2,094  $ 2,452  NONCASH INVESTING AND FINANCING ACTIVITIES: Adjustment to operating lease right-of-use assets from lease modification $ (773) $ —  Adjustment to liability recognized under TRA $ 140  $ (1,058) Noncash lease expense is included within the depreciation and amortization adjustment to net loss on the Company’s condensed consolidated statements of cash flows. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows for the six months ended June 30, 2023 and 2022 (in thousands): June 30, 2023 June 30, 2022 Cash and cash equivalents $ 193,203  $ 127,820  Restricted cash and certificates of deposit 992  1,330  Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 194,195  $ 129,150  Amounts included in restricted cash and certificates of deposit represent amounts held as collateral on open letters of credit related to development obligations or because of other contractual obligations of the Company that require the restriction.

v3.23.2

Segment Reporting	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	SEGMENT REPORTING The Company’s reportable segments consist of: • Valencia—includes the community of Valencia being developed in northern Los Angeles County, California. The Valencia segment derives revenues from the sale of residential and commercial land sites to homebuilders, commercial developers and commercial buyers. The Company’s investment in the Valencia Landbank Venture is also reported in the Valencia segment. • San Francisco—includes the Candlestick and The San Francisco Shipyard communities located on bayfront property in the City of San Francisco, California. The San Francisco segment derives revenues from the sale of residential and commercial land sites to homebuilders, commercial developers and commercial buyers. • Great Park—includes the Great Park Neighborhoods being developed adjacent to and around the Orange County Great Park, a metropolitan park under construction in Orange County, California. This segment also includes management services provided by the Management Company to the Great Park Venture, the owner of the Great Park Neighborhoods. As of June 30, 2023, the Company had a 37.5% Percentage Interest in the Great Park Venture and accounted for the investment under the equity method. The reported segment information for the Great Park segment includes the results of 100% of the Great Park Venture at the historical basis of the venture, which did not apply push down accounting at acquisition date. The Great Park segment derives revenues at the Great Park Neighborhoods from sales of residential and commercial land sites to homebuilders, commercial developers and commercial buyers, sales of homes constructed and marketed under a fee build arrangement, and management services provided by the Company to the Great Park Venture. • Commercial—includes the operations of the Gateway Commercial Venture, which owns an approximately 189,000 square foot office building at the Five Point Gateway Campus. The Five Point Gateway Campus is an office, medical and research and development campus located within the Great Park Neighborhoods and consists of four buildings and surrounding land. The Company and a subsidiary of Lennar lease portions of the building owned by the Gateway Commercial Venture. The Gateway Commercial Venture also owns approximately 50 acres of the surrounding commercial land with additional development rights at the campus. This segment also includes property management services provided by the Management Company to the Gateway Commercial Venture. As of June 30, 2023, the Company had a 75% interest in the Gateway Commercial Venture and accounted for the investment under the equity method. The reported segment information for the Commercial segment includes the results of 100% of the Gateway Commercial Venture at the historical basis of the venture.      Segment operating results and reconciliations to the Company’s consolidated balances are as follows (in thousands): Revenues Profit (Loss) Revenues Profit (Loss) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 2023 2022 2023 2022 Valencia $ 413  $ 2,568  $ (4,538) $ (2,944) $ 1,716  $ 3,727  $ (6,977) $ (7,771) San Francisco 162  122  (885) (814) 324  302  (1,915) (1,483) Great Park 381,266  27,922  179,145  1,878  393,995  50,346  183,651  (193) Commercial 2,125  2,222  (502) 234  4,386  4,263  (678) 449  Total reportable segments 383,966  32,834  173,220  (1,646) 400,421  58,638  174,081  (8,998) Reconciling items: Removal of results of unconsolidated entities— Great Park Venture (1) (360,596) (25,320) (168,157) (1,476) (369,196) (44,300) (170,900) 1,355  Gateway Commercial Venture (1) (2,021) (2,121) 606  (133) (4,175) (4,059) 889  (245) Add equity in earnings (losses) from unconsolidated entities— Great Park Venture —  —  52,322  207  —  —  53,484  (1,094) Gateway Commercial Venture —  —  (455) 100  —  —  (667) 184  Corporate and unallocated (2) —  —  (6,981) (8,024) —  —  (16,066) (38,943) Total consolidated balances $ 21,349  $ 5,393  $ 50,555  $ (10,972) $ 27,050  $ 10,279  $ 40,821  $ (47,741) (1) Represents the removal of the Great Park Venture and Gateway Commercial Venture operating results, which are included in the Great Park segment and Commercial segment operating results at 100% of each venture’s historical basis, respectively, but are not included in the Company’s consolidated results and balances as the Company accounts for its investment in each venture using the equity method of accounting. (2) Corporate and unallocated activity is primarily comprised of corporate general and administrative expenses and restructuring expenses. Segment assets and reconciliations to the Company’s consolidated balances are as follows (in thousands): June 30, 2023 December 31, 2022 Valencia $ 958,922  $ 972,028  San Francisco 1,338,610  1,314,308  Great Park 847,120  916,909  Commercial 90,554  91,629  Total reportable segments 3,235,206  3,294,874  Reconciling items: Removal of unconsolidated balances of Great Park Venture (1) (743,819) (799,174) Removal of unconsolidated balances of Gateway Commercial Venture (1) (90,554) (91,629) Other eliminations (2) (21) (174) Add investment balance in Great Park Venture 260,745  289,026  Add investment balance in Gateway Commercial Venture 40,028  40,695  Corporate and unallocated (3) 212,318  152,166  Total consolidated balances $ 2,913,903  $ 2,885,784  (1) Represents the removal of the Great Park Venture and Gateway Commercial Venture balances, which are included in the Great Park segment and Commercial segment balances at 100% of each venture’s historical basis, respectively, but are not included in the Company’s consolidated balances as the Company accounts for its investment in each venture using the equity method of accounting. (2) Represents intersegment balances that eliminate in consolidation. (3) Corporate and unallocated assets consist of cash and cash equivalents, receivables, right-of-use assets and prepaid expenses.

v3.23.2

Share-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	SHARE-BASED COMPENSATION In April 2023, the Company’s Board of Directors approved the Five Point Holdings, LLC 2023 Incentive Award Plan (the “Incentive Award Plan”) as the successor to the Five Point Holdings, LLC Amended and Restated 2016 Incentive Award Plan (the “Prior Plan”). The Incentive Award Plan became effective on June 7, 2023, the date on which it was approved by shareholders at the 2023 Annual Meeting of Shareholders. The Incentive Award Plan increased the aggregate number of common shares available for issuance under the Prior Plan by 7,500,000 Class A common shares of the Holding Company. The following table summarizes share-based equity compensation activity for the six months ended June 30, 2023: Share-Based Awards (in thousands) Weighted-Average Grant Date Fair Value Nonvested at January 1, 2023 2,166  $ 3.77  Granted 3,947  $ 1.92  Cancelled (906) $ 2.16  Forfeited —  $ —  Vested (690) $ 6.01  Nonvested at June 30, 2023 4,517  $ 2.13  Share-based compensation expense was $0.9 million and $1.7 million for the three and six months ended June 30, 2023, respectively, and $0.7 million and $4.8 million for the three and six months ended June 30, 2022, respectively. All share-based compensation for the three and six months ended June 30, 2023 and the three months ended June 30, 2022 is included in selling, general, and administrative expenses on the accompanying condensed consolidated statements of operations. In February 2022, the Company accelerated the expense attributed to the outstanding restricted share awards of two former officers of the Company resulting from a modification of the required service condition of the awards. As a result, for the six months ended June 30, 2022, share-based compensation expense of $3.0 million is included in restructuring expense and $1.8 million is included in selling, general, and administrative expenses on the accompanying condensed consolidated statement of operations. The estimated fair value at vesting of share-based awards that vested during the six months ended June 30, 2023 was $1.7 million. In January 2023 and 2022, the Company reacquired vested restricted Class A common shares for $0.2 million and $2.7 million, respectively, for the purpose of settling tax withholding obligations of employees. The reacquisition cost is based on the fair value of the Company’s Class A common shares on the date the tax obligation is incurred.

v3.23.2

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS Retirement Plan—The Newhall Land and Farming Company Retirement Plan (the “Retirement Plan”) is a defined benefit plan that is funded by the Company and qualified under the Employee Retirement Income Security Act. The Retirement Plan was frozen in 2004. The components of net periodic cost (benefit) for the three and six months ended June 30, 2023 and 2022, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net periodic cost (benefit): Interest cost $ 202  $ 136  $ 404  $ 272  Expected return on plan assets (222) (261) (444) (522) Amortization of net actuarial loss 40  13  81  26  Net periodic cost (benefit) $ 20  $ (112) $ 41  $ (224) Net periodic cost (benefit) does not include a service cost component as a result of the Retirement Plan being frozen. All other components of net periodic benefit are included in other income on the condensed consolidated statements of operations.

v3.23.2

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXESUpon formation, the Holding Company elected to be treated as a corporation for U.S. federal, state, and local tax purposes. All operations are carried on through the Holding Company’s subsidiaries, the majority of which are pass-through entities that are generally not subject to federal or state income taxation, as all of the taxable income, gains, losses, deductions, and credits are passed through to the partners. The Holding Company is responsible for income taxes on its allocable share of the Operating Company’s income or gain. Other than a small income tax provision attributed to one of the Company’s consolidated subsidiary corporations, during the three months ended June 30, 2023, the Company recorded no provision or benefit for income taxes (after application of a decrease in the Company’s valuation allowance) on pre-tax income of $50.6 million. In the three months ended June 30, 2022, the Company recorded no provision or benefit for income taxes (after application of an increase in the Company’s valuation allowance) on pre-tax loss of $11.0 million. Other than a small income tax provision attributed to one of the Company’s consolidated subsidiary corporations, during the six months ended June 30, 2023, the Company recorded no provision or benefit for income taxes (after application of a decrease in the Company’s valuation allowance) on pre-tax income of $40.8 million. In the six months ended June 30, 2022, the Company recorded no provision or benefit for income taxes (after application of an increase in the Company’s valuation allowance) on pre-tax loss of $47.7 million. The effective tax rates for the six months ended June 30, 2023 and 2022, differ from the 21% federal statutory rate and applicable state statutory rates primarily due to the Company’s valuation allowance on its book losses, disallowance of executive compensation expenses not deductible for tax, and to the pre-tax portion of income and losses that are passed through to the other partners of the Operating Company and the San Francisco Venture. Largely due to a history of book losses, the Company continues to record a valuation allowance against its federal and state net deferred tax assets.

v3.23.2

Financial Instruments and Fair Value Measurements and Disclosures	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements and Disclosures	FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS AND DISCLOSURES ASC Topic 820, Fair Value Measurement, emphasizes that a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. The following hierarchy classifies the inputs used to determine fair value into three levels: Level 1—Quoted prices for identical instruments in active markets Level 2—Quoted prices for similar instruments in active markets or inputs, other than quoted prices, that are observable for the instrument either directly or indirectly Level 3—Significant inputs to the valuation model are unobservable At each reporting period, the Company evaluates the fair value of its financial instruments compared to carrying values. Other than the Company’s notes payable, net, the carrying amount of the Company’s financial instruments, which includes cash and cash equivalents, restricted cash and certificates of deposit, certain related party assets and liabilities, and accounts payable and other liabilities, approximated the Company’s estimates of fair value at both June 30, 2023 and December 31, 2022. The fair value of the Company’s notes payable, net, are estimated based on quoted market prices or discounting the expected cash flows based on rates available to the Company (level 2). At June 30, 2023, the estimated fair value of notes payable, net was $566.0 million, compared to a carrying value of $621.4 million. At December 31, 2022, the estimated fair value of notes payable, net was $525.5 million, compared to a carrying value of $620.7 million. During the three and six months ended June 30, 2023 and 2022, the Company had no assets that were measured at fair value on a nonrecurring basis.

v3.23.2

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The Company uses the two-class method in its computation of earnings per share. The Company’s Class A common shares and Class B common shares are entitled to receive distributions at different rates, with each Class B common share receiving 0.03% of the distributions paid on each Class A common share. Under the two-class method, the Company’s net income available to common shareholders is allocated between the two classes of common shares on a fully-distributed basis and reflects residual net income after amounts attributed to noncontrolling interests. In the event of a net loss, the Company determined that both classes share in the Company’s losses, and they share in the losses using the same mechanism as the distributions. The Company also has restricted share awards and performance restricted share awards (see Note 14) that have a right to non-forfeitable dividends while unvested and are contemplated as participating when the Company is in a net income position. These awards participate in distributions on a basis equivalent to other Class A common shares but do not participate in losses. No distributions on common shares were declared for the three and six months ended June 30, 2023 or 2022. Diluted income (loss) per share calculations for both Class A common shares and Class B common shares contemplate adjustments to the numerator and the denominator under the if-converted method for the convertible Class B common shares, the exchangeable Class A units of the San Francisco Venture and the exchangeable Class A Common Units of the Operating Company. The Company uses the treasury stock method or the two-class method when evaluating dilution for RSUs, restricted shares, and performance restricted units and shares. The more dilutive of the two methods is included in the calculation for diluted income (loss) per share. The following table summarizes the basic and diluted earnings (loss) per share calculations for the three and six months ended June 30, 2023 and 2022 (in thousands, except shares and per share amounts):     Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income (loss) attributable to the Company $ 23,571  $ (5,111) $ 19,035  $ (22,241) Adjustments to net income (loss) attributable to the Company —  23  (13) 129  Net income (loss) attributable to common shareholders $ 23,571  $ (5,088) $ 19,022  $ (22,112) Numerator—basic common shares: Net income (loss) attributable to common shareholders $ 23,571  $ (5,088) $ 19,022  $ (22,112) Less: net income allocated to participating securities 132  —  100  —  Allocation of basic net income (loss) among common shareholders $ 23,439  $ (5,088) $ 18,922  $ (22,112) Numerator for basic net income (loss) available to Class A common shareholders $ 23,431  $ (5,086) $ 18,915  $ (22,104) Numerator for basic net income (loss) available to Class B common shareholders $ 8  $ (2) $ 7  $ (8) Numerator—diluted common shares: Net income (loss) attributable to common shareholders $ 23,571  $ (5,088) $ 19,022  $ (22,112) Reallocation of income (loss) from dilutive potential securities 25,878  (133) 20,917  (536) Less: net income allocated to participating securities 132  —  100  —  Allocation of diluted net income (loss) among common shareholders $ 49,317  $ (5,221) $ 39,839  $ (22,648) Numerator for diluted net income (loss) available to Class A common shareholders $ 49,309  $ (5,219) $ 39,832  $ (22,640) Numerator for diluted net income (loss) available to Class B common shareholders $ 8  $ (2) $ 7  $ (8) Denominator: Basic weighted average Class A common shares outstanding 68,811,975  68,495,523  68,758,894  68,332,460  Diluted weighted average Class A common shares outstanding 145,040,689  69,635,563  144,939,450  69,472,500  Basic and diluted weighted average Class B common shares outstanding 79,233,544  79,233,544  79,233,544  79,233,544  Basic earnings (loss) per share: Class A common shares $ 0.34  $ (0.07) $ 0.28  $ (0.32) Class B common shares $ 0.00  $ (0.00) $ 0.00  $ (0.00) Diluted earnings (loss) per share: Class A common shares $ 0.34  $ (0.07) $ 0.27  $ (0.33) Class B common shares $ 0.00  $ (0.00) $ 0.00  $ (0.00) Anti-dilutive potential Performance RSUs 3,123,408  —  3,123,408  —  Anti-dilutive potential Restricted Shares (weighted average) —  572,831  —  803,665  Anti-dilutive potential Performance Restricted Shares (weighted average) —  —  —  49,869  Anti-dilutive potential Class A common shares from exchanges (weighted average) 3,137,134  76,120,180  3,137,134  76,120,180

v3.23.2

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Accumulated Other Comprehensive Loss	ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss attributable to the Company consists of unamortized defined benefit pension plan net actuarial losses that totaled $2.9 million and $3.0 million at June 30, 2023 and December 31, 2022, respectively, net of tax benefits of $0.8 million and $0.8 million, respectively. At both June 30, 2023 and December 31, 2022, the Company held a full valuation allowance related to the accumulated tax benefits. Accumulated other comprehensive loss of $1.8 million and $1.9 million is included in noncontrolling interests at June 30, 2023 and December 31, 2022, respectively. Net actuarial gains or losses are re-determined annually or upon remeasurement events and principally arise from changes in the rate used to discount benefit obligations and differences between expected and actual returns on plan assets. Reclassifications from accumulated other comprehensive loss to net income (loss) attributable to the Company related to amortization of net actuarial losses were approximately $51,000 and $16,000, net of taxes, for the six months ended June 30, 2023 and 2022, respectively, and are included in other miscellaneous income in the accompanying condensed consolidated statements of operations.

v3.23.2

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of consolidation—The accompanying condensed consolidated financial statements include the accounts of the Holding Company and the accounts of all subsidiaries in which the Holding Company has a controlling interest and the consolidated accounts of variable interest entities (“VIEs”) in which the Holding Company is deemed to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation.
Unaudited Interim Financial Information	Unaudited interim financial information—The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, all adjustments (including normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results and cash flows for the three and six months ended June 30, 2023 are not necessarily indicative of the operating results and cash flows that may be expected for the full year.
Use of Estimates	Use of estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from those estimates.
Recently Adopted Accounting Pronouncements	Recently adopted accounting pronouncements—There are no recent accounting pronouncements that have had or are expected to have a material impact on the Company’s condensed consolidated financial statements or disclosures.

v3.23.2

Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Miscellaneous Other (Loss) Income	Miscellaneous other (loss) income—Miscellaneous other (loss) income consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net periodic pension (cost) benefit $ (20) $ 112  $ (41) $ 224  Total miscellaneous other (loss) income $ (20) $ 112  $ (41) $ 224

v3.23.2

Revenues (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Revenue Disaggregated by Source and Reporting Segment	The following tables present the Company’s consolidated revenues disaggregated by revenue source and reporting segment (in thousands): Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Valencia San Francisco Great Park(1) Commercial(1) Total Valencia San Francisco Great Park(1) Commercial(1) Total Land sales and land sales—related party $ (13) $ —  $ —  $ —  $ (13) $ 586  $ —  $ —  $ —  $ 586  Management services—related party —  —  20,670  104  20,774  —  —  24,799  211  25,010  Operating properties 141  —  —  —  141  499  —  —  —  499  128  —  20,670  104  20,902  1,085  —  24,799  211  26,095  Operating properties leasing revenues 285  162  —  —  447  631  324  —  —  955  $ 413  $ 162  $ 20,670  $ 104  $ 21,349  $ 1,716  $ 324  $ 24,799  $ 211  $ 27,050  Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Valencia San Francisco Great Park(1) Commercial(1) Total Valencia San Francisco Great Park(1) Commercial(1) Total Land sales and land sales—related party $ 1,725  $ —  $ —  $ —  $ 1,725  $ 2,283  $ —  $ —  $ —  $ 2,283  Management services—related party —  —  2,602  101  2,703  —  —  6,046  204  6,250  Operating properties 560  —  —  —  560  916  —  —  —  916  2,285  —  2,602  101  4,988  3,199  —  6,046  204  9,449  Operating properties leasing revenues 283  122  —  —  405  528  302  —  —  830  $ 2,568  $ 122  $ 2,602  $ 101  $ 5,393  $ 3,727  $ 302  $ 6,046  $ 204  $ 10,279  (1) The tables above do not include revenues of the Great Park Venture and the Gateway Commercial Venture, which are included in the Company’s reporting segment totals (see Notes 4 and 13).

v3.23.2

Investment In Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table summarizes the statements of operations of the Great Park Venture for the six months ended June 30, 2023 and 2022 (in thousands): Six Months Ended June 30, 2023 2022 Land sale and related party land sale revenues $ 369,196  $ 3,825  Home sale revenues —  40,475  Cost of land sales (165,749) (13) Cost of home sales —  (30,784) Other costs and expenses (32,547) (14,858) Net income (loss) of Great Park Venture $ 170,900  $ (1,355) The Company’s share of net income (loss) $ 64,088  $ (508) Basis difference amortization, net (10,604) (586) Equity in earnings (loss) from Great Park Venture $ 53,484  $ (1,094) The following table summarizes the balance sheet data of the Great Park Venture and the Company’s investment balance as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Inventories $ 435,920  $ 605,893  Cash and cash equivalents 140,889  149,326  Contract assets, receivable and other assets 167,010  43,955  Total assets $ 743,819  $ 799,174  Accounts payable and other liabilities $ 173,420  $ 156,085  Redeemable Legacy Interests 40,705  66,254  Capital (Percentage Interest) 529,694  576,835  Total liabilities and capital $ 743,819  $ 799,174  The Company’s share of capital in Great Park Venture $ 198,636  $ 216,313  Unamortized basis difference 62,109  72,713  The Company’s investment in the Great Park Venture $ 260,745  $ 289,026  The following table summarizes the statements of operations of the Gateway Commercial Venture for the six months ended June 30, 2023 and 2022 (in thousands): Six Months Ended June 30, 2023 2022 Rental revenues $ 4,175  $ 4,059  Rental operating and other expenses (1,967) (1,225) Depreciation and amortization (1,989) (1,969) Interest expense (1,108) (620) Net (loss) income of Gateway Commercial Venture $ (889) $ 245  Equity in (loss) earnings from Gateway Commercial Venture $ (667) $ 184  The following table summarizes the balance sheet data of the Gateway Commercial Venture and the Company’s investment balance as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Real estate and related intangible assets, net $ 80,834  $ 82,797  Cash 5,081  4,244  Other assets 4,639  4,588  Total assets $ 90,554  $ 91,629  Notes payable, net $ 29,418  $ 29,418  Other liabilities 7,764  7,951  Members’ capital 53,372  54,260  Total liabilities and capital $ 90,554  $ 91,629  The Company’s investment in the Gateway Commercial Venture $ 40,028  $ 40,695

v3.23.2

Noncontrolling Interest (Tables)	6 Months Ended
	Jun. 30, 2023
Noncontrolling Interest [Abstract]
Schedule of Tax Distributions	Tax distributions to the partners of the Operating Company for the three and six months ended June 30, 2023 and 2022, were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Management Partner $ —  $ —  $ 1,974  $ 435  Other partners (excluding the Holding Company) —  —  —  —  Total tax distributions $ —  $ —  $ 1,974  $ 435

v3.23.2

Intangible Asset, Net - Related Party (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The carrying amount and accumulated amortization of the intangible asset as of June 30, 2023 and December 31, 2022 were as follows (in thousands): June 30, 2023 December 31, 2022 Gross carrying amount $ 129,705  $ 129,705  Accumulated amortization (98,049) (89,448) Net book value $ 31,656  $ 40,257

v3.23.2

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Related party assets and liabilities included in the Company’s condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022 consisted of the following (in thousands): June 30, 2023 December 31, 2022 Related Party Assets: Contract assets (see Note 3) $ 73,826  $ 79,863  Operating lease right-of-use asset (corporate office lease at Five Point Gateway Campus) 15,245  16,425  Other 862  838  $ 89,933  $ 97,126  Related Party Liabilities: Reimbursement obligation $ 58,998  $ 62,990  Payable to holders of Management Company’s Class B interests 4,116  6,700  Operating lease liability (corporate office lease at Five Point Gateway Campus) 11,776  12,535  Accrued advisory fees 7,625  10,525  Other 1,169  336  $ 83,684  $ 93,086

v3.23.2

Notes Payable, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	At June 30, 2023 and December 31, 2022, notes payable consisted of the following (in thousands): June 30, 2023 December 31, 2022 7.875% Senior Notes due 2025 $ 625,000  $ 625,000  Unamortized debt issuance costs and discount (3,581) (4,349) $ 621,419  $ 620,651

v3.23.2

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Supplemental Balance Sheet Information	Operating lease right-of-use assets are included in other assets or related party assets, and operating lease liabilities are included in accounts payable and other liabilities or related party liabilities on the condensed consolidated balance sheets and were as follows as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Operating lease right-of-use assets ($15,245 and $16,425 related party, respectively) $ 16,156  $ 19,067  Operating lease liabilities ($11,776 and $12,535 related party, respectively) $ 12,597  $ 15,705

v3.23.2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow and Other Information Related to Leases	Supplemental cash flow information for the six months ended June 30, 2023 and 2022 were as follows (in thousands): Six Months Ended June 30, 2023 2022 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest, all of which was capitalized to inventories $ 25,998  $ 26,146  Noncash lease expense $ 2,094  $ 2,452  NONCASH INVESTING AND FINANCING ACTIVITIES: Adjustment to operating lease right-of-use assets from lease modification $ (773) $ —  Adjustment to liability recognized under TRA $ 140  $ (1,058)
Condensed Cash Flow Information	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows for the six months ended June 30, 2023 and 2022 (in thousands): June 30, 2023 June 30, 2022 Cash and cash equivalents $ 193,203  $ 127,820  Restricted cash and certificates of deposit 992  1,330  Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 194,195  $ 129,150

v3.23.2

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Segment operating results and reconciliations to the Company’s consolidated balances are as follows (in thousands): Revenues Profit (Loss) Revenues Profit (Loss) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 2023 2022 2023 2022 Valencia $ 413  $ 2,568  $ (4,538) $ (2,944) $ 1,716  $ 3,727  $ (6,977) $ (7,771) San Francisco 162  122  (885) (814) 324  302  (1,915) (1,483) Great Park 381,266  27,922  179,145  1,878  393,995  50,346  183,651  (193) Commercial 2,125  2,222  (502) 234  4,386  4,263  (678) 449  Total reportable segments 383,966  32,834  173,220  (1,646) 400,421  58,638  174,081  (8,998) Reconciling items: Removal of results of unconsolidated entities— Great Park Venture (1) (360,596) (25,320) (168,157) (1,476) (369,196) (44,300) (170,900) 1,355  Gateway Commercial Venture (1) (2,021) (2,121) 606  (133) (4,175) (4,059) 889  (245) Add equity in earnings (losses) from unconsolidated entities— Great Park Venture —  —  52,322  207  —  —  53,484  (1,094) Gateway Commercial Venture —  —  (455) 100  —  —  (667) 184  Corporate and unallocated (2) —  —  (6,981) (8,024) —  —  (16,066) (38,943) Total consolidated balances $ 21,349  $ 5,393  $ 50,555  $ (10,972) $ 27,050  $ 10,279  $ 40,821  $ (47,741) (1) Represents the removal of the Great Park Venture and Gateway Commercial Venture operating results, which are included in the Great Park segment and Commercial segment operating results at 100% of each venture’s historical basis, respectively, but are not included in the Company’s consolidated results and balances as the Company accounts for its investment in each venture using the equity method of accounting. (2) Corporate and unallocated activity is primarily comprised of corporate general and administrative expenses and restructuring expenses. Segment assets and reconciliations to the Company’s consolidated balances are as follows (in thousands): June 30, 2023 December 31, 2022 Valencia $ 958,922  $ 972,028  San Francisco 1,338,610  1,314,308  Great Park 847,120  916,909  Commercial 90,554  91,629  Total reportable segments 3,235,206  3,294,874  Reconciling items: Removal of unconsolidated balances of Great Park Venture (1) (743,819) (799,174) Removal of unconsolidated balances of Gateway Commercial Venture (1) (90,554) (91,629) Other eliminations (2) (21) (174) Add investment balance in Great Park Venture 260,745  289,026  Add investment balance in Gateway Commercial Venture 40,028  40,695  Corporate and unallocated (3) 212,318  152,166  Total consolidated balances $ 2,913,903  $ 2,885,784  (1) Represents the removal of the Great Park Venture and Gateway Commercial Venture balances, which are included in the Great Park segment and Commercial segment balances at 100% of each venture’s historical basis, respectively, but are not included in the Company’s consolidated balances as the Company accounts for its investment in each venture using the equity method of accounting. (2) Represents intersegment balances that eliminate in consolidation. (3) Corporate and unallocated assets consist of cash and cash equivalents, receivables, right-of-use assets and prepaid expenses.

v3.23.2

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table summarizes share-based equity compensation activity for the six months ended June 30, 2023: Share-Based Awards (in thousands) Weighted-Average Grant Date Fair Value Nonvested at January 1, 2023 2,166  $ 3.77  Granted 3,947  $ 1.92  Cancelled (906) $ 2.16  Forfeited —  $ —  Vested (690) $ 6.01  Nonvested at June 30, 2023 4,517  $ 2.13

v3.23.2

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The components of net periodic cost (benefit) for the three and six months ended June 30, 2023 and 2022, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net periodic cost (benefit): Interest cost $ 202  $ 136  $ 404  $ 272  Expected return on plan assets (222) (261) (444) (522) Amortization of net actuarial loss 40  13  81  26  Net periodic cost (benefit) $ 20  $ (112) $ 41  $ (224)

v3.23.2

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table summarizes the basic and diluted earnings (loss) per share calculations for the three and six months ended June 30, 2023 and 2022 (in thousands, except shares and per share amounts):     Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income (loss) attributable to the Company $ 23,571  $ (5,111) $ 19,035  $ (22,241) Adjustments to net income (loss) attributable to the Company —  23  (13) 129  Net income (loss) attributable to common shareholders $ 23,571  $ (5,088) $ 19,022  $ (22,112) Numerator—basic common shares: Net income (loss) attributable to common shareholders $ 23,571  $ (5,088) $ 19,022  $ (22,112) Less: net income allocated to participating securities 132  —  100  —  Allocation of basic net income (loss) among common shareholders $ 23,439  $ (5,088) $ 18,922  $ (22,112) Numerator for basic net income (loss) available to Class A common shareholders $ 23,431  $ (5,086) $ 18,915  $ (22,104) Numerator for basic net income (loss) available to Class B common shareholders $ 8  $ (2) $ 7  $ (8) Numerator—diluted common shares: Net income (loss) attributable to common shareholders $ 23,571  $ (5,088) $ 19,022  $ (22,112) Reallocation of income (loss) from dilutive potential securities 25,878  (133) 20,917  (536) Less: net income allocated to participating securities 132  —  100  —  Allocation of diluted net income (loss) among common shareholders $ 49,317  $ (5,221) $ 39,839  $ (22,648) Numerator for diluted net income (loss) available to Class A common shareholders $ 49,309  $ (5,219) $ 39,832  $ (22,640) Numerator for diluted net income (loss) available to Class B common shareholders $ 8  $ (2) $ 7  $ (8) Denominator: Basic weighted average Class A common shares outstanding 68,811,975  68,495,523  68,758,894  68,332,460  Diluted weighted average Class A common shares outstanding 145,040,689  69,635,563  144,939,450  69,472,500  Basic and diluted weighted average Class B common shares outstanding 79,233,544  79,233,544  79,233,544  79,233,544  Basic earnings (loss) per share: Class A common shares $ 0.34  $ (0.07) $ 0.28  $ (0.32) Class B common shares $ 0.00  $ (0.00) $ 0.00  $ (0.00) Diluted earnings (loss) per share: Class A common shares $ 0.34  $ (0.07) $ 0.27  $ (0.33) Class B common shares $ 0.00  $ (0.00) $ 0.00  $ (0.00) Anti-dilutive potential Performance RSUs 3,123,408  —  3,123,408  —  Anti-dilutive potential Restricted Shares (weighted average) —  572,831  —  803,665  Anti-dilutive potential Performance Restricted Shares (weighted average) —  —  —  49,869  Anti-dilutive potential Class A common shares from exchanges (weighted average) 3,137,134  76,120,180  3,137,134  76,120,180

v3.23.2

Business and Organization (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) member vote	Jul. 14, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)
Class of Stock [Line Items]
Number of votes per share | vote	1
Right to exchange, conversion ratio	1
Other	$ 83,684		$ 93,086
Number of voting members | member	3
Number of votes of management | vote	5
Percentage of voting members required for approval	75.00%
Number of votes of company | vote	2
Number of votes for each member | vote	1
Great Park
Class of Stock [Line Items]
Percentage of equity ownership	37.50%
Number of voting members | member	4
Heritage Fields LLC
Class of Stock [Line Items]
Percentage of equity ownership	37.50%
Subsequent Event
Class of Stock [Line Items]
Closing price (in dollars per share) | $ / shares		$ 3.00
The San Francisco Venture
Class of Stock [Line Items]
Right to exchange, conversion ratio	1
Five Point Office Venture Holdings I, LLC Acquisition | FPOVHI Member, LLC
Class of Stock [Line Items]
Percentage of equity ownership	75.00%
Equity Method Investee
Class of Stock [Line Items]
Distributions to holders of legacy interests	$ 2,600
Equity Method Investee | Great Park | Contingent Payments Due from Related Parties
Class of Stock [Line Items]
Other	$ 565,000
Equity Method Investee | Subsequent Event | Great Park | Legacy Incentive Compensation Receivable
Class of Stock [Line Items]
Distributions to holders of legacy interests		$ 524,300
Five Point Operating Company, LLC | Affiliated Entity | The San Francisco Venture
Class of Stock [Line Items]
Right to exchange, conversion ratio	1
Percentage of distributions entitled to receive	99.00%
FPOVHI Member, LLC | Five Point Office Venture Holdings I, LLC Acquisition
Class of Stock [Line Items]
Percentage of equity ownership	75.00%
Five Point Land, LLC | Subsidiary of Common Parent
Class of Stock [Line Items]
Subsidiary ownership	100.00%
San Francisco Venture | Subsidiary of Common Parent
Class of Stock [Line Items]
Subsidiary ownership	100.00%
Parent Company | Five Point Operating Company, LLC | Affiliated Entity
Class of Stock [Line Items]
Right to exchange, conversion ratio	1
Parent Company | Five Point Operating Company, LLC | Affiliated Entity | Five Point Operating Company, LLC
Class of Stock [Line Items]
Ownership of class A common stock, percentage	62.60%
Parent Company | Five Point Operating Company, LLC | Affiliated Entity | Subsequent Event
Class of Stock [Line Items]
Market capitalization of company		$ 445,400
Common Class B
Class of Stock [Line Items]
Conversion of common shares, ratio	0.0003

v3.23.2

Basis of Presentation - Components of Miscellaneous Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Net periodic pension (cost) benefit	$ (20)	$ 112	$ (41)	$ 224
Total miscellaneous other (loss) income	$ (20)	$ 112	$ (41)	$ 224

v3.23.2

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue from customers	$ 20,902	$ 4,988	$ 26,095	$ 9,449
Revenues	21,349	5,393	27,050	10,279
Land sales
Disaggregation of Revenue [Line Items]
Revenue from customers	(13)	1,725	586	2,283
Management services
Disaggregation of Revenue [Line Items]
Revenue from customers	20,774	2,703	25,010	6,250
Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	141	560	499	916
Operating properties leasing revenues	447	405	955	830
Valencia
Disaggregation of Revenue [Line Items]
Revenue from customers	128	2,285	1,085	3,199
Revenues	413	2,568	1,716	3,727
Valencia | Land sales
Disaggregation of Revenue [Line Items]
Revenue from customers	(13)	1,725	586	2,283
Valencia | Management services
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0	0
Valencia | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	141	560	499	916
Operating properties leasing revenues	285	283	631	528
San Francisco
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0	0
Revenues	162	122	324	302
San Francisco | Land sales
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0	0
San Francisco | Management services
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0	0
San Francisco | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0	0
Operating properties leasing revenues	162	122	324	302
Great Park
Disaggregation of Revenue [Line Items]
Revenue from customers	20,670	2,602	24,799	6,046
Revenues	20,670	2,602	24,799	6,046
Great Park | Land sales
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0	0
Great Park | Management services
Disaggregation of Revenue [Line Items]
Revenue from customers	20,670	2,602	24,799	6,046
Great Park | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0	0
Operating properties leasing revenues	0	0	0	0
Commercial
Disaggregation of Revenue [Line Items]
Revenue from customers	104	101	211	204
Revenues	104	101	211	204
Commercial | Land sales
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0	0
Commercial | Management services
Disaggregation of Revenue [Line Items]
Revenue from customers	104	101	211	204
Commercial | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0	0
Operating properties leasing revenues	$ 0	$ 0	$ 0	$ 0

v3.23.2

Revenues - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) In Contract With Customer, Asset [Roll Forward]
Contract assets, beginning balance	$ 86.5	$ 87.6
Increase (decrease) in contract assets	(7.9)	0.2
Contract assets, ending balance	78.6	87.8
Related Party
Increase (Decrease) In Contract With Customer, Asset [Roll Forward]
Contract assets, beginning balance	79.9	79.1
Contract assets, ending balance	73.8	$ 80.2
Equity Method Investee
Increase (Decrease) In Contract With Customer, Asset [Roll Forward]
Revenue from customers	$ 24.6

v3.23.2

Investment In Unconsolidated Entities - Additional Information (Details) $ in Thousands, ft² in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) a ft² individual building	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) a ft² individual building	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Revenue from customers	$ 20,902	$ 4,988	$ 26,095	$ 9,449
Number of buildings owned | building	1		1
Area of land (in acres) | a	50		50
Number of buildings on campus | building	4		4
Revenues	$ 21,349	5,393	$ 27,050	10,279
The Company’s investment in the Great Park Venture	302,337		302,337		$ 331,594
Equity in earnings (losses) from unconsolidated entities	$ 52,128	643	53,176	(389)
Great Park Venture
Schedule of Equity Method Investments [Line Items]
Distribution to holders of Legacy Interests			25,500
Distributions to holders of Percentage Interests			218,000
Gateway Commercial Venture
Schedule of Equity Method Investments [Line Items]
Revenue from customers			$ 4,175	4,059
Area of land (in acres) | a	73		73
Number of buildings on campus | building	4		4
Area of gateway campus | ft²	1		1
Land sales
Schedule of Equity Method Investments [Line Items]
Revenue from customers	$ (13)	1,725	$ 586	2,283
Land sales | Related Party
Schedule of Equity Method Investments [Line Items]
Revenues	(29)	1,711	595	1,712
Land sales | Nonrelated Party
Schedule of Equity Method Investments [Line Items]
Revenues	$ 16	14	(9)	571
Land sales | Great Park Venture | Related Party
Schedule of Equity Method Investments [Line Items]
Revenue from customers			7,400	3,200
Land sales | Great Park Venture | Nonrelated Party
Schedule of Equity Method Investments [Line Items]
Revenue from customers			361,800	600
Homesites Sold | Great Park Venture
Schedule of Equity Method Investments [Line Items]
Revenue from customers			357,800
Rental Revenue | Gateway Commercial Venture
Schedule of Equity Method Investments [Line Items]
Revenues			$ 4,200	4,100
Great Park Venture
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership	37.50%		37.50%
Return of investment			$ 29,028	0
Return of investment			81,800
Remaining maximum participating Legacy Interest distribution rights			$ 40,700
Percent of future distributions to legacy interest holders			10.00%
The Company’s investment in the Great Park Venture	$ 260,745		$ 260,745		289,026
Equity in earnings (losses) from unconsolidated entities	$ 52,322	207	$ 53,484	(1,094)
Gateway Commercial Venture
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership	75.00%		75.00%
The Company’s investment in the Great Park Venture	$ 40,028		$ 40,028		40,695
Equity in earnings (losses) from unconsolidated entities	$ (455)	$ 100	$ (667)	184
Gateway Commercial Venture | Five Point Office Venture Holdings I, LLC Acquisition
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership	75.00%		75.00%
Number of individuals entitled to be appointed to executive committee | individual	2		2
Valencia Landbank Venture
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership	10.00%		10.00%
Return of investment			$ 648	1,544
The Company’s investment in the Great Park Venture	$ 1,600		1,600		$ 1,900
Equity in earnings (losses) from unconsolidated entities			$ 400	$ 500

v3.23.2

Investment In Unconsolidated Entities - Summarized Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Add equity in earnings (losses) from unconsolidated entities
Revenue from customers	$ 20,902	$ 4,988	$ 26,095	$ 9,449
Other costs and expenses	(24,190)	(17,229)	(41,480)	(57,980)
Net income	50,555	(10,972)	40,821	(47,741)
The Company’s share of net income (loss)	23,571	(5,111)	19,035	(22,241)
EQUITY IN EARNINGS (LOSS) FROM UNCONSOLIDATED ENTITIES	52,128	643	53,176	(389)
Great Park Venture
Add equity in earnings (losses) from unconsolidated entities
The Company’s share of net income (loss)			64,088	(508)
Basis difference amortization, net			(10,604)	(586)
EQUITY IN EARNINGS (LOSS) FROM UNCONSOLIDATED ENTITIES	52,322	207	53,484	(1,094)
Gateway Commercial Venture
Add equity in earnings (losses) from unconsolidated entities
EQUITY IN EARNINGS (LOSS) FROM UNCONSOLIDATED ENTITIES	$ (455)	$ 100	(667)	184
Great Park Venture
Add equity in earnings (losses) from unconsolidated entities
Other costs and expenses			(32,547)	(14,858)
Net income			170,900	(1,355)
Great Park Venture | Land sales and land sales—related party
Add equity in earnings (losses) from unconsolidated entities
Revenue from customers			369,196	3,825
Great Park Venture | Home Sales
Add equity in earnings (losses) from unconsolidated entities
Revenue from customers			0	40,475
Rental operating and other expenses			0	(30,784)
Great Park Venture | Land sales
Add equity in earnings (losses) from unconsolidated entities
Rental operating and other expenses			(165,749)	(13)
Gateway Commercial Venture
Add equity in earnings (losses) from unconsolidated entities
Revenue from customers			4,175	4,059
Rental operating and other expenses			(1,967)	(1,225)
Depreciation and amortization			(1,989)	(1,969)
Interest expense			(1,108)	(620)
The Company’s share of net income (loss)			$ (889)	$ 245

v3.23.2

Investment In Unconsolidated Entities - Summarized Balance Sheet Data (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
ASSETS
Inventories	$ 2,254,935	$ 2,239,125
Cash and cash equivalents	193,203	131,771	$ 127,820
INTANGIBLE ASSET, NET—RELATED PARTY	31,656	40,257
TOTAL	2,913,903	2,885,784
LIABILITIES:
Accounts payable and other liabilities	90,760	94,426
Redeemable Legacy Interests	589,634	587,733
Capital (Percentage Interest)	639,116	618,131
Notes payable, net	621,419	620,651
Other	83,684	93,086
Members’ capital	1,908,326	1,868,047
TOTAL	2,913,903	2,885,784
The Company’s investment in the Great Park Venture	302,337	331,594
Great Park Venture
LIABILITIES:
The Company’s share of capital in Great Park Venture	198,636	216,313
Unamortized basis difference	62,109	72,713
The Company’s investment in the Great Park Venture	260,745	289,026
Gateway Commercial Venture
LIABILITIES:
The Company’s investment in the Great Park Venture	40,028	40,695
Great Park Venture
ASSETS
Inventories	435,920	605,893
Cash and cash equivalents	140,889	149,326
Other assets	167,010	43,955
TOTAL	743,819	799,174
LIABILITIES:
Accounts payable and other liabilities	173,420	156,085
Redeemable Legacy Interests	40,705	66,254
Capital (Percentage Interest)	529,694	576,835
TOTAL	743,819	799,174
Gateway Commercial Venture
ASSETS
INTANGIBLE ASSET, NET—RELATED PARTY	80,834	82,797
Cash	5,081	4,244
Other assets	4,639	4,588
TOTAL	90,554	91,629
LIABILITIES:
Notes payable, net	29,418	29,418
Other	7,764	7,951
Members’ capital	53,372	54,260
TOTAL	$ 90,554	$ 91,629

v3.23.2

Noncontrolling Interests - Additional Information (Details) shares in Millions, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) class	Dec. 31, 2019 USD ($) shares	Dec. 31, 2022 USD ($)
Noncontrolling Interest [Line Items]
Holding period for right to exchange	12 months
Right to exchange, conversion ratio	1
Redeemable noncontrolling interest, common stock class C units	$ 25.0		$ 25.0
San Francisco Venture
Noncontrolling Interest [Line Items]
Issuance of Class C common shares (in shares) | shares		25.0
Proceeds from issuance of redeemable noncontrolling interest		$ 25.0
Maximum amount payable, class C units		25.0
Infrastructure development costs		25.0
San Francisco Venture | Maximum
Noncontrolling Interest [Line Items]
Authorized contribution amount		$ 25.0
The San Francisco Venture
Noncontrolling Interest [Line Items]
Holding period for right to exchange	12 months
Right to exchange, conversion ratio	1
Number of classes of membership units | class	3
Unitholder request for redemption, minimum ownership	50.10%
Conversion of Class B Common Shares Into Class A Common Shares
Noncontrolling Interest [Line Items]
Conversion of common shares, ratio	0.0003
Five Point Operating Company, LLC
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage of outstanding common units	37.40%
Five Point Operating Company, LLC | Class A Units | Affiliated Entity
Noncontrolling Interest [Line Items]
Ownership percentage of outstanding common units	62.60%
Five Point Operating Company, LLC | Class B Units | Affiliated Entity
Noncontrolling Interest [Line Items]
Ownership percentage of outstanding common units	100.00%

v3.23.2

Noncontrolling Interests - Schedule of Tax Distributions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Noncontrolling Interest [Line Items]
Total tax distributions			$ 1,974	$ 435
Five Point Operating Company, LLC
Noncontrolling Interest [Line Items]
Total tax distributions	$ 0	$ 0	1,974	435
Management Partner | Five Point Operating Company, LLC
Noncontrolling Interest [Line Items]
Total tax distributions	0	0	1,974	435
Other partners (excluding the Holding Company) | Five Point Operating Company, LLC
Noncontrolling Interest [Line Items]
Total tax distributions	$ 0	$ 0	$ 0	$ 0

v3.23.2

Consolidated Variable Interest Entity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Combined assets	$ 2,913,903	$ 2,885,784
Inventories	2,254,935	2,239,125
Combined liabilities	980,577	992,737
Other	83,684	93,086
Intangibles	31,656	40,257
Accounts payable and other liabilities	90,760	94,426
Related Party
Variable Interest Entity [Line Items]
OTHER ASSETS	89,933	97,126
Other	$ 83,684	93,086
San Francisco Venture
Variable Interest Entity [Line Items]
Distributions	99.00%
Variable Interest Entity, Primary Beneficiary | San Francisco Venture
Variable Interest Entity [Line Items]
Combined assets	$ 1,340,000	1,310,000
Inventories	1,340,000	1,310,000
Combined liabilities	67,300	67,300
Other	59,000	63,000
Variable Interest Entity, Primary Beneficiary | San Francisco Venture | Related Party
Variable Interest Entity [Line Items]
OTHER ASSETS	900	800
Variable Interest Entity, Primary Beneficiary | FP LP And FPL
Variable Interest Entity [Line Items]
Combined assets	1,100,000	1,100,000
Inventories	918,500	927,900
Combined liabilities	71,800	77,200
Other	4,900	6,700
Intangibles	31,700	40,300
Accounts payable and other liabilities	66,800	70,500
Variable Interest Entity, Primary Beneficiary | FP LP And FPL | Related Party
Variable Interest Entity [Line Items]
OTHER ASSETS	$ 73,800	$ 79,900

v3.23.2

Intangible Asset, Net - Related Party (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amount	$ 129,705,000		$ 129,705,000		$ 129,705,000
Accumulated amortization	(98,049,000)		(98,049,000)		(89,448,000)
Net book value	31,656,000		31,656,000		$ 40,257,000
Amortization expense	$ 8,000,000	$ 0	$ 8,600,000	$ 0

v3.23.2

Related Party Transactions - Related Party Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Related party liabilities	$ 83,684	$ 93,086
Related Party
Related Party Transaction [Line Items]
Other assets	89,933	97,126
Related party liabilities	83,684	93,086
Related Party | Contract Assets
Related Party Transaction [Line Items]
Other assets	73,826	79,863
Related Party | Operating Lease
Related Party Transaction [Line Items]
Other assets	15,245	16,425
Related party liabilities	11,776	12,535
Related Party | Other
Related Party Transaction [Line Items]
Other assets	862	838
Related party liabilities	1,169	336
Related Party | Reimbursement obligation
Related Party Transaction [Line Items]
Related party liabilities	58,998	62,990
Related Party | Payable to holders of Management Company’s Class B interests
Related Party Transaction [Line Items]
Related party liabilities	4,116	6,700
Related Party | Accrued advisory fees
Related Party Transaction [Line Items]
Related party liabilities	$ 7,625	$ 10,525

v3.23.2

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Revenues	$ 21,349	$ 5,393	$ 27,050	$ 10,279
Equity Method Investee
Related Party Transaction [Line Items]
Revenue from customers			24,600
Distribution to certain interest holders, aggregate	2,600		2,600
Equity Method Investee | Legacy Incentive Compensation Receivable
Related Party Transaction [Line Items]
Revenue from customers			$ 2,600
Equity Method Investee | Legacy Incentive Compensation Receivable | Great Park Venture
Related Party Transaction [Line Items]
Percentage of distributions during initial term			9.00%
Percentage of distributions after initial term			6.75%
Equity Method Investee | Contract Assets - Non-Legacy Incentive Compensation Receivable
Related Party Transaction [Line Items]
Revenue from customers			$ 22,000
Related Party
Related Party Transaction [Line Items]
Other assets	89,933		89,933		$ 97,126
Related Party | Management services
Related Party Transaction [Line Items]
Revenues	20,774	2,703	25,010	6,250
Related Party | Legacy Incentive Compensation Receivable
Related Party Transaction [Line Items]
Other assets	71,500		71,500		$ 77,400
Related Party | Development Management Agreement | Management services
Related Party Transaction [Line Items]
Revenues	$ 20,700	$ 2,600	$ 24,800	$ 6,000

v3.23.2

Notes Payable, Net - Table of Notes Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Promissory note issued	$ 621,419	$ 620,651
Unamortized debt issuance costs and discount	$ (3,581)	(4,349)
7.875% Senior Notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Interest rate on new notes	7.875%
Promissory note issued	$ 625,000	$ 625,000

v3.23.2

Notes Payable, Net - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding letters of credit	$ 1.0	$ 1.0
Revolving Credit Facility | Unsecured Debt
Debt Instrument [Line Items]
Senior unsecured revolving credit facility, maximum borrowing capacity	125.0
Long-term line of credit	0.0
Outstanding letters of credit	$ 0.0
Revolving Credit Facility | Unsecured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Additional basis spread on variable rate	0.10%
Revolving Credit Facility | Unsecured Debt | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Revolving Credit Facility | Unsecured Debt | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%

v3.23.2

Tax Receivable Agreement (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Payable pursuant to tax receivable agreement	$ 173,208,000		$ 173,068,000
TRA payments	$ 0	$ 0

v3.23.2

Commitments and Contingencies - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 16,156	$ 19,067
Operating lease liabilities	12,597	15,705
Other	$ 83,684	$ 93,086
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	OTHER ASSETS	OTHER ASSETS
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts Payable and Accrued Liabilities, Other	Accounts Payable and Accrued Liabilities, Other
Related Party
Lessee, Lease, Description [Line Items]
OTHER ASSETS	$ 89,933	$ 97,126
Other	83,684	93,086
Related Party | Operating Lease
Lessee, Lease, Description [Line Items]
OTHER ASSETS	15,245	16,425
Other	$ 11,776	$ 12,535

v3.23.2

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Remaining estimated maximum potential amount of monetary payments subject to guaranty	$ 10,200
Outstanding letters of credit	1,000	$ 1,000
Asset Pledged as Collateral
Lessee, Lease, Description [Line Items]
Restricted cash and cash equivalents	1,000	1,000
The San Francisco Venture
Lessee, Lease, Description [Line Items]
Guaranty of infrastructure obligations, maximum obligation	198,300	198,300
Surety Bond
Lessee, Lease, Description [Line Items]
Outstanding letters of credit	$ 307,300	$ 315,000

v3.23.2

Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest, all of which was capitalized to inventories	$ 25,998	$ 26,146
Noncash lease expense	2,094	2,452
NONCASH INVESTING AND FINANCING ACTIVITIES:
Adjustment to operating lease right-of-use assets from lease modification	(773)	0
Adjustment to liability recognized under TRA	$ 140	$ (1,058)

v3.23.2

Supplemental Cash Flow Information - Condensed Cash Flow Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 193,203	$ 131,771	$ 127,820
Restricted cash and certificates of deposit	992	992	1,330
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 194,195	$ 132,763	$ 129,150	$ 266,792

v3.23.2

Segment Reporting - Additional Information (Details)	Jun. 30, 2023 ft² a building
Segment Reporting Information [Line Items]
Square footage of building | ft²	189,000
Number of buildings on campus | building	4
Area of land (in acres)	50
Gateway Commercial Venture
Segment Reporting Information [Line Items]
Area of land (in acres)	50
Great Park
Segment Reporting Information [Line Items]
Percentage of equity ownership	37.50%
Gateway Commercial Venture
Segment Reporting Information [Line Items]
Percentage of equity ownership	75.00%

v3.23.2

Segment Reporting - Revenues and Profit (loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 21,349	$ 5,393	$ 27,050	$ 10,279
Profit (Loss)	50,555	(10,972)	40,821	(47,741)
Equity in earnings (losses) from unconsolidated entities	52,128	643	53,176	(389)
Great Park Venture
Segment Reporting Information [Line Items]
Equity in earnings (losses) from unconsolidated entities	52,322	207	53,484	(1,094)
Gateway Commercial Venture
Segment Reporting Information [Line Items]
Equity in earnings (losses) from unconsolidated entities	(455)	100	(667)	184
Operating Segments
Segment Reporting Information [Line Items]
Revenues	383,966	32,834	400,421	58,638
Profit (Loss)	173,220	(1,646)	174,081	(8,998)
Corporate and Unallocated
Segment Reporting Information [Line Items]
Profit (Loss)	(6,981)	(8,024)	(16,066)	(38,943)
Valencia
Segment Reporting Information [Line Items]
Revenues	413	2,568	1,716	3,727
Valencia | Operating Segments
Segment Reporting Information [Line Items]
Revenues	413	2,568	1,716	3,727
Profit (Loss)	(4,538)	(2,944)	(6,977)	(7,771)
San Francisco
Segment Reporting Information [Line Items]
Revenues	162	122	324	302
San Francisco | Operating Segments
Segment Reporting Information [Line Items]
Revenues	162	122	324	302
Profit (Loss)	(885)	(814)	(1,915)	(1,483)
Great Park Venture
Segment Reporting Information [Line Items]
Revenues	20,670	2,602	24,799	6,046
Great Park Venture | Operating Segments
Segment Reporting Information [Line Items]
Revenues	381,266	27,922	393,995	50,346
Profit (Loss)	179,145	1,878	183,651	(193)
Great Park Venture | Removal of Results of Unconsolidated Entities
Segment Reporting Information [Line Items]
Revenues	(360,596)	(25,320)	(369,196)	(44,300)
Profit (Loss)	(168,157)	(1,476)	(170,900)	1,355
Commercial
Segment Reporting Information [Line Items]
Revenues	104	101	211	204
Commercial | Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,125	2,222	4,386	4,263
Profit (Loss)	(502)	234	(678)	449
Gateway Commercial Venture | Removal of Results of Unconsolidated Entities
Segment Reporting Information [Line Items]
Revenues	(2,021)	(2,121)	(4,175)	(4,059)
Profit (Loss)	$ 606	$ (133)	$ 889	$ (245)

v3.23.2

Segment Reporting - Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Assets	$ 2,913,903	$ 2,885,784
Add investment balance	302,337	331,594
Great Park Venture
Segment Reporting Information [Line Items]
Add investment balance	260,745	289,026
Gateway Commercial Venture
Segment Reporting Information [Line Items]
Add investment balance	40,028	40,695
Operating Segments
Segment Reporting Information [Line Items]
Assets	3,235,206	3,294,874
Other eliminations
Segment Reporting Information [Line Items]
Assets	(21)	(174)
Corporate and Unallocated
Segment Reporting Information [Line Items]
Assets	212,318	152,166
Valencia | Operating Segments
Segment Reporting Information [Line Items]
Assets	958,922	972,028
San Francisco | Operating Segments
Segment Reporting Information [Line Items]
Assets	1,338,610	1,314,308
Great Park Venture | Operating Segments
Segment Reporting Information [Line Items]
Assets	847,120	916,909
Great Park Venture | Removal of Results of Unconsolidated Entities
Segment Reporting Information [Line Items]
Assets	(743,819)	(799,174)
Commercial | Operating Segments
Segment Reporting Information [Line Items]
Assets	90,554	91,629
Gateway Commercial Venture | Removal of Results of Unconsolidated Entities
Segment Reporting Information [Line Items]
Assets	$ (90,554)	$ (91,629)

v3.23.2

Share-Based Compensation - Equity Compensation Activity (Details) - Restricted Stock shares in Thousands	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-Based Awards
Nonvested, beginning balance (in shares) | shares	2,166
Granted (in shares) | shares	3,947
Cancelled (in shares) | shares	(906)
Forfeited (in shares) | shares	0
Vested (in shares) | shares	(690)
Nonvested, ending balance (in shares) | shares	4,517
Weighted-Average Grant Date Fair Value
Nonvested, beginning balance (in dollars per share) | $ / shares	$ 3.77
Granted (in dollars per share) | $ / shares	1.92
Cancelled (in dollars per share) | $ / shares	2.16
Forfeited (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	6.01
Nonvested, ending balance (in dollars per share) | $ / shares	$ 2.13

v3.23.2

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 07, 2023	Jan. 31, 2023	Jan. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				$ 900	$ 700	$ 1,700	$ 4,800
Estimated fair value at vesting of share-based awards						1,700
Reacquisition of share based compensation awards for tax-withholding purposes						202	$ 2,736
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized to be issued (in shares)	7,500,000
Restructuring Charges
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense						3,000
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense						$ 1,800
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reacquisition of share based compensation awards for tax-withholding purposes		$ 200	$ 2,700

v3.23.2

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net periodic cost (benefit):
Interest cost	$ 202	$ 136	$ 404	$ 272
Expected return on plan assets	(222)	(261)	(444)	(522)
Amortization of net actuarial loss	40	13	81	26
Net periodic cost (benefit)	$ 20	$ (112)	$ 41	$ (224)

v3.23.2

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit), other than provision	$ 0	$ 0	$ 0	$ 0
Pre-tax income (loss)	$ 50,560,000	$ (10,964,000)	$ 40,834,000	$ (47,728,000)

v3.23.2

Financial Instruments and Fair Value Measurements and Disclosures (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Estimated Fair Value | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	$ 566.0	$ 525.5
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, carrying value	$ 621.4	$ 620.7

v3.23.2

Earnings Per Share - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023
Common Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Per share distributions for Class A Common Shareholders	0.03%

v3.23.2

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income (loss) attributable to the Company	$ 23,571	$ (5,111)	$ 19,035	$ (22,241)
Adjustments to net income (loss) attributable to the Company	0	23	(13)	129
Net income (loss) attributable to common shareholders	23,571	(5,088)	19,022	(22,112)
Numerator—basic common shares:
Less: net income allocated to participating securities	132	0	100	0
Allocation of basic net income (loss) among common shareholders	23,439	(5,088)	18,922	(22,112)
Numerator—diluted common shares:
Reallocation of income (loss) from dilutive potential securities	25,878	(133)	20,917	(536)
Less: net income allocated to participating securities	132	0	100	0
Numerator for diluted net (loss) income available to Class A/B common shareholders	$ 49,317	$ (5,221)	$ 39,839	$ (22,648)
Performance Restricted Stock Units (RSUs)
Diluted earnings (loss) per share:
Anti-dilutive potential securities (in shares)	3,123,408	0	3,123,408	0
Restricted Shares
Diluted earnings (loss) per share:
Anti-dilutive potential securities (in shares)	0	572,831	0	803,665
Performance Restricted Shares
Diluted earnings (loss) per share:
Anti-dilutive potential securities (in shares)	0	0	0	49,869
Common Class A
Diluted earnings (loss) per share:
Anti-dilutive potential securities (in shares)	3,137,134	76,120,180	3,137,134	76,120,180
Common Class A
Numerator:
Net income (loss) attributable to common shareholders	$ 23,431	$ (5,086)	$ 18,915	$ (22,104)
Numerator—diluted common shares:
Numerator for diluted net (loss) income available to Class A/B common shareholders	$ 49,309	$ (5,219)	$ 39,832	$ (22,640)
Denominator:
Basic weighted average Class A/B common shares outstanding (in shares)	68,811,975	68,495,523	68,758,894	68,332,460
Diluted weighted average Class A/B common shares outstanding (in shares)	145,040,689	69,635,563	144,939,450	69,472,500
Basic earnings (loss) per share:
Class A/B common shares (in dollars per share)	$ 0.34	$ (0.07)	$ 0.28	$ (0.32)
Diluted earnings (loss) per share:
Class A/B common shares (in dollars per share)	$ 0.34	$ (0.07)	$ 0.27	$ (0.33)
Common Class B
Numerator:
Net income (loss) attributable to common shareholders	$ 8	$ (2)	$ 7	$ (8)
Numerator—diluted common shares:
Numerator for diluted net (loss) income available to Class A/B common shareholders	$ 8	$ (2)	$ 7	$ (8)
Denominator:
Basic weighted average Class A/B common shares outstanding (in shares)	79,233,544	79,233,544	79,233,544	79,233,544
Diluted weighted average Class A/B common shares outstanding (in shares)	79,233,544	79,233,544	79,233,544	79,233,544
Basic earnings (loss) per share:
Class A/B common shares (in dollars per share)	$ 0.00	$ (0.00)	$ 0.00	$ (0.00)
Diluted earnings (loss) per share:
Class A/B common shares (in dollars per share)	$ 0.00	$ (0.00)	$ 0.00	$ (0.00)

v3.23.2

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Defined benefit pension plan, tax benefits	$ 800			$ 800
Accumulated other comprehensive loss included in noncontrolling interests	(1,908,326)	$ (1,855,314)	$ (1,856,801)	(1,868,047)	$ (1,865,612)	$ (1,900,378)
Total Members’ Capital
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unamortized defined benefit pension plan net actuarial losses	2,900			3,000
Accumulated other comprehensive loss included in noncontrolling interests	(639,116)	(610,890)	$ (614,590)	(618,131)	$ (615,332)	$ (634,424)
AOCI Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss included in noncontrolling interests	1,800			$ 1,900
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassifications from accumulated other comprehensive loss	$ 51	$ 16

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