Five Point (FPH) 10-K 11 Mar 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Feb. 28, 2022	Jun. 30, 2021
Class of Stock [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 470.5
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCEPortions of the registrant's Proxy Statement for the 2022 Annual Meeting of Shareholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended December 31, 2021.
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001574197
Current Fiscal Year End Date	--12-31
Common Class A
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		69,180,695
Common Class B
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		79,233,544

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Auditor Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Costa Mesa, California
Auditor Firm ID	34

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
INVENTORIES	$ 2,096,824	$ 1,990,859
INVESTMENT IN UNCONSOLIDATED ENTITIES	374,553	442,850
PROPERTIES AND EQUIPMENT, NET	31,466	32,769
INTANGIBLE ASSET, NET—RELATED PARTY	51,405	71,747
CASH AND CASH EQUIVALENTS	265,462	298,144
RESTRICTED CASH AND CERTIFICATES OF DEPOSIT	1,330	1,330
RELATED PARTY ASSETS	101,818	103,681
OTHER ASSETS	20,052	20,605
TOTAL	2,942,910	2,961,985
LIABILITIES:
Notes payable, net	619,116	617,581
Accounts payable and other liabilities	115,374	135,331
Related party liabilities	95,918	113,149
Deferred income tax liability, net	12,998	12,578
Payable pursuant to tax receivable agreement	174,126	173,248
Total liabilities	1,017,532	1,051,887
COMMITMENTS AND CONTINGENT LIABILITIES
REDEEMABLE NONCONTROLLING INTEREST	25,000	25,000
CAPITAL:
Contributed capital	587,587	578,278
Retained earnings	48,789	42,221
Accumulated other comprehensive loss	(1,952)	(2,833)
Total members’ capital	634,424	617,666
Noncontrolling interests	1,265,954	1,267,432
Total capital	1,900,378	1,885,098
TOTAL	$ 2,942,910	$ 2,961,985

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - shares	Dec. 31, 2021	Dec. 31, 2020
Common Class A
Common shares issued (in shares)	70,107,552	69,051,284
Common shares outstanding (in shares)	70,107,552	69,051,284
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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUES:
Revenues	$ 224,394	$ 153,619	$ 184,380
COSTS AND EXPENSES:
Selling, general, and administrative	77,118	83,504	103,586
Total costs and expenses	221,411	194,870	234,756
Total costs and expenses
Interest income	94	1,369	7,844
Gain on settlement of contingent consideration—related party	0	0	64,870
Miscellaneous	3,720	356	48
Total other income	3,814	1,725	72,762
EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES	6,188	42,364	2,327
INCOME BEFORE INCOME TAX PROVISION	12,985	2,838	24,713
Income Tax Expense (Benefit)	325	(1,744)	(2,445)
NET INCOME	13,310	1,094	22,268
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	6,742	1,522	13,235
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ 6,568	$ (428)	$ 9,033
Common Class A
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE
Basic (in dollars per share)	$ 0.09	$ (0.01)	$ 0.13
Diluted (in dollars per share)	$ 0.09	$ (0.01)	$ 0.13
WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING
Basic (in shares)	67,394,794	66,722,187	66,261,968
Diluted (in shares)	143,491,204	69,000,096	145,491,898
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY PER CLASS B SHARE
Basic (in dollars per share)	$ 0.09	$ (0.01)	$ 0.13
Diluted (in dollars per share)	$ 0.09	$ (0.01)	$ 0.13
WEIGHTED AVERAGE CLASS B SHARES OUTSTANDING
Basic (in shares)	67,394,794	66,722,187	66,261,968
Diluted (in shares)	143,491,204	69,000,096	145,491,898
Common Class B
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE
Basic (in dollars per share)	$ 0	$ 0	$ 0
Diluted (in dollars per share)	$ 0	$ 0	$ 0
WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING
Basic (in shares)	79,233,544	79,233,544	79,221,176
Diluted (in shares)	79,233,544	79,233,544	79,221,176
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY PER CLASS B SHARE
Basic (in dollars per share)	$ 0	$ 0	$ 0
Diluted (in dollars per share)	$ 0	$ 0	$ 0
WEIGHTED AVERAGE CLASS B SHARES OUTSTANDING
Basic (in shares)	79,233,544	79,233,544	79,221,176
Diluted (in shares)	79,233,544	79,233,544	79,221,176
Land sales
REVENUES:
Revenues	$ 139,500	$ 69,398	$ 140,020
COSTS AND EXPENSES:
Cost and expenses	106,012	85,753	97,113
Land sales—related party
REVENUES:
Revenues	43,286	53,219	923
Management Services, Affiliated Entity
REVENUES:
Revenues	39,081	28,132	39,580
Management services
COSTS AND EXPENSES:
Cost and expenses	31,459	20,486	28,492
Operating properties
REVENUES:
Revenues	2,527	2,870	3,857
COSTS AND EXPENSES:
Cost and expenses	$ 6,822	$ 5,127	$ 5,565

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 13,310	$ 1,094	$ 22,268
OTHER COMPREHENSIVE INCOME (LOSS):
Net actuarial gain (loss) on defined benefit pension plan	1,067	(332)	917
Reclassification of actuarial loss on defined benefit pension plan included in net income	359	97	143
Other comprehensive income (loss) before taxes	1,426	(235)	1,060
INCOME TAX (PROVISION) BENEFIT RELATED TO OTHER COMPREHENSIVE INCOME (LOSS)	0	0	0
OTHER COMPREHENSIVE INCOME (LOSS)—Net of tax	1,426	(235)	1,060
COMPREHENSIVE INCOME	14,736	859	23,328
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	7,271	1,434	13,633
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ 7,465	$ (575)	$ 9,695

Consolidated Statements of Capi

Consolidated Statements of Capital - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,885,098	$ 1,883,800	$ 1,848,517
Net income	13,310	1,094	22,268
Share-based compensation expense	7,898	11,562	13,631
Reacquisition of share-based compensation awards for tax-withholding purposes	(2,047)	(5,521)	(4,099)
Other comprehensive income—net of tax	1,426	(235)	1,060
Contribution from noncontrolling interest and related sale of Class B common shares			5,547
Tax distribution to noncontrolling interest	(4,429)	(4,568)
Redemption of noncontrolling interests	0	0	458
Adjustment to liability recognized under tax receivable agreement—net of tax	(878)	(615)	(3,124)
Adjustment of noncontrolling interest in the Operating Company	0	0	0
Ending balance	1,900,378	1,885,098	1,883,800
Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		(419)
Ending balance			(419)
Total Members’ Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	617,666	611,694	587,026
Net income	6,568	(428)	9,033
Share-based compensation expense	7,898	11,562	13,631
Reacquisition of share-based compensation awards for tax-withholding purposes	(2,047)	(5,521)	(4,099)
Other comprehensive income—net of tax	897	(147)	662
Contribution from noncontrolling interest and related sale of Class B common shares			3
Redemption of noncontrolling interests			458
Adjustment to liability recognized under tax receivable agreement—net of tax	(878)	(615)	(3,124)
Adjustment of noncontrolling interest in the Operating Company	4,320	1,316	8,104
Ending balance	634,424	617,666	$ 611,694
Total Members’ Capital | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (195)
Ending balance		$ (195)
Common Stock | Class A Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	69,051,284	68,788,257	66,810,980
Reacquisition of share-based compensation awards for tax-withholding purposes (in shares)	(324,905)	(436,675)	(296,392)
Settlement of restricted share units for Class A common shares (in shares)		335,078	337,799
Issuance of share-based compensation awards, net of forfeitures (in shares)	1,381,173	364,624	1,894,168
Redemption of noncontrolling interests (in shares)			41,702
Ending balance (in shares)	70,107,552	69,051,284	68,788,257
Common Stock | Class B Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	79,233,544	79,233,544	78,838,736
Contribution from noncontrolling interest and related sale of Class B common shares (in shares)			436,498
Redemption of noncontrolling interests (in shares)			(41,690)
Ending balance (in shares)	79,233,544	79,233,544	79,233,544
Contributed Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 578,278	$ 571,532	$ 556,521
Share-based compensation expense	7,898	11,562	13,631
Reacquisition of share-based compensation awards for tax-withholding purposes	(2,047)	(5,521)	(4,099)
Contribution from noncontrolling interest and related sale of Class B common shares			3
Redemption of noncontrolling interests			460
Adjustment to liability recognized under tax receivable agreement—net of tax	(878)	(615)	(3,124)
Adjustment of noncontrolling interest in the Operating Company	4,336	1,320	8,140
Ending balance	587,587	578,278	571,532
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	42,221	42,844	33,811
Net income	6,568	(428)	9,033
Ending balance	48,789	42,221	42,844
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(195)
Ending balance		(195)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(2,833)	(2,682)	(3,306)
Other comprehensive income—net of tax	897	(147)	662
Redemption of noncontrolling interests			(2)
Adjustment of noncontrolling interest in the Operating Company	(16)	(4)	(36)
Ending balance	(1,952)	(2,833)	(2,682)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,267,432	1,272,106	1,261,491
Net income	6,742	1,522	13,235
Other comprehensive income—net of tax	529	(88)	398
Contribution from noncontrolling interest and related sale of Class B common shares			5,544
Tax distribution to noncontrolling interest	(4,429)	(4,568)
Redemption of noncontrolling interests			(458)
Adjustment of noncontrolling interest in the Operating Company	(4,320)	(1,316)	(8,104)
Ending balance	1,265,954	1,267,432	$ 1,272,106
Noncontrolling Interests | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (224)
Ending balance		$ (224)

Consolidated Statements of Ca_2

Consolidated Statements of Capital (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Other comprehensive income, tax	$ 0	$ 0	$ 0
Tax related to adjustments to liability recognized under tax receivable agreement	$ 0	$ 0	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 13,310	$ 1,094	$ 22,268
Adjustments to reconcile net income to net cash used in operating activities:
Equity in earnings from unconsolidated entities	(6,188)	(42,364)	(2,327)
Return on investment from Gateway Commercial Venture	0	78,968	0
Deferred income taxes	420	950	2,445
Depreciation and amortization	25,988	14,142	20,633
Gain on settlement of contingent consideration—related party	0	0	(64,870)
Gain on distribution from indirect Legacy Interest in Great Park Venture—related party	(978)	0	0
Share-based compensation	7,898	11,562	13,631
Changes in operating assets and liabilities:
Inventories	(104,084)	(99,228)	(191,967)
Related party assets	(383)	(9,969)	(19,446)
Other assets	(1,271)	(69)	(3,924)
Accounts payable and other liabilities	(18,316)	(32,304)	(4,174)
Related party liabilities	2,184	(1,281)	(4,309)
Net cash used in operating activities	(81,420)	(78,499)	(232,040)
CASH FLOWS FROM INVESTING ACTIVITIES:
Distribution from indirect Legacy Interest in Great Park Venture—related party	1,020	1,721	0
Purchase of properties and equipment	(154)	(2,147)	(1,676)
Net cash provided by investing activities	75,315	52,940	311
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds of Class B common share offering	0	0	3
Proceeds from senior notes offering	0	0	125,000
Senior notes pre-issuance accrued interest proceeds	0	0	1,941
Payment of pre-issuance accrued interest on senior notes	0	0	(1,941)
Principal payment on Macerich note	0	0	(65,130)
Reacquisition of share-based compensation awards for tax-withholding purposes	(2,047)	(5,521)	(4,099)
Payment of financing costs	(686)	0	(2,822)
Related party reimbursement obligation	(19,415)	(13,452)	(290)
Tax distribution to noncontrolling interest	(4,429)	(4,568)	0
Contribution from noncontrolling interest	0	0	5,544
Proceeds from issuance of redeemable noncontrolling interest	0	0	25,000
Net cash (used in) provided by financing activities	(26,577)	(23,541)	83,206
NET DECREASE IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH	(32,682)	(49,100)	(148,523)
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period	299,474	348,574	497,097
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH—End of period	266,792	299,474	348,574
Great Park
Adjustments to reconcile net income to net cash used in operating activities:
Equity in earnings from unconsolidated entities	(6,432)	39,951	(6,182)
CASH FLOWS FROM INVESTING ACTIVITIES:
Return of investment	76,623	0	0
Gateway Commercial Venture LLCA
Adjustments to reconcile net income to net cash used in operating activities:
Equity in earnings from unconsolidated entities	(659)	(83,884)	3,855
CASH FLOWS FROM INVESTING ACTIVITIES:
Return of investment	0	57,532	1,987
Valencia Landbank Venture
Adjustments to reconcile net income to net cash used in operating activities:
Equity in earnings from unconsolidated entities	900	1,600
CASH FLOWS FROM INVESTING ACTIVITIES:
Return of investment	1,582	0	0
Contribution to Valencia Landbank Venture	$ (3,756)	$ (4,166)	$ 0

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION	12 Months Ended
	Dec. 31, 2021
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 our 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 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).

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation — The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Principles of consolidation —The accompanying consolidated financial statements include the accounts of the Company and the accounts of all subsidiaries in which the Company has a controlling financial interest and the accounts of variable interest entities (“VIEs”) in which the Company is deemed to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. Under the voting interest model, controlling financial interest is generally defined as a majority ownership of voting rights. A VIE is an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements, or changes in influence and control over any entity, that affect the characteristics of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis. 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. Concentration of risk —As of December 31, 2021, the Company’s inventories and the Company’s unconsolidated entities’ inventories and properties are all located in California. The Company is subject to risks incidental to the ownership, development, and operation of commercial and residential real estate. These include, among others, the risks normally associated with changes in the general economic climate in the communities in which the Company operates, trends in the real estate industry, availability of land for development, changes in tax laws, interest rate levels, availability of financing, and potential liability under environmental and other laws. The Company’s credit risk relates primarily to cash deposits, cash equivalents, contract assets and other miscellaneous financial assets. Cash deposit accounts at each institution are in excess of amounts insured by the Federal Deposit Insurance Corporation. The Company’s risk management policies define parameters of acceptable market risk and strive to limit exposure to credit risk. Noncontrolling interests —The Company presents noncontrolling interests and classifies such interests within capital but separate from the Company’s Class A and Class B members’ capital when the criteria for permanent equity classification has been met. Net income (loss) attributable to the noncontrolling interests on the consolidated statement of operations represents the portion of earnings attributable to the economic interest in the Company’s subsidiaries held by the noncontrolling interests. The Company allocates income (loss) to noncontrolling interests based on the substantive profit sharing provisions of the applicable subsidiary operating agreements. Revenue recognition —Under Accounting Standards Codification (“ASC”) Topic 606, Revenue From Contracts With Customers , which the Company adopted on January 1, 2018, revenues are recognized when control of the promised goods or services are transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. At contract inception, the Company assesses the goods and services promised in its contract with its customers and identifies a performance obligation for each promise to transfer to the customer a good or service (or a series of services) that is distinct. Identified performance obligations are assessed by considering implicit and explicitly stated promises. Land sales and Land sales — related party —Revenues from land sales are recognized when the Company satisfies the performance obligation at a point in time when the control of the land passes to its customers. The transfer of control typically occurs when title passes at the close of escrow and the customer is able to direct the use of, control and obtain substantially all of the benefits from the land. The transaction price typically contains fixed and variable components in which the fixed consideration represents the stated purchase price for the land and the gross proceeds received at the time of closing. Some of the Company’s residential homesite sale agreements contain a profit participation provision, a variable form of consideration, whereby the Company receives from homebuilders a portion of profit after the builder has received an agreed-upon margin. If the project profitability falls short of the participation threshold, no additional revenue is received. In most contracts, at the time of the land sale, the estimate of profit participation, if any, is constrained, as there are significant factors outside of the Company’s control that will impact whether participation thresholds will be met. In addition, some residential homesite sale agreements contain a provision requiring the homebuilder to pay a marketing fee per residence sold, as a percentage of the home sale price. Such fees are estimated as a variable form of consideration and the amount the Company expects to be entitled to receive from the homebuilder is recognized as revenue at the time of land sale. Since payment for variable consideration is received in future periods, but the Company has completed its performance obligation, a contract asset is recorded for contingent variable consideration, if any, included in the transaction price. At the end of each reporting period, variable consideration is reassessed to ensure changes in circumstances or constraints are appropriately reflected in the estimated transaction price. Changes in estimates of variable components of transaction prices could result in cumulative catch-up adjustments to revenue in subsequent periods. In some cases, the Company may be obligated to perform post-closing development obligations on the sold land and as a result may defer a portion of the transaction price. Management Services — related party —Revenues from management services are recognized as the customer consumes the benefits of the performance obligation satisfied over time. The transaction price pertaining to management services revenue may be comprised of fixed and variable components. In some of its development management agreements, the Company receives compensation equal to the actual general and administrative costs incurred by the Company as it performs services. In these circumstances, the Company acts as the principal and recognizes management fee revenues on these reimbursements in the same period that these costs are incurred because the amount to which the Company has the right to invoice corresponds directly with the value consumed by the customer for the Company’s performance to date. The Company’s management agreements may also contain incentive compensation fee provisions contingent on the financial performance of a customer. In making estimates of incentive compensation the Company expects to be entitled to receive in exchange for providing management services, significant assumptions and judgments are made in evaluating the factors that may determine the amount of consideration the Company will ultimately receive. Cash flow projections of the project being developed are typically utilized in making such estimates. These cash flows are significantly affected by estimates and assumptions related to market supply and demand, the local economy, projected pace of sales of homesites, pricing and price appreciation over the estimated selling period, the length of the estimated development and selling periods, remaining development, general and administrative costs, the expected contract period, and other factors. The Company includes in the transaction price an estimate of incentive compensation only to the extent that a significant reversal of revenue is not probable. Incentive compensation revenue from management services is recognized evenly over the expected contract term, as the performance obligation is satisfied. When changes in estimates and assumptions occur, the estimate of the amount of incentive compensation the Company expects to be entitled to receive and constraints on the estimate may change, resulting in a cumulative catch-up being recorded in the period of the change. A contract asset is recognized when there is a timing difference between recognition of revenue upon satisfaction of performance obligations and revenues becoming billable. Operating properties —Included in operating properties revenues in the consolidated statements of operations are revenues from the Company’s agriculture, energy and other miscellaneous operations. Agriculture crop and energy revenues are recognized at a point in time when control is transferred to the customer. Agriculture and other leasing revenue is recognized in accordance with applicable lease accounting guidance. Impairment of assets —Long-lived assets, including inventory and the Company’s intangible asset, are reviewed for impairment when events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable. Impairment indicators for long-lived inventory assets include, but are not limited to, significant increases in horizontal development costs, significant decreases in the pace and pricing of home sales within the Company’s communities and surrounding areas and political and societal events that may negatively affect the local economy. For operating properties, impairment indicators may include significant increases in operating costs, decreased utilization, and continued net operating losses. If indicators of impairment exist, and the undiscounted cash flows expected to be generated by a long-lived asset are less than its carrying amount, an impairment charge is recorded to write down the carrying amount of such long-lived asset to its estimated fair value. The Company generally estimates the fair value of its long-lived assets using a discounted cash flow model or sales comparison approach of the underlying property or a combination thereof. The Company’s projected cash flows for each long-lived inventory asset are significantly affected by estimates and assumptions related to market supply and demand, the local economy, projected pace of sales of homesites, pricing and price appreciation over the estimated selling period, the length of the estimated development and selling periods, remaining development costs, and other factors. For operating properties, the Company’s projected cash flows also include estimates and assumptions about the use and eventual disposition of such properties, including utilization, capital expenditures, operating expenses, and the amount of proceeds to be realized upon eventual disposition of such properties. In determining these estimates and assumptions, the Company utilizes historical trends from past development projects of the Company in addition to internal and external market studies and trends, which generally include, but are not limited to, statistics on population demographics and unemployment rates. Using all available information, the Company calculates its estimate of projected cash flows for each asset. While many of the estimates are calculated based on historical and projected trends, all estimates are subjective and change as market and economic conditions change. The determination of fair value also requires discounting the estimated cash flows at a rate the Company believes a market participant would determine to be commensurate with the inherent risks associated with the asset and related estimated cash flow streams. The discount rate used in determining each asset’s fair value generally depends on the asset’s projected life and development stage. Share-based payments — Share-based payments are recognized on a straight-line basis over the service period in the statement of operations based on measurement date fair values. Forfeitures, if any, are accounted for in the period when they occur. Cash and cash equivalents —Included in cash and cash equivalents are short-term investments that have original maturity dates of three months or less. The carrying amount approximates fair value due to the short-term nature of these investments. Restricted cash and certificates of deposit —Restricted cash and certificates of deposit consist of cash, cash equivalents, and certificates of deposit held as collateral on open letters of credit related to development obligations or because of other legal obligations of the Company that require the restriction. Properties and equipment —Properties and equipment primarily relate to the Company’s agriculture operating properties’ businesses and are recorded at cost. Properties and equipment, other than agriculture land, are depreciated over their estimated useful lives using the straight-line method. At the time properties and equipment are disposed of, the asset and related accumulated depreciation, if any, are removed from the accounts, and any resulting gain or loss is credited or charged to earnings. The estimated useful life for land improvements and buildings is 10 to 40 years while the estimated useful life for furniture, fixtures, and equipment is two Investments in unconsolidated entities —For investments in entities that the Company does not control, but exercises significant influence, the Company uses the equity method of accounting. The Company’s judgment with regard to its level of influence or control of an entity involves consideration of various factors including the form of its ownership interest, its representation in the entity’s governance, its ability to participate in policy-making decisions, and the rights of other investors to participate in the decision-making process to replace the Company as manager or to liquidate the entity. Investments accounted for under the equity method of accounting are recorded at cost and adjusted for the Company’s share in the earnings (losses) of the venture, impairments and cash contributions and distributions. Any difference between the carrying amount of the equity method investment on the Company’s balance sheet and the underlying equity in net assets on the entity’s balance sheet results in a basis difference which is adjusted as the related underlying assets are depreciated, amortized, or sold and the liabilities are settled. The Company’s interests in Heritage Fields LLC (the “Great Park Venture”), Five Point Office Venture Holdings I, LLC (the “Gateway Commercial Venture”) and FP-HS Lot Option Joint Venture - Valencia, LLC (the “Valencia Landbank Venture”) were accounted for using the equity method for all years presented in the accompanying consolidated financial statements. The Company eliminates a portion of intra-entity profits resulting from land sales between the Company and its unconsolidated entities until the assets are sold to a third-party. Cumulative distributions from unconsolidated entities are treated as returns on investment to the extent of the Company's share of cumulative earnings from the investment and included in the Company's consolidated statements of cash flows as cash flow from operating activities. Cumulative distributions in excess of the Company's share of cumulative earnings are treated as returns of investment and included in the Company's consolidated statements of cash flows as cash flows from investing activities. The Company evaluates the recoverability of its investment in unconsolidated entities by first reviewing each investment for any indicators of impairment. If indicators are present, the Company estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management makes an assessment of whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) the Company’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is “other-than-temporary,” the Company reduces the investment to its estimated fair value. During the year ended December 31, 2020, the Company recognized an other-than-temporary impairment charge of $26.9 million related to the Company’s investment in Great Park Venture (see Note 4). No other-than-temporary impairments were identified during the years ended December 31, 2021 or 2019. Inventories —Inventories primarily include land held for development and sale. Inventories are stated at cost, less reimbursements, unless the inventory within a community is determined to be impaired, in which case the impaired inventory would be written down to fair market value. Capitalized direct and indirect inventory costs include land, land in which the Company has the rights to receive in accordance with a disposition and development agreement, horizontal development costs, real estate taxes, and interest related to financing development and construction. During the years ended December 31, 2021, 2020 and 2019, the Company incurred interest expense, including amortization of debt issuance costs, all of which was capitalized into inventories, of $54.5 million, $55.2 million and $49.7 million, respectively. Horizontal development costs can be further broken down to costs incurred to entitle and permit the land for its intended use; costs incurred for infrastructure projects, such as public schools, utilities, roads, and bridges; and site costs, such as grading and amenities, to bring the land to a saleable state. Certain public infrastructure project costs incurred by the Company are eligible for reimbursement, typically, from the proceeds of Community Facilities District (“CFD”) bond debt, state and federal grants or property tax assessments. Costs that cannot be clearly associated with the acquisition, development, and construction of a real estate project and selling expenses are expensed as incurred. Selling and advertising costs were $9.3 million, $3.3 million and $1.7 million during the years ended December 31, 2021, 2020 and 2019, respectively. Capitalized inventory costs that are allocated to individual parcels within a project are allocated to the parcels benefited using relative sales value. Under the relative sales value method, each parcel sold in the project under development is allocated costs incurred and estimates of future inventory costs in proportion to the sales price of the sold parcel relative to the estimated overall sales prices of the project. Since this method requires the Company to estimate future development costs and the expected sales price for future land sales, the profit margin on subsequent parcels sold will be affected by both changes in the estimated total revenues, as well as any changes in the estimated total cost of the project. Intangible Asset —The Company records intangible asset amortization expense over the expected contract period based on the pattern in which the Company expects to recognize the economic benefits from the intangible asset. Receivables —The Company evaluates the carrying value of receivables, which includes receivables from related parties, at each reporting date to determine the need for an allowance of expected credit loss. At December 31, 2021 and 2020, there was no material allowance for credit loss. Leases —Under ASC Topic 842, Leases , the Company determines at contract inception if an arrangement contains a lease. If the contract contains a lease, the Company determines the classification of such lease. The Company has elected the practical expedient to not separate lease and nonlease components for both lessee and lessor arrangements. For operating leases with an expected term greater than one year in which the Company is the lessee, operating right of use (“ROU”) assets and operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. When the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is derived from assessment of the credit quality of the Company and adjusted to reflect secured borrowing, estimated yield curves and long-term spread adjustments over appropriate tenors. The Company only includes renewal options in the lease term when it is reasonably certain that it will exercise such options. The Company excludes the recognition of short-term leases on the balance sheet and lease payments for short term leases are recognized as an expense in the consolidated statements of operations on a straight-line basis over the lease term. Fair value measurements —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 In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Contingent consideration assumed in a business combination is remeasured at fair value each reporting period until the contingency is resolved and any change in the fair value from either the passage of time or events occurring after the acquisition date, is recorded in results from operations. Income taxes —The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”), which requires an asset and liability approach for measuring deferred taxes based on temporary differences between the financial statements and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for the years in which taxes are expected to be paid or recovered. The Holding Company has elected to be treated as a corporation for U.S. federal, state, and local tax purposes and determines the provision or benefit for income taxes on an interim basis using an estimate of its annual effective tax rate and the impact of specific events as they occur. The Company’s estimate of the Holding Company’s annual effective tax rate is subject to change based on changes in federal and state tax laws and regulations, the Holding Company’s ownership interest in the Operating Company and the Operating Company’s ownership in the San Francisco Venture, and the Company’s assessment of its deferred tax asset valuation allowance. Cumulative adjustments are made in interim periods in which the Company identifies a change in its estimate of the amount of future tax benefit when it is more likely than not that some portion of the deferred tax assets will not be realized. Among other things, the nature, frequency and severity of prior cumulative losses, forecasts of future taxable income, the duration of statutory carryforward periods, the Company’s utilization experience with operating loss and tax credit carryforwards and tax planning alternatives are considered and evaluated when assessing the need for a valuation allowance. Any increase or decrease in a valuation allowance could have a material adverse effect or beneficial effect on the Holding Company’s income tax provision and net income or loss in the period the determination is made. The Holding Company recognizes interest or penalties related to income tax matters in income tax expense. Miscellaneous other income —Miscellaneous other income consisted of the following (in thousands): Year Ended December 31, 2021 2020 2019 Net periodic pension benefit $ 290 $ 356 $ 35 Other 1,382 — 13 Other—related party 2,048 — — Total miscellaneous other income $ 3,720 $ 356 $ 48 Recently adopted accounting pronouncements —Although there have been several new accounting pronouncements recently issued by the Financial Accounting Standards Board that the Company has adopted or will adopt, the Company does not believe any of these accounting pronouncements had or will have a material impact on the Company’s consolidated financial statements or disclosures.

REVENUES

REVENUES	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES The following tables present the Company’s consolidated revenues disaggregated by revenue source and reporting segment (see Note 15) (in thousands): Year Ended December 31, 2021 Valencia San Francisco Great Park (1) Commercial (1) Total Land sales and land sales—related party $ 182,786 $ — $ — $ — $ 182,786 Management services—related party — — 38,675 406 39,081 Operating properties 785 — — — 785 183,571 — 38,675 406 222,652 Operating properties leasing revenues 1,194 548 — — 1,742 $ 184,765 $ 548 $ 38,675 $ 406 $ 224,394 Year Ended December 31, 2020 Valencia San Francisco Great Park (1) Commercial (1) Total Land sales and land sales—related party $ 122,617 $ — $ — $ — $ 122,617 Management services—related party — 835 26,900 397 28,132 Operating properties 994 595 — — 1,589 123,611 1,430 26,900 397 152,338 Operating properties leasing revenues 1,281 — — — 1,281 $ 124,892 $ 1,430 $ 26,900 $ 397 $ 153,619 Year Ended December 31, 2019 Valencia San Francisco Great Park (1) Commercial (1) Total Land sales and land sales—related party $ 140,058 $ 885 $ — $ — $ 140,943 Management services—related party — 2,385 36,873 322 39,580 Operating properties 1,642 725 — — 2,367 141,700 3,995 36,873 322 182,890 Operating properties leasing revenues 1,490 — — — 1,490 $ 143,190 $ 3,995 $ 36,873 $ 322 $ 184,380 (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 15). The Company, through Five Point Communities, LP (“FP LP”), and Five Point Communities Management, Inc., (“FP Inc.” and together with FP LP, the “Management Company”), has a development management agreement, as amended and restated (“A&R DMA”), with the Great Park Venture. The A&R DMA had an original term commencing on December 29, 2010 and ending on December 31, 2021 (the “Initial Term”). By mutual agreement, the Initial Term has been extended through April 30, 2022 while the terms of renewal are being discussed. In addition to a fixed base fee and variable cost reimbursements, the Initial Term of the A&R DMA included incentive compensation that becomes payable in connection with and as a percentage of distributions made to the members of the Great Park Venture, including distributions made in periods after the Initial Term. Consideration in the form of contingent incentive compensation from the A&R DMA was recognized as revenue and a contract asset as services were provided over the contract term. During the year ended December 31, 2021, the Great Park Venture made distributions to its members that resulted in the Company receiving incentive compensation payments of $21.3 million (see Note 9). Due to the contingencies associated with estimating the amount of incentive compensation that ultimately will become payable for services provided through the Initial Term, the Company has constrained, under the guidance of ASC Topic 606, its estimate of incentive compensation revenues such that the Company believes that a significant reversal of revenues is not probable of occurring. As the contingencies are resolved and incentive compensation payments are made in future periods, the Company may record adjustments to revenue to reflect changes in the Company’s estimate of incentive compensation expected to be received. Significant judgment is involved in management’s estimate of the amount of variable consideration included in the transaction price. In making this estimate, management utilizes projected cash flows of the operations of the Great Park Venture. These cash flows are significantly affected by estimates and assumptions related to market supply and demand, the local economy, projected pace of sales of homesites, pricing and price appreciation over the estimated selling period, the length of the estimated development and selling periods, remaining development, general, and administrative costs, the expected contract period, and other factors. Contract balances are recorded on the consolidated balance sheet in either related party assets or other assets for receivables from customers and contract assets (unbilled receivables) depending on whether the customer is a related party. Similarly, contract liabilities (deferred revenue) are included in accounts payable and other liabilities or related party liabilities. The opening and closing balances of the Company’s contract assets for the year ended December 31, 2021 were $85.1 million ($78.1 million related party, see Note 9) and $87.6 million ($79.1 million related party, see Note 9), respectively. The increase of $2.5 million 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 for the performance of management services in the period. Offsetting the timing difference was a reduction of $21.3 million from the receipt of incentive compensation payments from the Great Park Venture. The opening and closing balances of the Company’s contract assets for the year ended December 31, 2020 were $73.0 million ($68.1 million related party) and $85.1 million ($78.1 million related party, see Note 9), respectively. The increase of $12.1 million between the opening and closing balances of the Company’s contract assets primarily result from a timing difference between the Company’s recognition of revenue earned for the performance of management services and no contractual payments due from the customer during the period. The opening and closing balances of the Company’s other receivables from contracts with customers and contract liabilities for the years ended December 31, 2021 and 2020 were insignificant. The Company applies the disclosure exemptions associated with remaining performance obligations for contracts with an original expected term of one year or less, contracts for which revenue is recognized in proportion to the amount of services performed and variable consideration that is allocated to wholly unsatisfied performance obligations for services that form part of a series of services.

INVESTMENT IN UNCONSOLIDATED EN

INVESTMENT IN UNCONSOLIDATED ENTITIES	12 Months Ended
	Dec. 31, 2021
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 December 31, 2021. Legacy Interest holders were entitled to receive priority distributions in an aggregate amount equal to $476.0 million and up to an additional $89.0 million from participation in subsequent distributions of cash depending on the performance of the Great Park Venture. The holders of the Percentage Interests will receive all other distributions. During the year ended December 31, 2021, the Great Park Venture made aggregate distributions of $51.0 million to holders of Legacy Interests and $204.3 million to holders of Percentage Interests. The Company received $76.6 million for its 37.5% Percentage Interest. With the distributions to the holders of Legacy Interests during the year ended December 31, 2021, the Great Park Venture fully satisfied the $476.0 million priority distribution rights and reduced the remaining maximum participating Legacy Interest distribution rights to $82.7 million. 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, manages the planning, development and sale of 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. The carrying value of the Company’s investment in the Great Park Venture, acquired through a series of acquisitions in May 2016 (the “Formation Transactions”), 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 year ended December 31, 2021, the Great Park Venture recognized $62.8 million in land sale revenues to related parties of the Company and $346.8 million in land sale revenues to third parties. Land sale revenues to third parties included $236.6 million in revenues from 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. Land sales to related parties included $57.4 million in sales to an entity in which the Great Park Venture holds a 10% interest (the “Great Park Landbank Venture”). The Great Park Landbank Venture is a land banking entity that was formed in June 2021. The Great Park Venture made an initial contribution of $4.6 million for its interest and accounts for the investment under the equity method of accounting. During the year ended December 31, 2020, the Great Park Venture recognized $2.7 million in land sale revenues to related parties of the Company and $22.1 million in land sale revenues to third parties. During the year ended December 31, 2019, the Great Park Venture recognized $133.3 million in land sale revenues to a related party of the Company and $137.7 million in land sale revenues to third parties, of which $31.0 million relates to homesites sold to a land banking entity whereby a related party of the Company has retained the option to acquire these homesites in the future from the land banking entity. The following table summarizes the statements of operations of the Great Park Venture for the years ended December 31, 2021, 2020 and 2019 (in thousands): 2021 2020 2019 Land sale and related party land sale revenues $ 409,555 $ 24,827 $ 270,970 Home sale revenues 26,172 — — Cost of land sales (301,247) (15,304) (179,836) Cost of home sales (20,022) — — Other costs and expenses (57,540) (38,929) (56,248) Net income (loss) of Great Park Venture $ 56,918 $ (29,406) $ 34,886 The Company’s share of net income (loss) $ 21,344 $ (11,027) $ 13,082 Basis difference amortization (14,912) (2,073) (6,900) Other-than-temporary investment impairment — (26,851) — Equity in earnings (loss) from Great Park Venture $ 6,432 $ (39,951) $ 6,182 The following table summarizes the balance sheet data of the Great Park Venture and the Company’s investment balance as of December 31, 2021 and 2020 (in thousands): 2021 2020 Inventories $ 687,235 $ 916,127 Cash and cash equivalents 140,004 128,850 Receivable and other assets 32,550 24,449 Total assets $ 859,789 $ 1,069,426 Accounts payable and other liabilities $ 128,677 $ 139,929 Redeemable Legacy Interests 82,719 133,695 Capital (Percentage Interest) 648,393 795,802 Total liabilities and capital $ 859,789 $ 1,069,426 The Company’s share of capital in Great Park Venture $ 243,147 $ 298,426 Unamortized basis difference 78,127 93,039 The Company’s investment in the Great Park Venture $ 321,274 $ 391,465 At each reporting period, and when events and circumstances dictate, the Company evaluates its equity method investment in the Great Park Venture for impairment. This evaluation focuses on the recoverability of the carrying value based upon the discounted value of distributions the Company expects to receive from the Great Park Venture. This evaluation is performed at the investment level and is separate and apart from impairment evaluations on long-lived assets, such as the Company’s consolidated inventory balances, that focus on recoverability with undiscounted cash flows. The Company evaluates the investment as a whole and does not evaluate the underlying assets of the Great Park Venture for impairment. If the Great Park Venture records an impairment charge against its assets, the Company will recognize its share of the loss, adjusted for basis differences. During the years ended December 31, 2021, 2020 and 2019, the Great Park Venture did not recognize any impairment losses on its long-lived assets. In March 2020, the Company determined that an other-than-temporary impairment existed for the Company’s investment in the Great Park Venture and recognized a $26.9 million impairment charge that is included in equity in earnings from unconsolidated entities on the consolidated statement of operations during the year ended December 31, 2020. Below are the most significant unobservable inputs used in the Company’s discounted cash flow model to determine the estimated fair value (level 3) of the Company’s investment in the Great Park Venture at the time the other-than-temporary impairment was recognized: Unobservable inputs Range Annual home price appreciation 0% - 7% Annual horizontal development cost appreciation 0% - 3% Average annual absorption of homesites (market rate homesites) 900 2020 home price range $640,000 - $1,300,000 Unlevered discount rate 9% Gateway Commercial Venture The Company owned a 75% interest in the Gateway Commercial Venture as of December 31, 2021. 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. Prior to May 2020, the Gateway Commercial Venture owned and operated all four buildings. In August 2020, the Gateway Commercial Venture closed on the sale of two buildings at the Five Point Gateway Campus, comprising a total of approximately 660,000 square feet of research and development space for a purchase price of $355.0 million. The sale of the buildings, which had a total carrying value of approximately $278.0 million, resulted in a gain of approximately $74.8 million, net of transaction costs. Concurrently, the Gateway Commercial Venture, using net proceeds generated from the sale, made a debt payment of $245.0 million to its lender and a distribution of $107.0 million to its members, of which approximately $80.3 million was distributed to the Company. In May 2020, the Gateway Commercial Venture closed on the sale of approximately 11 acres of land and an approximately 189,000 square foot building for a purchase price of $108.0 million. The sale of this land and building, which had a carrying value of approximately $67.5 million, resulted in a gain of approximately $37.4 million, net of transaction costs. Concurrently, the Gateway Commercial Venture, using net proceeds generated from the sale, made a debt payment of $30.0 million to its lender and a distribution of $75.0 million to its members, of which approximately $56.3 million was distributed to the Company. The Company and a subsidiary of Lennar Corporation separately lease portions of the fourth building, which remains under the ownership of the Gateway Commercial Venture, and during the years ended December 31, 2021, 2020 and 2019, the Gateway Commercial Venture recognized $8.5 million, $8.4 million and $8.3 million, respectively, in rental revenues from those leasing arrangements. The following table summarizes the statements of operations of the Gateway Commercial Venture for the years ended December 31, 2021, 2020 and 2019 (in thousands): 2021 2020 2019 Rental revenues $ 8,475 $ 24,241 $ 34,157 Rental operating and other expenses (2,424) (6,387) (7,304) Depreciation and amortization (3,938) (9,412) (15,101) Gain on asset sales, net — 112,260 — Interest expense (1,235) (8,857) (16,892) Net income (loss) of Gateway Commercial Venture $ 878 $ 111,845 $ (5,140) Equity in earnings (loss) from Gateway Commercial Venture $ 659 $ 83,884 $ (3,855) The following table summarizes the balance sheet data of the Gateway Commercial Venture and the Company’s investment balance as of December 31, 2021 and 2020 (in thousands): 2021 2020 Real estate and related intangible assets, net $ 86,601 $ 90,276 Other assets 17,765 14,446 Total assets $ 104,366 $ 104,722 Notes payable, net $ 29,369 $ 29,381 Other liabilities, net 9,067 10,290 Members’ capital 65,930 65,051 Total liabilities and capital $ 104,366 $ 104,722 The Company’s investment in the Gateway Commercial Venture $ 49,447 $ 48,788 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 December 31, 2021, 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 Company’s 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. During the years ended December 31, 2021 and 2020, the Valencia Landbank Venture took assignment of certain purchase and sale agreements and purchased land from the Company for $42.0 million and $51.6 million, respectively, (see Note 9) while concurrently entering into option and development agreements with third-party homebuilders. When the Company sells land to the Valencia Landbank Venture, it eliminates its pro-rata share of the intra-entity profits generated from the sale through earnings (loss) from unconsolidated entities until the land is sold by the Valencia Landbank Venture to third-party homebuilders. At December 31, 2021 and 2020, the Company’s investment in the Valencia Landbank Venture was $3.8 million and $2.6 million, respectively. During the years ended December 31, 2021 and 2020, the Company recognized equity in loss of $0.9 million and $1.6 million from the Valencia Landbank Venture, respectively.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2021
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 December 31, 2021, the Holding Company and its wholly owned subsidiary owned approximately 62.9% 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 37.1% of the outstanding Class A Common Units of the Operating Company that are owned separately by affiliates of Lennar Corporation (“Lennar”), affiliates of Castlelake, LP (“Castlelake”) and an entity controlled by Emile Haddad, the Company’s Chairman Emeritus of the Board of Directors and former Chief Executive Officer (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 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 years ended December 31, 2021, 2020 and 2019, the Holding Company increased its ownership interest in the Operating Company as a result of net equity transactions related to the Company’s share-based compensation plan and exchanges of Class A Common Units of the Operating Company for Class A common shares. 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 years ended December 31, 2021 and 2020, were as follows (in thousands): Year Ended December 31, 2021 2020 Management Partner $ 2,932 $ 4,568 Other partners (excluding the Holding Company) 1,497 — Total tax distributions $ 4,429 $ 4,568 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, the entity developing the Candlestick and The San Francisco Shipyard communities, has three classes of units—Class A units, Class B units and Class C units. The Operating Company acquired a controlling interest in the San Francisco Venture in the May 2016 Formation Transactions by acquiring 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 new 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 communities 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

CONSOLIDATED VARIABLE INTEREST

CONSOLIDATED VARIABLE INTEREST ENTITY	12 Months Ended
	Dec. 31, 2021
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 tax receivable agreement (“TRA”). The Operating Company has investments in and consolidates the assets and liabilities of the San Francisco Venture, FP LP and Five Point Land, LLC (“FPL”), the entity developing Valencia (formerly known as Newhall Ranch), 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 December 31, 2021, the San Francisco Venture had total combined assets of $1.3 billion, primarily comprised of $1.27 billion of inventories and $1.1 million in related party assets and total combined liabilities of $76.9 million, including $69.5 million in related party liabilities. As of December 31, 2020, the San Francisco Venture had total combined assets of $1.2 billion, primarily comprised of $1.22 billion of inventories, $2.8 million in related party assets and total combined liabilities of $97.9 million, including $89.0 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 December 31, 2021, FP LP and FPL had combined assets of $1.0 billion, primarily comprised of $826.4 million of inventories, $51.4 million of intangibles, $82.0 million in related party assets and total combined liabilities of $94.0 million, including $85.6 million in accounts payable and other liabilities and $8.4 million in related party liabilities. As of December 31, 2020, FP LP and FPL had combined assets of $1.0 billion, primarily comprised of $767.3 million of inventories, $71.7 million of intangibles, $80.0 million in related party assets and total combined liabilities of $108.9 million, including $99.9 million in accounts payable and other liabilities and $9.0 million in related party liabilities.

PROPERTIES AND EQUIPMENT, NET

PROPERTIES AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
PROPERTIES AND EQUIPMENT, NET	PROPERTIES AND EQUIPMENT, NET Properties and equipment as of December 31, 2021 and 2020 consisted of the following (in thousands): 2021 2020 Agriculture operating properties and equipment $ 30,125 $ 30,117 Furniture, fixtures, and other 10,933 10,890 Total properties and equipment 41,058 41,007 Accumulated depreciation (9,592) (8,238) Properties and equipment, net $ 31,466 $ 32,769 Depreciation expense was $1.2 million, $1.3 million and $1.2 million for the years ended December 31, 2021, 2020 and 2019, respectively.

INTANGIBLE ASSET, NET _ RELATED

INTANGIBLE ASSET, NET — RELATED PARTY	12 Months Ended
	Dec. 31, 2021
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 acquired in the Formation Transactions (see Note 9). 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 December 31, 2021 and 2020 were as follows (in thousands): 2021 2020 Gross carrying amount $ 129,705 $ 129,705 Accumulated amortization (78,300) (57,958) Net book value $ 51,405 $ 71,747

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Related party assets and liabilities included in the Company’s consolidated balance sheets as of December 31, 2021 and 2020 consisted of the following (in thousands): 2021 2020 Related Party Assets: Contract assets (see Note 3) $ 79,082 $ 78,055 Operating lease right-of-use asset (see Note 12) 18,715 20,919 Other 4,021 4,707 $ 101,818 $ 103,681 Related Party Liabilities: Reimbursement obligation $ 69,536 $ 88,951 Payable to holders of Management Company’s Class B interests 8,365 9,000 Operating lease liability (see Note 12) 13,931 15,176 Other 4,086 22 $ 95,918 $ 113,149 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 initial term of the development management agreement with the Great Park Venture expired on December 31, 2021 but has been extended by mutual agreement of the parties through April 30, 2022 while the terms of a renewal are discussed. The compensation structure in place as per the A&R DMA’s Initial Term consists of a base fee and incentive compensation. The base fee consists of a fixed annual fee and a variable fee equal to general and administrative costs incurred by the Management Company on behalf of the Great Park Venture. Incentive compensation is characterized as “Legacy Incentive Compensation” and “Non-Legacy Incentive Compensation.” Legacy Incentive Compensation consists of a maximum of $9.0 million of incentive compensation payments attributed to contingent payments made under a cash flow participation agreement to which the Great Park Venture is a party. Holders of the Management Company’s Class B interests are entitled to receive all distributions from the Management Company that are attributable to any Legacy Incentive Compensation received by the Management Company. Non-Legacy Incentive Compensation is 9% of distributions available to be made by the Great Park Venture to holders of Percentage Interests of the Great Park Venture (see Note 4). During the year ended December 31, 2021, the Great Park Venture made a Legacy Incentive Compensation payment to the Company of $0.6 million and a Non-Legacy Incentive Compensation payment of $20.7 million. Upon receiving the Legacy Incentive Compensation payment, the Company distributed the $0.6 million in proceeds to the holders of the Management Company's Class B interests. For the years ended December 31, 2021, 2020 and 2019, the Company recognized revenue from management services of $38.7 million, $26.9 million and $36.9 million, respectively, related to all management fees under the A&R DMA, and such revenues are included in management services—related party in the accompanying consolidated statements of operations and are included in the Great Park segment. At December 31, 2021 and 2020, included in contract assets in the table above is $74.3 million and $74.8 million, respectively, attributed to Legacy and Non-Legacy Incentive Compensation revenue recognized but not yet due (see Note 3). At December 31, 2021 and 2020, the Company had a receivable from the Great Park Venture of $2.9 million and $3.1 million, respectively, related to cost reimbursements under the A&R DMA. The receivable amounts are included in other related party assets in the table above. Operating Lease Right-of-Use Asset and Operating Lease Liability The Company leases corporate office space in the building owned by the Gateway Commercial Venture at the Five Point Gateway Campus (See note 12). Indirect Legacy Interest in Great Park Venture In 2018, the Company purchased an indirect interest in rights to certain Legacy Interests in the Great Park Venture through an equity method investment. At December 31, 2020, the carrying value of the purchased interests was $0.1 million and is included in other related party assets in the table above. During the year ended December 31, 2021, the Company received a cash distribution of $1.0 million which was in excess of the carrying value of the interests resulting in a miscellaneous other—related party gain of $978 thousand. After receiving the distribution, the Company’s indirect Legacy Interest had no carrying value and has no additional distribution rights in the Great Park Venture. Reimbursement Obligation Prior to the Company’s acquisition of the San Francisco Venture, the San Francisco Venture completed a separation transaction (the “Separation Transaction”) pursuant to an Amended and Restated Separation and Distribution Agreement (“Separation Agreement”) in which the equity interests in a subsidiary of the San Francisco Venture known as CPHP Development, LLC (“CPHP”) were distributed directly to the Class A members of the San Francisco Venture: (i) an affiliate of Lennar and (ii) an affiliate of Castlelake. The San Francisco Venture has entered into reimbursement agreements for which it has agreed to reimburse CPHP or its subsidiaries for a portion of the EB-5 loan liabilities and related interest that were assumed by CPHP or its subsidiaries pursuant to the Separation Agreement. At December 31, 2021 and 2020, the balance of the reimbursement obligation to CPHP or its subsidiaries was $69.5 million and $89.0 million, respectively. Interest paid monthly totaled $3.4 million, $4.1 million and $4.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. All of the incurred interest for the years ended December 31, 2021, 2020 and 2019 was capitalized into inventories. The weighted average interest rate as of December 31, 2021 was 4.5%. Throughout 2021, the Company was notified by CPHP or its affiliates that certain reimbursements that were previously expected to be paid in 2021 had been deferred to subsequent years. These deferred amounts continue to incur interest at the original interest rate. Principal payments of $56.3 million, $0.6 million and $12.6 million are expected to be paid in 2022, 2023, and 2025, respectively, however, additional deferral notices may further extend the expected payment dates. Employment Transition Agreement and Advisory Agreement with Emile Haddad On August 23, 2021, the Company and the Company’s then Chairman, Chief Executive Officer and President, Emile Haddad, entered into an employment transition agreement and an advisory agreement pursuant to which, effective as of September 30, 2021 (the “Transition Date”), Mr. Haddad stepped down from his roles as Chairman, Chief Executive Officer and President and transitioned to a senior advisor to the Company. Mr. Haddad will remain a member of the Board of Directors, and as the Company’s founder, the Board elected him as Chairman Emeritus. Under the terms of the employment transition agreement, Mr. Haddad received his regular compensation through the Transition Date. The employment transition agreement also provides that Mr. Haddad will be paid a pro-rated 2021 annual cash bonus of $3.8 million for services he provided as an employee of the Company through September 30, 2021. The bonus was paid in early 2022. Additionally, Mr. Haddad was granted 396,825 restricted share awards that vest in three equal amounts on January 15, 2022, January 15, 2023 and January 15, 2024, subject to his continued service to the Company as a senior advisor. All compensation expense to Mr. Haddad for the year ended December 31, 2021 is included in selling, general and administrative expenses on the accompanying condensed consolidated statement of operations. At December 31, 2021, included in other related party liabilities in the table above is the $3.8 million cash bonus due to Mr. Haddad. The advisory agreement has an initial term of three years. Mr. Haddad will receive an annual retainer of $5.0 million, and his existing unvested equity awards will continue to vest in accordance with their terms, subject to continued service as an advisor and/or member of the Board. In the event of an involuntary termination of the advisory agreement by the Company other than for cause, by Mr. Haddad for good reason, following Mr. Haddad’s death or disability, or upon a change in control of the Company, Mr. Haddad will remain eligible to receive the remaining payments under the advisory agreement for its then-current term (or, in the case of death or disability, for a period of 12 months (but in no event beyond the then-current term)), and his equity awards will accelerate (or remain eligible to vest, in the case of his performance-based equity awards). Valencia Purchase and Sale Agreements In 2021, the Company sold 123 homesites on approximately 13 acres to the Valencia Landbank Venture (see Note 4). Initial gross proceeds were $42.0 million, representing the base purchase price. The Company also recognized $1.2 million in the transaction price as an estimate of the amount of variable consideration from marketing fees that the Company expects to be entitled to receive. In 2020, the Company sold 210 homesites on approximately 26 acres to the Valencia Landbank Venture. Initial gross proceeds were $51.6 million, representing the base purchase price. The Company also recognized $1.6 million in the transaction price as an estimate of the amount of variable consideration from marketing fees that the Company expects to be entitled to receive. The Valencia Landbank Venture has entered into option and development agreements with homebuilders in which unaffiliated homebuilders will purchase lots from the Valencia Landbank Venture and construct and sell homes to the homebuying public. In 2021, the Company entered into a purchase and sale agreement with an unaffiliated land banking entity for the sale of 328 homesites on approximately 26 acres. Initial gross proceeds were $74.0 million, representing the base purchase price, and the Company also recognized $2.5 million in the transaction price as an estimate of the amount of variable consideration from marketing fees that the Company expects to be entitled to receive. A related party of the Company retained the option to acquire these homesites in the future from the unaffiliated land banking entity. In 2019, the Company entered into a purchase and sale agreement with an unaffiliated land banking entity for the sale of 711 homesites on approximately 59 acres. Initial gross proceeds were $135.2 million, representing the base purchase price, and the Company also recognized $4.7 million in the transaction price as an estimate of the amount of variable consideration from marketing fees that the Company expects to be entitled to receive. A related party of the Company retained the option to acquire these homesites in the future from the unaffiliated land banking entity. Gateway Commercial Venture Property Management Agreement The Company has entered into a property management agreement with Gateway Commercial Venture in which the Company will provide certain property management services to the Five Point Gateway Campus. For the years ended December 31, 2021, 2020, and 2019, the Company recognized revenue from these management services of $0.4 million, $0.4 million and $0.3 million, respectively, which is included in management services—related party in the accompanying consolidated statements of operations. San Francisco Bay Area Development Management Agreements The Company previously entered into development management agreements with affiliates of Lennar and Castlelake in which the Company provided certain development management services to various real estate development projects located in the San Francisco Bay Area. For the years ended December 31, 2020 and 2019, the Company recognized revenue from these management services of $0.8 million and $2.4 million, respectively. Revenues related to management fees under the San Francisco Bay Area development management agreements are included in management services—related party in the accompanying consolidated statements of operations. As of December 31, 2020, all development management agreements had been terminated. Retail Project and Contingent Consideration to Class A Members of the San Francisco Venture In early 2019, the Company and the members of a joint venture, formed between affiliates of The Macerich Company, Lennar and Castlelake (“Mall Venture”), that intended to construct a retail outlet shopping district at Candlestick (“Retail Project”) decided not to proceed with the project. As part of the termination of the Retail Project, the San Francisco Venture was released from its obligation to convey parcels of property (the “Retail Project Property”) on which the Retail Project was intended to be developed and from certain development obligations. As a result of terminating the project and agreements related thereto, the San Francisco Venture recognized a gain of $64.9 million for the year ended December 31, 2019, representing the settlement of the contingent consideration pertaining to the development obligations and relief from the conveyance of these parcels. Concurrent with the termination of the Retail Project, the San Francisco Venture issued 436,498 Class A units (and the Holding Company issued 436,498 of its Class B common shares) to, and received a contribution of $5.5 million from, the holders of Class A units of the San Francisco Venture.

NOTES PAYABLE, NET

NOTES PAYABLE, NET	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
NOTES PAYABLE, NET	NOTES PAYABLE, NET At December 31, 2021 and 2020, notes payable consisted of the following (in thousands): 2021 2020 7.875% Senior Notes due 2025 $ 625,000 $ 625,000 Unamortized debt issuance costs and discount (5,884) (7,419) $ 619,116 $ 617,581 Senior Notes In November 2017, the Operating Company and Five Point Capital Corp., a directly wholly owned subsidiary of the Operating Company (the “Co-Issuer” and, together with the Operating Company, the “Issuers”), offered, sold and issued $500.0 million aggregate principal amount of 7.875% unsecured senior notes due November 15, 2025 at 100% of par (the “Original Notes”). Proceeds from the offering, after underwriting fees and offering expenses were $490.7 million. In July 2019, the Issuers offered, sold and issued $125.0 million aggregate principal amount of 7.875% unsecured senior notes as a further issuance of the Original Notes (the “Add-On Notes”). The terms of the Add-On Notes are identical to the Original Notes (the Add-On Notes and, together with the Original Notes, the “Senior Notes”). The Add-On Notes were issued at par plus pre-issuance interest that had accrued from May 15, 2019 to the issuance date. Proceeds from the offering of the Add-On Notes, after underwriting fees and offering expenses and excluding pre-issuance accrued interest was $122.8 million. Interest on the Senior Notes is payable on May 15 and November 15 of each year. Interest incurred, including amortization of debt issuance costs, on the Senior Notes during the years ended December 31, 2021, 2020 and 2019 totaled $50.8 million, $50.8 million, and $45.0 million, respectively. All interest incurred was capitalized to inventories for all three years. The Senior Notes are guaranteed, jointly and severally, by certain direct and indirect subsidiaries of the Operating Company and are redeemable at the option of the Issuers, in whole or in part, at a declining call premium as set forth in the indenture governing the Senior Notes, plus accrued and unpaid interest. Revolving Credit Facility In April 2021, the Operating Company entered into the third amendment to its $125.0 million unsecured revolving credit facility which, among other things, (i) extended the maturity date of the revolving credit facility from April 2022 to 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 and (ii) amended the revolving credit facility to include customary provisions to provide for the eventual replacement of LIBOR as a benchmark interest rate. Any borrowings under the revolving credit facility continue to bear interest at LIBOR plus a margin ranging from 1.75% to 2.00% based on the Company’s leverage ratio. The aggregate commitment remains at $125.0 million, with an accordion feature that allows the Operating Company to request to increase the maximum aggregate amount by up to $50.0 million to $175.0 million, subject to certain conditions, including receipt of commitments. As of December 31, 2021, no funds have been drawn on the revolving credit facility. However, letters of credit of $0.3 million were issued and outstanding under the revolving credit facility, thus reducing the available capacity to $124.7 million.

TAX RECEIVABLE AGREEMENT

TAX RECEIVABLE AGREEMENT	12 Months Ended
	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
TAX RECEIVABLE AGREEMENT	TAX RECEIVABLE AGREEMENTThe 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”). The TRA provides for payment by the Company to the TRA Parties or their successors of 85% of the amount of cash savings, if any, in income tax the Company realizes as a result of: (a) Increases in the Company’s tax basis attributable to exchanges of Class A Common Units of the Operating Company for Class A common shares of the Company or cash or certain other taxable acquisitions of equity interests by the Operating Company. The Company expects that basis adjustments resulting from these transactions, if they occur, are likely to reduce the amount of income tax the Company would otherwise be required to pay in the future. (b) Allocations that result from the application of the principles of Section 704(c) of the Internal Revenue Code of 1986, as amended (the “Code”). Section 704(c) of the Code, and the U.S. Treasury regulations promulgated thereunder, require that items of income, gain, loss and deduction that are attributable to the Operating Company’s directly and indirectly held property, including property contributed to the Operating Company pursuant to the Formation Transactions and the property held by the Operating Company prior to the Formation Transactions, must be allocated among the members of the Operating Company to take into account the difference between the fair market value and the adjusted tax basis of such assets on May 2, 2016. As a result, the Operating Company will be required to make certain special allocations of its items of income, gain, loss and deduction that are attributable to such assets. The Company expects these allocations, like the increases in tax basis described above, are likely to reduce the amount of income tax the Company would otherwise be required to pay in the future. (c) Tax benefits related to imputed interest or guaranteed payments deemed to be paid or incurred by the Company as a result of the TRA. At December 31, 2021 and 2020, the Company’s consolidated balance sheets include liabilities of $174.1 million and $173.2 million, respectively, for payments expected to be made under certain components of the TRA which the Company deems to be probable and estimable. Management deems a TRA payment related to the benefits expected to be received by the Company under the application of Section 704(c) of the Code to be probable and estimable when an event occurs that results in the Company measuring the Operating Company’s direct or indirectly held property at fair value in the Company’s consolidated balance sheet or the sale of such property at fair value. Either of these activities are indicators that the difference between the fair market value of the property and the adjusted tax basis has been or will be realized, resulting in special allocations of income, gain, loss or deduction that are likely to reduce the amount of income taxes that the Company would otherwise pay. The Company may record additional TRA liabilities related to properties not currently held at fair value when those properties are recognized or realized at fair value. Changes in the Company’s estimates of the utilization of its deferred tax attributes and tax rates in effect may also result in subsequent changes to the amount of TRA liabilities recorded. The term of the TRA will continue until all such tax benefits under the agreement have been utilized or expired, unless the Company exercises its right, subject to certain conditions of the agreement, to terminate the TRA for an amount based on an agreed value of payments remaining to be made under the agreement. No TRA payments were made during the years ended December 31, 2021, 2020 and 2019.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
LEASES	LEASES The Company’s lessee arrangements consist of agreements to lease certain office facilities and equipment and the Company’s lessor arrangements consist of leases of portions of land to third parties for agriculture or other miscellaneous uses. The Company’s agricultural land lease agreements are generally short-term in nature. As of December 31, 2021, all leasing arrangements are classified as operating leases and do not contain residual value guarantees or material restrictions. The Company’s office leases have remaining lease terms of approximately two years to seven years and include one or more extension options to renew, some of which include options to extend the leases for up to ten years. The Company only includes renewal options in the lease term when it is reasonably certain that it will exercise such options. The components of lease costs were as follows for the years ended December 31, 2021, 2020 and 2019 (in thousands): 2021 2020 2019 Operating lease cost $ 2,371 $ 2,146 $ 2,498 Related party operating lease cost 3,154 3,154 3,144 Short-term lease cost 501 551 527 Supplemental balance sheet information related to leases as of December 31, 2021 and 2020 were as follows (in thousands, except lease term in years and discount rate): 2021 2020 Operating lease right-of-use assets $ 23,779 $ 28,276 Operating lease liabilities $ 20,034 $ 23,831 Weighted average remaining lease term (operating lease) 5.5 6.2 Weighted average discount rate (operating lease) 6.0% 5.9% 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 consolidated balance sheets. The table below reconciles the undiscounted cash flows to operating lease liabilities recorded on the consolidated balance sheet as of December 31, 2021 (in thousands): Years Ending December 31, Rental 2022 $ 5,331 2023 5,583 2024 2,495 2025 2,474 2026 2,545 Thereafter 5,551 Total lease payments $ 23,979 Discount $ 3,945 Total operating lease liabilities $ 20,034
LEASES	LEASES The Company’s lessee arrangements consist of agreements to lease certain office facilities and equipment and the Company’s lessor arrangements consist of leases of portions of land to third parties for agriculture or other miscellaneous uses. The Company’s agricultural land lease agreements are generally short-term in nature. As of December 31, 2021, all leasing arrangements are classified as operating leases and do not contain residual value guarantees or material restrictions. The Company’s office leases have remaining lease terms of approximately two years to seven years and include one or more extension options to renew, some of which include options to extend the leases for up to ten years. The Company only includes renewal options in the lease term when it is reasonably certain that it will exercise such options. The components of lease costs were as follows for the years ended December 31, 2021, 2020 and 2019 (in thousands): 2021 2020 2019 Operating lease cost $ 2,371 $ 2,146 $ 2,498 Related party operating lease cost 3,154 3,154 3,144 Short-term lease cost 501 551 527 Supplemental balance sheet information related to leases as of December 31, 2021 and 2020 were as follows (in thousands, except lease term in years and discount rate): 2021 2020 Operating lease right-of-use assets $ 23,779 $ 28,276 Operating lease liabilities $ 20,034 $ 23,831 Weighted average remaining lease term (operating lease) 5.5 6.2 Weighted average discount rate (operating lease) 6.0% 5.9% 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 consolidated balance sheets. The table below reconciles the undiscounted cash flows to operating lease liabilities recorded on the consolidated balance sheet as of December 31, 2021 (in thousands): Years Ending December 31, Rental 2022 $ 5,331 2023 5,583 2024 2,495 2025 2,474 2026 2,545 Thereafter 5,551 Total lease payments $ 23,979 Discount $ 3,945 Total operating lease liabilities $ 20,034

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
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 performance of the Operating Company or its subsidiaries. Valencia Project Approval Settlement In September 2017, the Company reached a settlement with key national and state environmental and Native American organizations that were petitioners (the “Settling Petitioners”) in various legal challenges to Valencia’s regulatory approvals and permits. The Holding Company has provided a guaranty to the Settling Petitioners for monetary payments due from the Company as required under the settlement. As of December 31, 2021, the remaining estimated maximum potential amount of monetary payments subject to the guaranty was $18.5 million with the final payment due in 2026. Water Purchase Agreement The Company is subject to a water purchase agreement requiring annual payments in exchange for the delivery of water for the Company’s exclusive use. The agreement has an initial 35-year term, which expires in 2039 with an option for a second 35-year term. During the year ended December 31, 2021, the Company made payments totaling $1.3 million under the agreement. The annual minimum payments for years 2022 to 2026 are $1.4 million, $1.4 million, $1.4 million, $1.5 million and $1.5 million, respectively. At December 31, 2021, the aggregate of all annual minimum payments remaining under the initial term total $32.5 million. Valencia Infrastructure Project In January 2012, the Company entered into an agreement with Los Angeles County, in which the Company would finance up to a maximum of $45.8 million for the construction costs of an interchange project that Los Angeles County is managing. The interchange project is a critical infrastructure project that will benefit Valencia. As of December 31, 2021, the Company has made aggregate payments of $37.0 million and the interchange project was completed in 2019. At both December 31, 2021 and 2020, the Company had $8.9 million included in accounts payable and other liabilities in the accompanying consolidated balance sheets, representing unreimbursed construction costs payable to Los Angeles County. 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 $279.6 million and $229.6 million as of December 31, 2021 and 2020, 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 both December 31, 2021 and 2020, 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 both December 31, 2021 and 2020, the Company had outstanding letters of credit totaling $1.3 million. These letters of credit were issued to secure various development and financial obligations. At both December 31, 2021 and 2020, 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 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. Since July 2018, a number of lawsuits have been filed in San Francisco Superior Court on behalf of homeowners in The San Francisco Shipyard, which name Tetra Tech, Lennar and the Company, among others, as defendants. The plaintiffs allege that environmental contamination issues at The San Francisco Shipyard were not properly disclosed to them before they purchased their homes. They also allege that Tetra Tech and other defendants (not including the Company) have created a nuisance at The San Francisco Shipyard under California law. They seek damages as well as certain declaratory relief. All of these cases have been removed to the U.S. District Court for the Northern District of California. The Company believes that it has meritorious defenses to the allegations in all of these cases and may have insurance and indemnification rights against third parties, including related parties, with respect to these claims. Given the preliminary nature of these claims, the Company cannot predict the outcome of these matters. 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 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 consolidated financial statements.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands): 2021 2020 2019 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest, all of which was capitalized to inventories $ 52,584 $ 53,325 $ 57,654 NONCASH INVESTING AND FINANCING ACTIVITIES: Class A common shares issued for redemption of noncontrolling interests $ — $ — $ 458 Purchase of properties and equipment in accounts payable and other liabilities $ — $ 103 $ 381 Adjustment to liability recognized under TRA $ 878 $ 615 $ 3,124 Supplemental cash flow information related to leases for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands): 2021 2020 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 5,021 $ 4,831 $ 6,306 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows for the years ended December 31, 2021, 2020 and 2019 (in thousands): 2021 2020 2019 Cash and cash equivalents $ 265,462 $ 298,144 $ 346,833 Restricted cash and certificates of deposit 1,330 1,330 1,741 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 266,792 $ 299,474 $ 348,574 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.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company’s reportable segments consist of: • Valencia (formerly Newhall)—includes the community of Valencia (formerly known as Newhall Ranch) 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 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 December 31, 2021, 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 December 31, 2021, 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: For the year ended December 31, 2021 (in thousands) Valencia San Francisco Great Park Commercial Total reportable segments Removal of Great Park Venture (1) Removal of Gateway Commercial Venture (1) Add investment in Great Park Venture Add investment in Gateway Commercial Venture Other eliminations (2) Corporate and unallocated (3) Total Consolidated Revenues $ 184,765 $ 548 $ 474,402 $ 8,881 $ 668,596 $ (435,727) $ (8,475) $ — $ — $ — $ — $ 224,394 Depreciation and amortization 82 114 21,604 3,938 25,738 (1,262) (3,938) — — — 1,028 21,566 Interest income — — 496 — 496 (496) — — — — 94 94 Interest expense — — — 1,235 1,235 — (1,235) — — — — — Segment profit (loss)/net profit (loss) 54,360 (3,572) 64,134 1,284 116,206 (56,918) (878) 6,432 659 — (52,191) 13,310 Other significant items: Segment assets 878,399 1,275,510 988,444 104,400 3,246,753 (859,789) (104,366) 321,274 49,447 (2,500) 292,091 2,942,910 Inventory assets and real estate related assets, net 826,369 1,270,455 687,234 86,601 2,870,659 (687,234) (86,601) — — — — 2,096,824 Expenditures for long-lived assets (4) 175,447 46,919 92,442 263 315,071 (92,442) (263) — — — 43 222,409 For the year ended December 31, 2020 (in thousands) Valencia San Francisco Great Park Commercial Total reportable segments Removal of Great Park Venture (1) Removal of Gateway Commercial Venture (1) Add investment in Great Park Venture Add investment in Gateway Commercial Venture Other eliminations (2) Corporate and unallocated (3) Total Consolidated Revenues $ 124,892 $ 1,430 $ 51,727 $ 24,638 $ 202,687 $ (24,827) $ (24,241) $ — $ — $ — $ — $ 153,619 Depreciation and amortization 123 247 8,603 9,412 18,385 — (9,412) — — — 915 9,888 Interest income 23 — 1,272 — 1,295 (1,272) — — — — 1,346 1,369 Interest expense — — — 8,857 8,857 — (8,857) — — — — — Segment profit (loss)/net profit (loss) 21,193 (10,355) (22,504) 112,242 100,576 29,406 (111,845) (39,951) 83,884 — (60,976) 1,094 Other significant items: Segment assets 814,913 1,231,586 1,236,217 104,722 3,387,438 (1,069,426) (104,722) 391,465 48,788 (22,121) 330,563 2,961,985 Inventory assets and real estate related assets, net 767,322 1,223,537 916,127 90,276 2,997,262 (916,127) (90,276) — — — — 1,990,859 Expenditures for long-lived assets (4) 149,789 37,406 60,529 1,139 248,863 (60,529) (1,139) — — — 1,629 188,824 For the year ended December 31, 2019 (in thousands) Valencia San Francisco Great Park Commercial Total reportable segments Removal of Great Park Venture (1) Removal of Gateway Commercial Venture (1) Add investment in Great Park Venture Add investment in Gateway Commercial Venture Other eliminations (2) Corporate and unallocated (3) Total Consolidated Revenues $ 143,190 $ 3,995 $ 307,843 $ 34,479 $ 489,507 $ (270,970) $ (34,157) $ — $ — $ — $ — $ 184,380 Depreciation and amortization 286 215 15,567 15,100 31,168 — (15,100) — — — 740 16,808 Interest income 1 — 3,489 — 3,490 (3,489) — — — — 7,843 7,844 Interest expense — — — 16,892 16,892 — (16,892) — — — — — Segment profit (loss)/net profit (loss) 25,780 49,890 44,369 (4,818) 115,221 (34,886) 5,140 6,182 (3,855) — (65,534) 22,268 Other significant items: Segment assets 748,082 1,197,081 1,356,417 473,409 3,774,989 (1,196,258) (473,398) 431,835 101,404 (8,310) 374,438 3,004,700 Inventory assets 703,587 1,186,174 870,861 451,988 3,212,610 (870,861) (451,988) — — — — 1,889,761 Expenditures for long-lived assets (4) 241,410 49,421 (9,487) 2,924 284,268 9,487 (2,924) — — — 1,808 292,639 (1) Represents the removal of the Great Park Venture and Gateway Commercial Venture operating results and balances which are included in the Great Park segment and Commercial segment operating results and balances 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) Represents intersegment balances that eliminate in consolidation. (3) Corporate and unallocated activity is primarily comprised of corporate general and administrative expenses and income taxes. Corporate and unallocated assets consist of cash and cash equivalents, receivables, ROU assets, prepaid expenses and deferred financing costs. (4) Expenditures for long-lived assets are net of inventory cost reimbursements and include noncash project accruals and capitalized interest. For the year ended December 31, 2021, Valencia’s net expenditures include $4.5 million in inventory cost reimbursements received. For the years ended December 31, 2021 and 2020, San Francisco’s net expenditures include $0.7 million and $2.2 million, respectively, and Great Park Venture’s net expenditures include $52.1 million and $9.3 million, respectively, in inventory cost reimbursements received. The Valencia Landbank Venture represented one of the Company’s major customers during the years ended December 31, 2021 and 2020, accounting for approximately $43.2 million, or 19%, and $53.2 million, or 35%, of total consolidated revenues, respectively. Two third-party home builders represented majors customer of the Company during the year ended December 31, 2021, accounting for approximately $30.3 million, or 14%, and $22.5 million, or 10%, of total consolidated revenues, respectively. A third-party home builder represented another major customer of the Company during the year ended December 31, 2020, accounting for approximately $59.1 million, or 38%, of total consolidated revenues. Revenues generated from these customers were from the sale of homesites in Valencia. An unaffiliated land banking entity that acquired homesites in Valencia in 2021 and 2019 represented one of the Company’s major customers during the years ended December 31, 2021 and 2019 and accounted for approximately $76.5 million, or 34%, and $139.9 million, or 76%, of total consolidated revenues, respectively. A related party of the Company retained the option to acquire these homesites in the future from the unaffiliated land banking entity. The Great Park Venture represented another of the Company’s major customers for the years ended December 31, 2021, 2020 and 2019, and accounted for approximately $38.7 million, or 17%, $26.9 million, or 18%, and $36.9 million, or 20%, of total consolidated revenues, respectively. These revenues represented management services revenues and were reported in the Great Park segment.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION The Company has an incentive award plan that provides for the grant of share options, restricted shares, restricted share units, performance awards (which include, but are not limited to, cash bonuses), distribution equivalent awards, deferred share awards, share payment awards, share appreciation rights, other incentive awards (which include, but are not limited to, LTIP Unit awards (as defined in the incentive award plan) and performance share awards. Employees and consultants of the Company and its subsidiaries and affiliates, as well as non-employee members of the Company’s Board of Directors, are eligible to receive awards under the incentive award plan. The incentive award plan authorized the issuance of up to 11,710,148 Class A common shares of the Holding Company. As of December 31, 2021, there were 3,324,488 remaining Class A common shares available for future issuance under the incentive award plan. Under the incentive award plan, the Company has granted restricted share units (“RSUs”) and restricted share awards either fully vested, with service conditions or with service and market performance conditions based on the market price of the Company’s Class A common shares. Awards with a service condition generally vest over a three-year period or in the case of non-employee directors over one year. Awards with a service and market performance condition generally vest at the end of a three-year period. Restricted share awards entitle the holders to non-forfeitable distributions and to vote the underlying Class A common share during the restricted period. The Company estimates the fair value of restricted share awards with a service condition based on the closing market price of the Company’s Class A common shares on the award’s grant date. Prior to the Company’s shares being publicly traded, the Company measured the fair value of RSUs and restricted share awards based on the estimated fair value of the Company’s underlying Class A common shares determined using a discounted cash flow analysis. The inputs utilized in the Company’s estimate were selected by the Company based on information available to the Company, including relevant information obtained after the measurement date, as to the assumptions that market participants would make at the measurement date. The grant date fair value of awards with a market condition are determined using a Monte-Carlo approach. During the years ended December 31, 2021, 2020 and 2019, the Company reacquired vested RSUs and restricted share awards from employees for $2.0 million, $5.5 million and $4.1 million, respectively, for the purpose of settling tax withholding obligations. 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. The following table summarizes share-based equity compensation activity for the years ended December 31, 2021, 2020 and 2019: Share-Based Awards Weighted- Nonvested at January 1, 2019 1,893 $ 15.27 Granted 1,899 $ 5.09 Forfeited (4) $ 14.83 Vested (777) $ 14.62 Nonvested at December 31, 2019 3,011 $ 9.02 Granted 677 $ 8.09 Forfeited (313) $ 6.93 Vested (1,100) $ 12.51 Nonvested at December 31, 2020 2,275 $ 7.35 Granted 1,425 $ 7.93 Forfeited (44) $ 3.00 Vested (1,016) $ 10.85 Nonvested at December 31, 2021 2,640 $ 6.38 On January 15, 2022, 644,734 restricted share awards with a service and market condition included in the table above were forfeited for no consideration as the threshold levels had not been attained. The shares had a grant date fair value of $1.47. Share-based compensation expense was $7.9 million, $11.6 million and $13.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. Share-based compensation expense is included in selling, general, and administrative expenses in the accompanying consolidated statements of operations. Approximately $9.2 million of total unrecognized compensation cost related to non-vested awards is expected to be recognized over a weighted-average period of 1.6 years from December 31, 2021. The estimated fair value at vesting of share-based awards that vested during the years ended December 31, 2021, 2020 and 2019 was $6.5 million, $8.7 million, and $5.9 million, respectively.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2021
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 Retirement Plan’s funded status and amounts recognized in the Company’s consolidated financial statements for the Retirement Plan as of and for the years ended December 31, 2021 and 2020 are as follows (in thousands): 2021 2020 Change in benefit obligation: Projected benefit obligation—beginning of year $ 22,372 $ 22,017 Interest cost 512 656 Benefits paid (2,029) (2,089) Actuarial (gain) loss (242) 1,788 Projected benefit obligation—end of year $ 20,613 $ 22,372 Change in plan assets: Fair value of plan assets—beginning of year $ 20,507 $ 19,683 Actual gain on plan assets 1,985 2,565 Employer contributions — 347 Benefits paid (2,029) (2,088) Fair value of plan assets—end of year $ 20,463 $ 20,507 Funded status $ (150) $ (1,865) Amounts recognized in the consolidated balance sheet—liability $ (150) $ (1,865) Amounts recognized in accumulated other comprehensive loss—net actuarial loss $ (3,176) $ (4,602) The accumulated benefit obligation for the Retirement Plan was $20.6 million and $22.4 million at December 31, 2021 and 2020, respectively. The components of net periodic benefit and other amounts recognized in accumulated other comprehensive loss for the years ended December 31, 2021, 2020 and 2019, are as follows (in thousands): 2021 2020 2019 Net periodic benefit: Interest cost $ 512 $ 656 $ 828 Expected return on plan assets (1,161) (1,109) (1,006) Amortization of net actuarial loss 359 97 143 Net periodic benefit (290) (356) (35) Adjustment to accumulated other comprehensive loss: Net actuarial (gain) loss (1,067) 332 (917) Amortization of net actuarial loss (359) (97) (143) Total adjustment to accumulated other comprehensive loss (1,426) 235 (1,060) Total recognized in net periodic benefit and accumulated other comprehensive loss $ (1,716) $ (121) $ (1,095) The weighted-average assumptions used to determine benefit obligations as of December 31, 2021 and 2020 were as follows: 2021 2020 Discount rate 2.75% 2.35% Rate of compensation increase N/A N/A The weighted-average assumptions used to determine net periodic expense for the years ended December 31, 2021, 2020 and 2019, were as follows: 2021 2020 2019 Discount rate 2.35% 3.15% 4.20% Rate of compensation increase N/A N/A N/A Expected long-term return on plan assets 5.86% 5.96% 6.17% To develop the long-term rate of return on assets assumption, the Company considered the current level of expected return on risk-free investments (primarily U.S. government bonds), the historical level of the risk premium associated with the other asset classes in which the portfolio is invested, and the expectations for future returns of each asset class. Plan Assets —The Company’s investment policy and strategy for the Retirement Plan is to ensure the appropriate level of diversification and risk. The asset allocation targets were approximately 50% in equity investments (Standard & Poor’s Large Cap Index Funds, Small Cap Equity, Mid Cap Equity, and International Equity) and approximately 50% in fixed-income investments (U.S. bond funds and domestic fixed income). In accordance with the policy, the Retirement Plan assets are monitored and the investments may be rebalanced quarterly. The Retirement Plan’s assets consist of pooled or collective investment funds that have more than one investor. The Retirement Plan estimates the fair value of its interest in such funds at a net asset value (“NAV”) per unit reported by the trustee. The NAV per unit is the result of accumulated values of the underlying investments held by the fund, which are valued daily. NAV is utilized by the Company to determine fair value of the plan assets as a practical expedient as of the consolidated balance sheet date. Plan assets for which fair value is measured using NAV shall not be categorized within the fair value hierarchy. The Retirement Plan’s assets may be redeemed at the NAV per unit with no restrictions. The Retirement Plan’s assets at fair value as of December 31, 2021 and 2020, are as follows (in thousands): Asset Category 2021 2020 Pooled and/or collective funds: Equity funds: Large cap $ 5,471 $ 5,767 Mid cap 2,346 2,555 Small cap 971 1,080 International 1,885 2,152 Fixed-income funds—U.S. bonds and short term 9,790 8,953 Total $ 20,463 $ 20,507 The Company’s funding policy is to contribute amounts sufficient to meet minimum requirements but not more than the maximum tax-deductible amount. The Company does not expect to have a minimum required contribution in 2022 and expects future benefit payments to be paid as follows (in thousands): 2022 $ 1,575 2023 1,395 2024 2,516 2025 2,037 2026 2,613 2027-2031 6,398 $ 16,534 Employee Savings Plan —The Company has an employee savings plan under Section 401(k) of the Internal Revenue Code, which is available to all eligible associates. Certain associate contributions may be supplemented by the Company. The Company’s contributions were $0.6 million, $0.7 million and $0.7 million for the years ended December 31, 2021, 2020 and 2019, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company accounts for income taxes in accordance with ASC 740, which requires an asset and liability approach for measuring deferred taxes based on temporary differences between the financial statements and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for the years in which taxes are expected to be paid or recovered. Upon 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. The benefit (expense) for income taxes for the years ended December 31, 2021, 2020 and 2019 was as follows (in thousands): 2021 2020 2019 Current income tax benefit (expense): Federal $ (17) $ (24) $ — State 762 (770) — Total current income tax benefit (expense) 745 (794) — Deferred income tax (expense) benefit: Federal $ (2,655) $ (379) $ (3,750) State (1,977) 530 (1,732) Total deferred income tax (expense) benefit (4,632) 151 (5,482) Decrease (increase) in valuation allowance 4,243 (1,101) 3,062 Expiration of unused loss carryforwards (31) — (25) Benefit (expense) for income taxes $ 325 $ (1,744) $ (2,445) Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant temporary differences are as follows (in thousands): 2021 2020 Deferred tax assets Net operating loss carryforward $ 140,817 $ 117,968 Tax receivable agreement 48,727 48,481 Other 1,255 1,715 Valuation allowance (16,468) (18,160) Total deferred tax assets 174,331 150,004 Deferred tax liabilities-investments in subsidiaries (187,329) (162,582) Deferred tax liability, net $ (12,998) $ (12,578) A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if based on the available evidence; it is more likely than not that such assets will not be realized. In the continual assessment of the requirement for a valuation allowance, appropriate consideration is given to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency, and severity of current and cumulative losses; forecasts of future profitability; the duration of statutory carryforward periods; the Holding Company’s experience with loss carryforwards not expiring unused; and tax-planning alternatives. The amount of the valuation allowance recorded against the deferred tax asset could be adjusted if there are changes to the positive and negative factors discussed above. At December 31, 2021, the Holding Company had federal tax effected net operating loss (“NOL”) carryforwards totaling $107.6 million, and state tax effected NOL carryforwards, net of federal income tax benefit, totaling $33.2 million. Federal NOLs incurred prior to 2018 and California NOLs may be carried forward up to 20 years to offset future taxable income and begin to expire in 2029. Federal NOLs incurred in 2018 and forward do not expire. The Internal Revenue Code generally limits the availability of NOLs if an ownership change occurs within any three-year period under Section 382. If the Holding Company were to experience an ownership change of more than 50%, the use of all NOLs (and potentially other built-in losses) would generally be subject to a limitation equal to the value of the Holding Company’s equity before the ownership change, multiplied by the long-term tax-exempt rate. The Holding Company estimates that after giving effect to various transactions by members who hold a 5% or greater interest in the Holding Company, it has not experienced an ownership change as computed in accordance with Section 382. In the event of an ownership change, the Holding Company’s use of the NOLs may be limited and not fully available for realization. With regard to the TRA (see Note 11), the Holding Company has established a liability for the payments considered probable and estimable that would be required under the TRA based upon, among other things, the book value of its assets. This liability is not currently recognized for tax purposes and will give rise to tax deductions as payments are made. Accordingly, a deferred tax asset has been reflected for the net effect of this temporary difference. A reconciliation of the statutory rate and the effective tax rate for 2021, 2020 and 2019 is as follows: 2021 2020 2019 Statutory rate 21.00 % 21.00 % 21.00 % State income taxes-net of federal income tax benefit 6.98 6.98 6.98 Pass-through to noncontrolling interests (14.55) (15.00) (14.98) Executive compensation limitation and other permanent items 14.35 5.94 8.34 Deferred tax asset valuation allowance (30.51) 42.54 (11.54) Expiration of unused loss carryforwards 0.22 — 0.09 Effective rate (2.51) % 61.46 % 9.89 % At December 31, 2021 and 2020, the Holding Company did not have any gross unrecognized tax benefits, and did not require an accrual for interest or penalties. The Holding Company files income tax returns in the U.S. federal jurisdiction and in the state of California. As a result of tax net operating losses incurred by the Holding Company for the years ended December 31, 2009 through December 31, 2020, the Holding Company is subject to U.S. federal, state, and local examinations by tax authorities for the years beginning 2009 through 2020. The Company is not currently under examination by any tax authority. The Company classifies any interest and penalties related to income taxes assessed by jurisdiction as part of income tax expense. The Company has concluded that there were no significant uncertain tax positions requiring recognition in its financial statements, nor has the Company been assessed interest or penalties by any major tax jurisdictions related to any open tax periods.

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS AND DISCLOSURES	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS AND DISCLOSURES	FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS AND DISCLOSURES 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 December 31, 2021 and 2020. 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 December 31, 2021, the estimated fair value of notes payable, net was $655.6 million compared to a carrying value of $619.1 million. At December 31, 2020, the estimated fair value of notes payable, net was $663.9 million compared to a carrying value of $617.6 million. During the years ended December 31, 2021, 2020 and 2019, the Company had no assets that were measured at fair value on a nonrecurring basis, other than a valuation adjustment to the Company's investment in the Great Park Venture during 2020 (see Note 4).

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2021
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 16) 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 to common shares were declared for the years ended December 31, 2021, 2020 and 2019. 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 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 years ended December 31, 2021, 2020 and 2019 (in thousands, except shares and per share amounts): 2021 2020 2019 Numerator: Net income (loss) attributable to the Company $ 6,568 $ (428) $ 9,033 Adjustments to net income (loss) attributable to the Company (176) 20 50 Net income (loss) attributable to common shareholders $ 6,392 $ (408) $ 9,083 Numerator — basic common shares: Net income (loss) attributable to common shareholders $ 6,392 $ (408) $ 9,083 Less: net income allocated to participating securities $ 164 $ — $ 390 Allocation of basic net income (loss) among common shareholders $ 6,228 $ (408) $ 8,693 Numerator for basic net income (loss) available to Class A common shareholders $ 6,226 $ (408) $ 8,690 Numerator for basic net income (loss) available to Class B common shareholders $ 2 $ — $ 3 Numerator — diluted common shares: Net income (loss) attributable to common shareholders $ 6,392 $ (408) $ 9,083 Reallocation of income (loss) upon assumed exchange of dilutive potential securities $ 6,645 $ (16) $ 9,501 Less: net income allocated to participating securities $ 159 $ — $ 372 Allocation of diluted net income (loss) among common shareholders $ 12,878 $ (424) $ 18,212 Numerator for diluted net income (loss) available to Class A common shareholders $ 12,876 $ (424) $ 18,209 Numerator for diluted net income (loss) available to Class B common shareholders $ 2 $ — $ 3 Denominator: Basic weighted average Class A common shares outstanding 67,394,794 66,722,187 66,261,968 Diluted weighted average Class A common shares outstanding 143,491,204 69,000,096 145,491,898 Basic and diluted weighted average Class B common shares outstanding 79,233,544 79,233,544 79,221,176 Basic earnings (loss) per share: Class A common shares $ 0.09 $ (0.01) $ 0.13 Class B common shares $ 0.00 $ (0.00) $ 0.00 Diluted earnings (loss) per share: Class A common shares $ 0.09 $ (0.01) $ 0.13 Class B common shares $ 0.00 $ (0.00) $ 0.00 Anti-dilutive potential Performance RSUs 322,366 338,813 388,155 Anti-dilutive potential Restricted Shares (weighted average) — 1,690,773 — Anti-dilutive potential Performance Restricted Shares (weighted average) — 695,154 — Anti-dilutive potential Class A common shares from exchanges (weighted average) 3,160,904 76,120,180 —

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss attributable to the Company consists of unamortized net actuarial losses for the Retirement Plan that totaled $2.0 million and $2.8 million at December 31, 2021 and 2020, net of tax benefits of $0.5 million and $0.7 million, respectively. At December 31, 2021 and 2020, the Company held a full valuation allowance related to the accumulated tax benefits, respectively. Accumulated other comprehensive loss of $1.2 million and $1.8 million is included in noncontrolling interests at December 31, 2021 and 2020, 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 $225,000, $61,000 and $89,000, net of taxes, and are included in miscellaneous other income on the accompanying consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019, respectively.

Schedule III_Real Estate and Ac

Schedule III—Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III—Real Estate and Accumulated Depreciation	SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2021 ($ in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (a) Gross Amounts at Which Carried at Close of Period (b) Description Location Encumbrances Land Buildings and Improvements Land Buildings and Improvements Land Buildings Total Accumulated Date of Date Acquired / Completed Depreciation Valencia (formerly Newhall Ranch)- Land under development Los Angeles $ — $ 111,172 $ — $ 715,197 $ — $ 826,369 $ — $ 826,369 $ — 2009 N/A Candlestick and The San Francisco Shipyard- Land under development San — 1,038,154 — 232,301 — 1,270,455 — 1,270,455 — 2016 N/A Agriculture- Operating property Los Angeles — 40,634 1,114 (13,477) 1,854 27,157 2,968 30,125 (c) 2,020 2009 (d) Total $ — $ 1,189,960 $ 1,114 $ 934,021 $ 1,854 $ 2,123,981 $ 2,968 $ 2,126,949 (e) $ 2,020 (e) (a) Costs capitalized subsequent to acquisitions are net of land sales for real estate development properties and net of disposals, transfers and impairment write-downs for operating properties. (b) The aggregate cost of land and improvements for federal income tax purposes is approximately $2.2 billion (unaudited). This basis does not reflect the Company’s deferred tax assets and liabilities as these amounts are computed based upon the Company’s outside basis in their partnership interest. (c) Included in properties and equipment, net in the consolidated balance sheet. (d) See Note 2 of the Notes to Consolidated Financial Statements for information related to depreciation. (e) Reconciliation of “Real Estate and Accumulated Depreciation”: Reconciliation of Real Estate 2021 2020 2019 (In thousands) Balance at beginning of year $ 2,020,976 $ 1,919,777 $ 1,726,059 Improvements and additions (1) 227,482 189,395 290,813 Inventory relief from real estate sold (116,393) (85,953) (96,897) Reimbursements (5,116) (2,243) (198) Balance at end of year $ 2,126,949 $ 2,020,976 $ 1,919,777 (1) Improvements and additions include noncash project accruals and capitalized interest. Reconciliation of Accumulated Depreciation 2021 2020 2019 (In thousands) Balance at beginning of year $ 1,891 $ 1,758 $ 1,587 Additions 129 133 176 Disposals — — (5) Balance at end of year $ 2,020 $ 1,891 $ 1,758

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation — The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Principles of Consolidation	Principles of consolidation—The accompanying consolidated financial statements include the accounts of the Company and the accounts of all subsidiaries in which the Company has a controlling financial interest and the accounts of variable interest entities (“VIEs”) in which the Company is deemed to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. Under the voting interest model, controlling financial interest is generally defined as a majority ownership of voting rights. A VIE is an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements, or changes in influence and control over any entity, that affect the characteristics of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis.
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.
Concentration of Risk	Concentration of risk —As of December 31, 2021, the Company’s inventories and the Company’s unconsolidated entities’ inventories and properties are all located in California. The Company is subject to risks incidental to the ownership, development, and operation of commercial and residential real estate. These include, among others, the risks normally associated with changes in the general economic climate in the communities in which the Company operates, trends in the real estate industry, availability of land for development, changes in tax laws, interest rate levels, availability of financing, and potential liability under environmental and other laws.
Noncontrolling Interests And Investments in Unconsolidated Entities	Noncontrolling interests —The Company presents noncontrolling interests and classifies such interests within capital but separate from the Company’s Class A and Class B members’ capital when the criteria for permanent equity classification has been Investments in unconsolidated entities —For investments in entities that the Company does not control, but exercises significant influence, the Company uses the equity method of accounting. The Company’s judgment with regard to its level of influence or control of an entity involves consideration of various factors including the form of its ownership interest, its representation in the entity’s governance, its ability to participate in policy-making decisions, and the rights of other investors to participate in the decision-making process to replace the Company as manager or to liquidate the entity. Investments accounted for under the equity method of accounting are recorded at cost and adjusted for the Company’s share in the earnings (losses) of the venture, impairments and cash contributions and distributions. Any difference between the carrying amount of the equity method investment on the Company’s balance sheet and the underlying equity in net assets on the entity’s balance sheet results in a basis difference which is adjusted as the related underlying assets are depreciated, amortized, or sold and the liabilities are settled. The Company’s interests in Heritage Fields LLC (the “Great Park Venture”), Five Point Office Venture Holdings I, LLC (the “Gateway Commercial Venture”) and FP-HS Lot Option Joint Venture - Valencia, LLC (the “Valencia Landbank Venture”) were accounted for using the equity method for all years presented in the accompanying consolidated financial statements. The Company eliminates a portion of intra-entity profits resulting from land sales between the Company and its unconsolidated entities until the assets are sold to a third-party. Cumulative distributions from unconsolidated entities are treated as returns on investment to the extent of the Company's share of cumulative earnings from the investment and included in the Company's consolidated statements of cash flows as cash flow from operating activities. Cumulative distributions in excess of the Company's share of cumulative earnings are treated as returns of investment and included in the Company's consolidated statements of cash flows as cash flows from investing activities. The Company evaluates the recoverability of its investment in unconsolidated entities by first reviewing each investment for any indicators of impairment. If indicators are present, the Company estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management makes an assessment of whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to
Revenue Recognition	Revenue recognition —Under Accounting Standards Codification (“ASC”) Topic 606, Revenue From Contracts With Customers , which the Company adopted on January 1, 2018, revenues are recognized when control of the promised goods or services are transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. At contract inception, the Company assesses the goods and services promised in its contract with its customers and identifies a performance obligation for each promise to transfer to the customer a good or service (or a series of services) that is distinct. Identified performance obligations are assessed by considering implicit and explicitly stated promises. Land sales and Land sales — related party —Revenues from land sales are recognized when the Company satisfies the performance obligation at a point in time when the control of the land passes to its customers. The transfer of control typically occurs when title passes at the close of escrow and the customer is able to direct the use of, control and obtain substantially all of the benefits from the land. The transaction price typically contains fixed and variable components in which the fixed consideration represents the stated purchase price for the land and the gross proceeds received at the time of closing. Some of the Company’s residential homesite sale agreements contain a profit participation provision, a variable form of consideration, whereby the Company receives from homebuilders a portion of profit after the builder has received an agreed-upon margin. If the project profitability falls short of the participation threshold, no additional revenue is received. In most contracts, at the time of the land sale, the estimate of profit participation, if any, is constrained, as there are significant factors outside of the Company’s control that will impact whether participation thresholds will be met. In addition, some residential homesite sale agreements contain a provision requiring the homebuilder to pay a marketing fee per residence sold, as a percentage of the home sale price. Such fees are estimated as a variable form of consideration and the amount the Company expects to be entitled to receive from the homebuilder is recognized as revenue at the time of land sale. Since payment for variable consideration is received in future periods, but the Company has completed its performance obligation, a contract asset is recorded for contingent variable consideration, if any, included in the transaction price. At the end of each reporting period, variable consideration is reassessed to ensure changes in circumstances or constraints are appropriately reflected in the estimated transaction price. Changes in estimates of variable components of transaction prices could result in cumulative catch-up adjustments to revenue in subsequent periods. In some cases, the Company may be obligated to perform post-closing development obligations on the sold land and as a result may defer a portion of the transaction price. Management Services — related party —Revenues from management services are recognized as the customer consumes the benefits of the performance obligation satisfied over time. The transaction price pertaining to management services revenue may be comprised of fixed and variable components. In some of its development management agreements, the Company receives compensation equal to the actual general and administrative costs incurred by the Company as it performs services. In these circumstances, the Company acts as the principal and recognizes management fee revenues on these reimbursements in the same period that these costs are incurred because the amount to which the Company has the right to invoice corresponds directly with the value consumed by the customer for the Company’s performance to date. The Company’s management agreements may also contain incentive compensation fee provisions contingent on the financial performance of a customer. In making estimates of incentive compensation the Company expects to be entitled to receive in exchange for providing management services, significant assumptions and judgments are made in evaluating the factors that may determine the amount of consideration the Company will ultimately receive. Cash flow projections of the project being developed are typically utilized in making such estimates. These cash flows are significantly affected by estimates and assumptions related to market supply and demand, the local economy, projected pace of sales of homesites, pricing and price appreciation over the estimated selling period, the length of the estimated development and selling periods, remaining development, general and administrative costs, the expected contract period, and other factors. The Company includes in the transaction price an estimate of incentive compensation only to the extent that a significant reversal of revenue is not probable. Incentive compensation revenue from management services is recognized evenly over the expected contract term, as the performance obligation is satisfied. When changes in estimates and assumptions occur, the estimate of the amount of incentive compensation the Company expects to be entitled to receive and constraints on the estimate may change, resulting in a cumulative catch-up being recorded in the period of the change. A contract asset is recognized when there is a timing difference between recognition of revenue upon satisfaction of performance obligations and revenues becoming billable.
Impairment of Assets	Impairment of assets —Long-lived assets, including inventory and the Company’s intangible asset, are reviewed for impairment when events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable. Impairment indicators for long-lived inventory assets include, but are not limited to, significant increases in horizontal development costs, significant decreases in the pace and pricing of home sales within the Company’s communities and surrounding areas and political and societal events that may negatively affect the local economy. For operating properties, impairment indicators may include significant increases in operating costs, decreased utilization, and continued net operating losses. If indicators of impairment exist, and the undiscounted cash flows expected to be generated by a long-lived asset are less than its carrying amount, an impairment charge is recorded to write down the carrying amount of such long-lived asset to its estimated fair value. The Company generally estimates the fair value of its long-lived assets using a discounted cash flow model or sales comparison approach of the underlying property or a combination thereof. The Company’s projected cash flows for each long-lived inventory asset are significantly affected by estimates and assumptions related to market supply and demand, the local economy, projected pace of sales of homesites, pricing and price appreciation over the estimated selling period, the length of the estimated development and selling periods, remaining development costs, and other factors. For operating properties, the Company’s projected cash flows also include estimates and assumptions about the use and eventual disposition of such properties, including utilization, capital expenditures, operating expenses, and the amount of proceeds to be realized upon eventual disposition of such properties. In determining these estimates and assumptions, the Company utilizes historical trends from past development projects of the Company in addition to internal and external market studies and trends, which generally include, but are not limited to, statistics on population demographics and unemployment rates.
Share-Based Payments	Share-based payments— Share-based payments are recognized on a straight-line basis over the service period in the statement of operations based on measurement date fair values. Forfeitures, if any, are accounted for in the period when they occur.
Cash and Cash Equivalents	Cash and cash equivalents—Included in cash and cash equivalents are short-term investments that have original maturity dates of three months or less. The carrying amount approximates fair value due to the short-term nature of these investments.
Restricted Cash and Certificates of Deposit	Restricted cash and certificates of deposit—Restricted cash and certificates of deposit consist of cash, cash equivalents, and certificates of deposit held as collateral on open letters of credit related to development obligations or because of other legal obligations of the Company that require the restriction.
Properties and Equipment	Properties and equipment —Properties and equipment primarily relate to the Company’s agriculture operating properties’ businesses and are recorded at cost. Properties and equipment, other than agriculture land, are depreciated over their estimated useful lives using the straight-line method. At the time properties and equipment are disposed of, the asset and related accumulated depreciation, if any, are removed from the accounts, and any resulting gain or loss is credited or charged to earnings. The estimated useful life for land improvements and buildings is 10 to 40 years while the estimated useful life for furniture, fixtures, and equipment is two
Inventories	Inventories —Inventories primarily include land held for development and sale. Inventories are stated at cost, less reimbursements, unless the inventory within a community is determined to be impaired, in which case the impaired inventory would be written down to fair market value. Capitalized direct and indirect inventory costs include land, land in which the Company has the rights to receive in accordance with a disposition and development agreement, horizontal development costs, real estate taxes, and interest related to financing development and construction. During the years ended December 31, 2021, 2020 and 2019, the Company incurred interest expense, including amortization of debt issuance costs, all of which was capitalized into inventories, of $54.5 million, $55.2 million and $49.7 million, respectively. Horizontal development costs can be further broken down to costs incurred to entitle and permit the land for its intended use; costs incurred for infrastructure projects, such as public schools, utilities, roads, and bridges; and site costs, such as grading and amenities, to bring the land to a saleable state. Certain public infrastructure project costs incurred by the Company are eligible for reimbursement, typically, from the proceeds of Community Facilities District (“CFD”) bond debt, state and federal grants or property tax assessments. Costs that cannot be clearly associated with the acquisition, development, and construction of a real estate project and selling expenses are expensed as incurred. Selling and advertising costs were $9.3 million, $3.3 million and $1.7 million during the years ended December 31, 2021, 2020 and 2019, respectively. Capitalized inventory costs that are allocated to individual parcels within a project are allocated to the parcels benefited using relative sales value. Under the relative sales value method, each parcel sold in the project under development is allocated costs incurred and estimates of future inventory costs in proportion to the sales price of the sold parcel relative to the estimated overall sales prices of the project. Since this method requires the Company to estimate future development costs and the expected sales price for future land sales, the profit margin on subsequent parcels sold will be affected by both changes in the estimated total revenues, as well as any changes in the estimated total cost of the project.
Intangible Asset	Intangible Asset —The Company records intangible asset amortization expense over the expected contract period based on the pattern in which the Company expects to recognize the economic benefits from the intangible asset.
Receivables	Receivables—The Company evaluates the carrying value of receivables, which includes receivables from related parties, at each reporting date to determine the need for an allowance of expected credit loss.
Leases	Leases —Under ASC Topic 842, Leases , the Company determines at contract inception if an arrangement contains a lease. If the contract contains a lease, the Company determines the classification of such lease. The Company has elected the practical expedient to not separate lease and nonlease components for both lessee and lessor arrangements. For operating leases with an expected term greater than one year in which the Company is the lessee, operating right of use (“ROU”) assets and operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. When the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is derived from assessment of the credit quality of the Company and adjusted to reflect secured borrowing, estimated yield curves and long-term spread adjustments over appropriate tenors. The Company only includes renewal options in the lease term when it is reasonably certain that it will exercise such options. The Company excludes the recognition of short-term leases on the balance sheet and lease payments for short term leases are recognized as an expense in the consolidated statements of operations on a straight-line basis over the lease term.
Fair Value Measurements	Fair value measurements —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 In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input
Income Taxes	Income taxes —The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”), which requires an asset and liability approach for measuring deferred taxes based on temporary differences between the financial statements and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for the years in which taxes are expected to be paid or recovered. The Holding Company has elected to be treated as a corporation for U.S. federal, state, and local tax purposes and determines the provision or benefit for income taxes on an interim basis using an estimate of its annual effective tax rate and the impact of specific events as they occur. The Company’s estimate of the Holding Company’s annual effective tax rate is subject to change based on changes in federal and state tax laws and regulations, the Holding Company’s ownership interest in the Operating Company and the Operating Company’s ownership in the San Francisco Venture, and the Company’s assessment of its deferred tax asset valuation allowance. Cumulative adjustments are made in interim periods in which the Company identifies a change in its estimate of the amount of future tax benefit when it is more likely than not that some portion of the deferred tax assets will not be realized. Among other things, the nature, frequency and severity of prior cumulative losses, forecasts of future taxable income, the duration of statutory carryforward periods, the Company’s utilization experience with operating loss and tax credit carryforwards and tax planning alternatives are considered and evaluated when assessing the need for a valuation allowance. Any increase or decrease in a valuation allowance could have a material adverse effect or beneficial effect on the Holding Company’s income tax provision and net income or loss in the period the determination is made. The Holding Company recognizes interest or penalties related to income tax matters in income tax expense.
Recently Adopted Accounting Pronouncements	Recently adopted accounting pronouncements —Although there have been several new accounting pronouncements recently issued by the Financial Accounting Standards Board that the Company has adopted or will adopt, the Company does not believe any of these accounting pronouncements had or will have a material impact on the Company’s consolidated financial statements or disclosures.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Miscellaneous Other Income	Miscellaneous other income consisted of the following (in thousands): Year Ended December 31, 2021 2020 2019 Net periodic pension benefit $ 290 $ 356 $ 35 Other 1,382 — 13 Other—related party 2,048 — — Total miscellaneous other income $ 3,720 $ 356 $ 48

REVENUES (Tables)

REVENUES (Tables)	12 Months Ended
	Dec. 31, 2021
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 (see Note 15) (in thousands): Year Ended December 31, 2021 Valencia San Francisco Great Park (1) Commercial (1) Total Land sales and land sales—related party $ 182,786 $ — $ — $ — $ 182,786 Management services—related party — — 38,675 406 39,081 Operating properties 785 — — — 785 183,571 — 38,675 406 222,652 Operating properties leasing revenues 1,194 548 — — 1,742 $ 184,765 $ 548 $ 38,675 $ 406 $ 224,394 Year Ended December 31, 2020 Valencia San Francisco Great Park (1) Commercial (1) Total Land sales and land sales—related party $ 122,617 $ — $ — $ — $ 122,617 Management services—related party — 835 26,900 397 28,132 Operating properties 994 595 — — 1,589 123,611 1,430 26,900 397 152,338 Operating properties leasing revenues 1,281 — — — 1,281 $ 124,892 $ 1,430 $ 26,900 $ 397 $ 153,619 Year Ended December 31, 2019 Valencia San Francisco Great Park (1) Commercial (1) Total Land sales and land sales—related party $ 140,058 $ 885 $ — $ — $ 140,943 Management services—related party — 2,385 36,873 322 39,580 Operating properties 1,642 725 — — 2,367 141,700 3,995 36,873 322 182,890 Operating properties leasing revenues 1,490 — — — 1,490 $ 143,190 $ 3,995 $ 36,873 $ 322 $ 184,380 (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 15).

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Significant Unobservable Inputs Used to Determine Fair Value	Below are the most significant unobservable inputs used in the Company’s discounted cash flow model to determine the estimated fair value (level 3) of the Company’s investment in the Great Park Venture at the time the other-than-temporary impairment was recognized: Unobservable inputs Range Annual home price appreciation 0% - 7% Annual horizontal development cost appreciation 0% - 3% Average annual absorption of homesites (market rate homesites) 900 2020 home price range $640,000 - $1,300,000 Unlevered discount rate 9%
Equity Method Investments	The following table summarizes the statements of operations of the Great Park Venture for the years ended December 31, 2021, 2020 and 2019 (in thousands): 2021 2020 2019 Land sale and related party land sale revenues $ 409,555 $ 24,827 $ 270,970 Home sale revenues 26,172 — — Cost of land sales (301,247) (15,304) (179,836) Cost of home sales (20,022) — — Other costs and expenses (57,540) (38,929) (56,248) Net income (loss) of Great Park Venture $ 56,918 $ (29,406) $ 34,886 The Company’s share of net income (loss) $ 21,344 $ (11,027) $ 13,082 Basis difference amortization (14,912) (2,073) (6,900) Other-than-temporary investment impairment — (26,851) — Equity in earnings (loss) from Great Park Venture $ 6,432 $ (39,951) $ 6,182 The following table summarizes the balance sheet data of the Great Park Venture and the Company’s investment balance as of December 31, 2021 and 2020 (in thousands): 2021 2020 Inventories $ 687,235 $ 916,127 Cash and cash equivalents 140,004 128,850 Receivable and other assets 32,550 24,449 Total assets $ 859,789 $ 1,069,426 Accounts payable and other liabilities $ 128,677 $ 139,929 Redeemable Legacy Interests 82,719 133,695 Capital (Percentage Interest) 648,393 795,802 Total liabilities and capital $ 859,789 $ 1,069,426 The Company’s share of capital in Great Park Venture $ 243,147 $ 298,426 Unamortized basis difference 78,127 93,039 The Company’s investment in the Great Park Venture $ 321,274 $ 391,465 The following table summarizes the statements of operations of the Gateway Commercial Venture for the years ended December 31, 2021, 2020 and 2019 (in thousands): 2021 2020 2019 Rental revenues $ 8,475 $ 24,241 $ 34,157 Rental operating and other expenses (2,424) (6,387) (7,304) Depreciation and amortization (3,938) (9,412) (15,101) Gain on asset sales, net — 112,260 — Interest expense (1,235) (8,857) (16,892) Net income (loss) of Gateway Commercial Venture $ 878 $ 111,845 $ (5,140) Equity in earnings (loss) from Gateway Commercial Venture $ 659 $ 83,884 $ (3,855) The following table summarizes the balance sheet data of the Gateway Commercial Venture and the Company’s investment balance as of December 31, 2021 and 2020 (in thousands): 2021 2020 Real estate and related intangible assets, net $ 86,601 $ 90,276 Other assets 17,765 14,446 Total assets $ 104,366 $ 104,722 Notes payable, net $ 29,369 $ 29,381 Other liabilities, net 9,067 10,290 Members’ capital 65,930 65,051 Total liabilities and capital $ 104,366 $ 104,722 The Company’s investment in the Gateway Commercial Venture $ 49,447 $ 48,788

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Schedule of Tax Distributions	Tax distributions to the partners of the Operating Company for the years ended December 31, 2021 and 2020, were as follows (in thousands): Year Ended December 31, 2021 2020 Management Partner $ 2,932 $ 4,568 Other partners (excluding the Holding Company) 1,497 — Total tax distributions $ 4,429 $ 4,568

PROPERTIES AND EQUIPMENT, NET (

PROPERTIES AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Properties and Equipment	Properties and equipment as of December 31, 2021 and 2020 consisted of the following (in thousands): 2021 2020 Agriculture operating properties and equipment $ 30,125 $ 30,117 Furniture, fixtures, and other 10,933 10,890 Total properties and equipment 41,058 41,007 Accumulated depreciation (9,592) (8,238) Properties and equipment, net $ 31,466 $ 32,769

INTANGIBLE ASSET, NET _ RELAT_2

INTANGIBLE ASSET, NET — RELATED PARTY (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The carrying amount and accumulated amortization of the intangible asset as of December 31, 2021 and 2020 were as follows (in thousands): 2021 2020 Gross carrying amount $ 129,705 $ 129,705 Accumulated amortization (78,300) (57,958) Net book value $ 51,405 $ 71,747

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Related party assets and liabilities included in the Company’s consolidated balance sheets as of December 31, 2021 and 2020 consisted of the following (in thousands): 2021 2020 Related Party Assets: Contract assets (see Note 3) $ 79,082 $ 78,055 Operating lease right-of-use asset (see Note 12) 18,715 20,919 Other 4,021 4,707 $ 101,818 $ 103,681 Related Party Liabilities: Reimbursement obligation $ 69,536 $ 88,951 Payable to holders of Management Company’s Class B interests 8,365 9,000 Operating lease liability (see Note 12) 13,931 15,176 Other 4,086 22 $ 95,918 $ 113,149

NOTES PAYABLE, NET (Tables)

NOTES PAYABLE, NET (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	At December 31, 2021 and 2020, notes payable consisted of the following (in thousands): 2021 2020 7.875% Senior Notes due 2025 $ 625,000 $ 625,000 Unamortized debt issuance costs and discount (5,884) (7,419) $ 619,116 $ 617,581

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Schedule of Supplemental Cash Flow and Other Information Related to Leases	The components of lease costs were as follows for the years ended December 31, 2021, 2020 and 2019 (in thousands): 2021 2020 2019 Operating lease cost $ 2,371 $ 2,146 $ 2,498 Related party operating lease cost 3,154 3,154 3,144 Short-term lease cost 501 551 527
Supplemental Balance Sheet Information	Supplemental balance sheet information related to leases as of December 31, 2021 and 2020 were as follows (in thousands, except lease term in years and discount rate): 2021 2020 Operating lease right-of-use assets $ 23,779 $ 28,276 Operating lease liabilities $ 20,034 $ 23,831 Weighted average remaining lease term (operating lease) 5.5 6.2 Weighted average discount rate (operating lease) 6.0% 5.9%
Operating Lease Maturities after adoption of Topic 842	The table below reconciles the undiscounted cash flows to operating lease liabilities recorded on the consolidated balance sheet as of December 31, 2021 (in thousands): Years Ending December 31, Rental 2022 $ 5,331 2023 5,583 2024 2,495 2025 2,474 2026 2,545 Thereafter 5,551 Total lease payments $ 23,979 Discount $ 3,945 Total operating lease liabilities $ 20,034

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands): 2021 2020 2019 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest, all of which was capitalized to inventories $ 52,584 $ 53,325 $ 57,654 NONCASH INVESTING AND FINANCING ACTIVITIES: Class A common shares issued for redemption of noncontrolling interests $ — $ — $ 458 Purchase of properties and equipment in accounts payable and other liabilities $ — $ 103 $ 381 Adjustment to liability recognized under TRA $ 878 $ 615 $ 3,124 Supplemental cash flow information related to leases for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands): 2021 2020 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 5,021 $ 4,831 $ 6,306 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows for the years ended December 31, 2021, 2020 and 2019 (in thousands): 2021 2020 2019 Cash and cash equivalents $ 265,462 $ 298,144 $ 346,833 Restricted cash and certificates of deposit 1,330 1,330 1,741 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 266,792 $ 299,474 $ 348,574

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Operating Results and Reconciliation to Consolidated Balances	Segment operating results and reconciliations to the Company’s consolidated balances are as follows: For the year ended December 31, 2021 (in thousands) Valencia San Francisco Great Park Commercial Total reportable segments Removal of Great Park Venture (1) Removal of Gateway Commercial Venture (1) Add investment in Great Park Venture Add investment in Gateway Commercial Venture Other eliminations (2) Corporate and unallocated (3) Total Consolidated Revenues $ 184,765 $ 548 $ 474,402 $ 8,881 $ 668,596 $ (435,727) $ (8,475) $ — $ — $ — $ — $ 224,394 Depreciation and amortization 82 114 21,604 3,938 25,738 (1,262) (3,938) — — — 1,028 21,566 Interest income — — 496 — 496 (496) — — — — 94 94 Interest expense — — — 1,235 1,235 — (1,235) — — — — — Segment profit (loss)/net profit (loss) 54,360 (3,572) 64,134 1,284 116,206 (56,918) (878) 6,432 659 — (52,191) 13,310 Other significant items: Segment assets 878,399 1,275,510 988,444 104,400 3,246,753 (859,789) (104,366) 321,274 49,447 (2,500) 292,091 2,942,910 Inventory assets and real estate related assets, net 826,369 1,270,455 687,234 86,601 2,870,659 (687,234) (86,601) — — — — 2,096,824 Expenditures for long-lived assets (4) 175,447 46,919 92,442 263 315,071 (92,442) (263) — — — 43 222,409 For the year ended December 31, 2020 (in thousands) Valencia San Francisco Great Park Commercial Total reportable segments Removal of Great Park Venture (1) Removal of Gateway Commercial Venture (1) Add investment in Great Park Venture Add investment in Gateway Commercial Venture Other eliminations (2) Corporate and unallocated (3) Total Consolidated Revenues $ 124,892 $ 1,430 $ 51,727 $ 24,638 $ 202,687 $ (24,827) $ (24,241) $ — $ — $ — $ — $ 153,619 Depreciation and amortization 123 247 8,603 9,412 18,385 — (9,412) — — — 915 9,888 Interest income 23 — 1,272 — 1,295 (1,272) — — — — 1,346 1,369 Interest expense — — — 8,857 8,857 — (8,857) — — — — — Segment profit (loss)/net profit (loss) 21,193 (10,355) (22,504) 112,242 100,576 29,406 (111,845) (39,951) 83,884 — (60,976) 1,094 Other significant items: Segment assets 814,913 1,231,586 1,236,217 104,722 3,387,438 (1,069,426) (104,722) 391,465 48,788 (22,121) 330,563 2,961,985 Inventory assets and real estate related assets, net 767,322 1,223,537 916,127 90,276 2,997,262 (916,127) (90,276) — — — — 1,990,859 Expenditures for long-lived assets (4) 149,789 37,406 60,529 1,139 248,863 (60,529) (1,139) — — — 1,629 188,824 For the year ended December 31, 2019 (in thousands) Valencia San Francisco Great Park Commercial Total reportable segments Removal of Great Park Venture (1) Removal of Gateway Commercial Venture (1) Add investment in Great Park Venture Add investment in Gateway Commercial Venture Other eliminations (2) Corporate and unallocated (3) Total Consolidated Revenues $ 143,190 $ 3,995 $ 307,843 $ 34,479 $ 489,507 $ (270,970) $ (34,157) $ — $ — $ — $ — $ 184,380 Depreciation and amortization 286 215 15,567 15,100 31,168 — (15,100) — — — 740 16,808 Interest income 1 — 3,489 — 3,490 (3,489) — — — — 7,843 7,844 Interest expense — — — 16,892 16,892 — (16,892) — — — — — Segment profit (loss)/net profit (loss) 25,780 49,890 44,369 (4,818) 115,221 (34,886) 5,140 6,182 (3,855) — (65,534) 22,268 Other significant items: Segment assets 748,082 1,197,081 1,356,417 473,409 3,774,989 (1,196,258) (473,398) 431,835 101,404 (8,310) 374,438 3,004,700 Inventory assets 703,587 1,186,174 870,861 451,988 3,212,610 (870,861) (451,988) — — — — 1,889,761 Expenditures for long-lived assets (4) 241,410 49,421 (9,487) 2,924 284,268 9,487 (2,924) — — — 1,808 292,639 (1) Represents the removal of the Great Park Venture and Gateway Commercial Venture operating results and balances which are included in the Great Park segment and Commercial segment operating results and balances 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) Represents intersegment balances that eliminate in consolidation. (3) Corporate and unallocated activity is primarily comprised of corporate general and administrative expenses and income taxes. Corporate and unallocated assets consist of cash and cash equivalents, receivables, ROU assets, prepaid expenses and deferred financing costs.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2021
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 years ended December 31, 2021, 2020 and 2019: Share-Based Awards Weighted- Nonvested at January 1, 2019 1,893 $ 15.27 Granted 1,899 $ 5.09 Forfeited (4) $ 14.83 Vested (777) $ 14.62 Nonvested at December 31, 2019 3,011 $ 9.02 Granted 677 $ 8.09 Forfeited (313) $ 6.93 Vested (1,100) $ 12.51 Nonvested at December 31, 2020 2,275 $ 7.35 Granted 1,425 $ 7.93 Forfeited (44) $ 3.00 Vested (1,016) $ 10.85 Nonvested at December 31, 2021 2,640 $ 6.38

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Retirement Plan's Funded Status	The Retirement Plan’s funded status and amounts recognized in the Company’s consolidated financial statements for the Retirement Plan as of and for the years ended December 31, 2021 and 2020 are as follows (in thousands): 2021 2020 Change in benefit obligation: Projected benefit obligation—beginning of year $ 22,372 $ 22,017 Interest cost 512 656 Benefits paid (2,029) (2,089) Actuarial (gain) loss (242) 1,788 Projected benefit obligation—end of year $ 20,613 $ 22,372 Change in plan assets: Fair value of plan assets—beginning of year $ 20,507 $ 19,683 Actual gain on plan assets 1,985 2,565 Employer contributions — 347 Benefits paid (2,029) (2,088) Fair value of plan assets—end of year $ 20,463 $ 20,507 Funded status $ (150) $ (1,865) Amounts recognized in the consolidated balance sheet—liability $ (150) $ (1,865) Amounts recognized in accumulated other comprehensive loss—net actuarial loss $ (3,176) $ (4,602)
Components of Net Period Benefit and Other Amounts Recognized in AOCI	The components of net periodic benefit and other amounts recognized in accumulated other comprehensive loss for the years ended December 31, 2021, 2020 and 2019, are as follows (in thousands): 2021 2020 2019 Net periodic benefit: Interest cost $ 512 $ 656 $ 828 Expected return on plan assets (1,161) (1,109) (1,006) Amortization of net actuarial loss 359 97 143 Net periodic benefit (290) (356) (35) Adjustment to accumulated other comprehensive loss: Net actuarial (gain) loss (1,067) 332 (917) Amortization of net actuarial loss (359) (97) (143) Total adjustment to accumulated other comprehensive loss (1,426) 235 (1,060) Total recognized in net periodic benefit and accumulated other comprehensive loss $ (1,716) $ (121) $ (1,095)
Schedule of Weighted-Average Assumptions	The weighted-average assumptions used to determine benefit obligations as of December 31, 2021 and 2020 were as follows: 2021 2020 Discount rate 2.75% 2.35% Rate of compensation increase N/A N/A The weighted-average assumptions used to determine net periodic expense for the years ended December 31, 2021, 2020 and 2019, were as follows: 2021 2020 2019 Discount rate 2.35% 3.15% 4.20% Rate of compensation increase N/A N/A N/A Expected long-term return on plan assets 5.86% 5.96% 6.17%
Schedule of Retirement Plan's Assets at Fair Value	The Retirement Plan’s assets at fair value as of December 31, 2021 and 2020, are as follows (in thousands): Asset Category 2021 2020 Pooled and/or collective funds: Equity funds: Large cap $ 5,471 $ 5,767 Mid cap 2,346 2,555 Small cap 971 1,080 International 1,885 2,152 Fixed-income funds—U.S. bonds and short term 9,790 8,953 Total $ 20,463 $ 20,507
Schedule of Future Benefit Payments	The Company’s funding policy is to contribute amounts sufficient to meet minimum requirements but not more than the maximum tax-deductible amount. The Company does not expect to have a minimum required contribution in 2022 and expects future benefit payments to be paid as follows (in thousands): 2022 $ 1,575 2023 1,395 2024 2,516 2025 2,037 2026 2,613 2027-2031 6,398 $ 16,534

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The benefit (expense) for income taxes for the years ended December 31, 2021, 2020 and 2019 was as follows (in thousands): 2021 2020 2019 Current income tax benefit (expense): Federal $ (17) $ (24) $ — State 762 (770) — Total current income tax benefit (expense) 745 (794) — Deferred income tax (expense) benefit: Federal $ (2,655) $ (379) $ (3,750) State (1,977) 530 (1,732) Total deferred income tax (expense) benefit (4,632) 151 (5,482) Decrease (increase) in valuation allowance 4,243 (1,101) 3,062 Expiration of unused loss carryforwards (31) — (25) Benefit (expense) for income taxes $ 325 $ (1,744) $ (2,445)
Schedule of Deferred Tax Assets and Liabilities	The tax effects of significant temporary differences are as follows (in thousands): 2021 2020 Deferred tax assets Net operating loss carryforward $ 140,817 $ 117,968 Tax receivable agreement 48,727 48,481 Other 1,255 1,715 Valuation allowance (16,468) (18,160) Total deferred tax assets 174,331 150,004 Deferred tax liabilities-investments in subsidiaries (187,329) (162,582) Deferred tax liability, net $ (12,998) $ (12,578)
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the statutory rate and the effective tax rate for 2021, 2020 and 2019 is as follows: 2021 2020 2019 Statutory rate 21.00 % 21.00 % 21.00 % State income taxes-net of federal income tax benefit 6.98 6.98 6.98 Pass-through to noncontrolling interests (14.55) (15.00) (14.98) Executive compensation limitation and other permanent items 14.35 5.94 8.34 Deferred tax asset valuation allowance (30.51) 42.54 (11.54) Expiration of unused loss carryforwards 0.22 — 0.09 Effective rate (2.51) % 61.46 % 9.89 %

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
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 years ended December 31, 2021, 2020 and 2019 (in thousands, except shares and per share amounts): 2021 2020 2019 Numerator: Net income (loss) attributable to the Company $ 6,568 $ (428) $ 9,033 Adjustments to net income (loss) attributable to the Company (176) 20 50 Net income (loss) attributable to common shareholders $ 6,392 $ (408) $ 9,083 Numerator — basic common shares: Net income (loss) attributable to common shareholders $ 6,392 $ (408) $ 9,083 Less: net income allocated to participating securities $ 164 $ — $ 390 Allocation of basic net income (loss) among common shareholders $ 6,228 $ (408) $ 8,693 Numerator for basic net income (loss) available to Class A common shareholders $ 6,226 $ (408) $ 8,690 Numerator for basic net income (loss) available to Class B common shareholders $ 2 $ — $ 3 Numerator — diluted common shares: Net income (loss) attributable to common shareholders $ 6,392 $ (408) $ 9,083 Reallocation of income (loss) upon assumed exchange of dilutive potential securities $ 6,645 $ (16) $ 9,501 Less: net income allocated to participating securities $ 159 $ — $ 372 Allocation of diluted net income (loss) among common shareholders $ 12,878 $ (424) $ 18,212 Numerator for diluted net income (loss) available to Class A common shareholders $ 12,876 $ (424) $ 18,209 Numerator for diluted net income (loss) available to Class B common shareholders $ 2 $ — $ 3 Denominator: Basic weighted average Class A common shares outstanding 67,394,794 66,722,187 66,261,968 Diluted weighted average Class A common shares outstanding 143,491,204 69,000,096 145,491,898 Basic and diluted weighted average Class B common shares outstanding 79,233,544 79,233,544 79,221,176 Basic earnings (loss) per share: Class A common shares $ 0.09 $ (0.01) $ 0.13 Class B common shares $ 0.00 $ (0.00) $ 0.00 Diluted earnings (loss) per share: Class A common shares $ 0.09 $ (0.01) $ 0.13 Class B common shares $ 0.00 $ (0.00) $ 0.00 Anti-dilutive potential Performance RSUs 322,366 338,813 388,155 Anti-dilutive potential Restricted Shares (weighted average) — 1,690,773 — Anti-dilutive potential Performance Restricted Shares (weighted average) — 695,154 — Anti-dilutive potential Class A common shares from exchanges (weighted average) 3,160,904 76,120,180 —

BUSINESS AND ORGANIZATION (Deta

BUSINESS AND ORGANIZATION (Details)	12 Months Ended
	Dec. 31, 2021vote
Common Class B
Conversion of common shares, ratio	0.0003
Common Class A
Number of votes per share	1

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Properties and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Land Improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Land Improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Furniture, fixtures, and other | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	2 years
Furniture, fixtures, and other | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	2 years
Equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investment in Unconsolidated Entities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Land sales | Affiliated Entity | Great Park
Property, Plant and Equipment [Line Items]
Impairment charge	$ 0	$ 26.9	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Interest cost capitalized	$ 54.5	$ 55.2	$ 49.7
Advertising costs	$ 9.3	$ 3.3	$ 1.7

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Miscellaneous Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Net periodic pension benefit	$ 290	$ 356	$ 35
Other	1,382	0	13
Miscellaneous	3,720	356	48
Affiliated Entity
Related Party Transaction [Line Items]
Miscellaneous	$ 2,048	$ 0	$ 0

REVENUES - Disaggregation of Re

REVENUES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue from customers	$ 222,652	$ 152,338	$ 182,890
Revenues	224,394	153,619	184,380
Land sales, Affiliated Entity and Third Party | Affiliated Entity
Disaggregation of Revenue [Line Items]
Revenue from customers	182,786	122,617	140,943
Management Services | Affiliated Entity
Disaggregation of Revenue [Line Items]
Revenue from customers	39,081	28,132	39,580
Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	785	1,589	2,367
Operating properties leasing revenues	1,742	1,281	1,490
Revenues	2,527	2,870	3,857
Valencia
Disaggregation of Revenue [Line Items]
Revenue from customers	183,571	123,611	141,700
Revenues	184,765	124,892	143,190
Valencia | Land sales, Affiliated Entity and Third Party | Affiliated Entity
Disaggregation of Revenue [Line Items]
Revenue from customers	182,786	122,617	140,058
Valencia | Management Services | Affiliated Entity
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0
Valencia | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	785	994	1,642
Operating properties leasing revenues	1,194	1,281	1,490
San Francisco
Disaggregation of Revenue [Line Items]
Revenue from customers	0	1,430	3,995
Revenues	548	1,430	3,995
San Francisco | Land sales, Affiliated Entity and Third Party | Affiliated Entity
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	885
San Francisco | Management Services | Affiliated Entity
Disaggregation of Revenue [Line Items]
Revenue from customers	0	835	2,385
San Francisco | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	0	595	725
Operating properties leasing revenues	548	0	0
Great Park
Disaggregation of Revenue [Line Items]
Revenue from customers	38,675	26,900	36,873
Revenues	38,675	26,900	36,873
Great Park | Land sales, Affiliated Entity and Third Party | Affiliated Entity
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0
Great Park | Management Services | Affiliated Entity
Disaggregation of Revenue [Line Items]
Revenue from customers	38,675	26,900	36,873
Great Park | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0
Operating properties leasing revenues	0	0	0
Commercial
Disaggregation of Revenue [Line Items]
Revenue from customers	406	397	322
Revenues	406	397	322
Commercial | Land sales, Affiliated Entity and Third Party | Affiliated Entity
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0
Commercial | Management Services | Affiliated Entity
Disaggregation of Revenue [Line Items]
Revenue from customers	406	397	322
Commercial | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0
Operating properties leasing revenues	$ 0	$ 0	$ 0

REVENUES - Additional Informati

REVENUES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) In Contract With Customer, Asset [Roll Forward]
Contract assets, beginning balance	$ 85,100	$ 73,000
Increase from revenue recognized	2,500	12,100
Contract assets, ending balance	87,600	85,100
Affiliated Entity
Increase (Decrease) In Contract With Customer, Asset [Roll Forward]
Contract assets, beginning balance	78,055	68,100
Contract assets, ending balance	79,082	$ 78,055
Affiliated Entity | Great Park
Capitalized Contract Cost [Line Items]
Revenue from customers	$ 21,300

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED ENTITIES - Great Park Venture (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Revenue from customers	$ 222,652,000	$ 152,338,000	$ 182,890,000
Great Park
Schedule of Equity Method Investments [Line Items]
Priority distribution paid	51,000,000
Return of capital distribution paid	204,300,000
Impairment losses on long-lived assets	0	0	0
Impairment charge	0	26,851,000	0
Land sales | Great Park
Schedule of Equity Method Investments [Line Items]
Revenue from customers	346,800,000	22,100,000	137,700,000
Land sales | Great Park | Great Park Landbank Venture
Schedule of Equity Method Investments [Line Items]
Revenue from customers	57,400,000
Land sales | Affiliated Entity | Great Park
Schedule of Equity Method Investments [Line Items]
Revenue from customers	62,800,000	2,700,000	133,300,000
Homesites Sold | Great Park
Schedule of Equity Method Investments [Line Items]
Revenue from customers	$ 236,600,000		31,000,000
Great Park
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership	37.50%
Distributions entitled to be received	$ 476,000,000
Potential additional distributions entitled to be received	89,000,000
Return of investment	76,623,000	0	$ 0
Distribution received	476,000,000
Remaining maximum participating Legacy Interest distribution rights	$ 82,700,000
Great Park | Land sales | Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Impairment charge		$ 26,900,000
Great Park Landbank Venture | Great Park
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership	10.00%
Capital contribution	$ 4,600,000

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED ENTITIES - Summarized Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Revenue from customers	$ 222,652	$ 152,338	$ 182,890
Interest expense	0	0	0
Other costs and expenses	(221,411)	(194,870)	(234,756)
Net income	13,310	1,094	22,268
The Company’s share of net income (loss)	6,568	(428)	9,033
Equity in earnings (loss) from Great Park Venture	6,188	42,364	2,327
Great Park
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Equity in earnings (loss) from Great Park Venture	6,432	(39,951)	6,182
Gateway Commercial Venture LLCA
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Equity in earnings (loss) from Great Park Venture	659	83,884	(3,855)
Land sales
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Cost of expenses	(106,012)	(85,753)	(97,113)
Great Park
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Other costs and expenses	(57,540)	(38,929)	(56,248)
Net income	56,918	(29,406)	34,886
The Company’s share of net income (loss)	21,344	(11,027)	13,082
Basis difference amortization	(14,912)	(2,073)	(6,900)
Other-than-temporary investment impairment	0	(26,851)	0
Great Park | Land sales, Affiliated Entity and Third Party
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Revenue from customers	409,555	24,827	270,970
Great Park | Land sales
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Revenue from customers	346,800	22,100	137,700
Cost of expenses	(301,247)	(15,304)	(179,836)
Great Park | Home Sales
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Revenue from customers	26,172	0	0
Cost of expenses	(20,022)	0	0
Gateway Commercial Venture LLCA
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Revenue from customers	8,475	24,241	34,157
Cost of expenses	(2,424)	(6,387)	(7,304)
Depreciation and amortization	(3,938)	(9,412)	(15,101)
Gain on asset sales, net	0	112,260	0
Interest expense	(1,235)	(8,857)	(16,892)
The Company’s share of net income (loss)	$ 878	$ 111,845	$ (5,140)

INVESTMENT IN UNCONSOLIDATED _5

INVESTMENT IN UNCONSOLIDATED ENTITIES - Summarized Balance Sheet Data (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
INVENTORIES	$ 2,096,824	$ 1,990,859	$ 1,889,761
CASH AND CASH EQUIVALENTS	265,462	298,144	346,833
INTANGIBLE ASSET, NET—RELATED PARTY	51,405	71,747
OTHER ASSETS	20,052	20,605
Total assets	2,942,910	2,961,985	$ 3,004,700
LIABILITIES:
Accounts payable and other liabilities	115,374	135,331
Redeemable Legacy Interests	587,587	578,278
Capital (Percentage Interest)	634,424	617,666
Notes payable, net	619,116	617,581
Members’ capital	1,900,378	1,885,098
Total liabilities and capital	2,942,910	2,961,985
INVESTMENT IN UNCONSOLIDATED ENTITIES	374,553	442,850
Great Park
LIABILITIES:
The Company’s share of capital in Great Park Venture	243,147	298,426
Unamortized basis difference	78,127	93,039
INVESTMENT IN UNCONSOLIDATED ENTITIES	321,274	391,465
Gateway Commercial Venture LLCA
LIABILITIES:
INVESTMENT IN UNCONSOLIDATED ENTITIES	49,447	48,788
Great Park
ASSETS
INVENTORIES	687,235	916,127
CASH AND CASH EQUIVALENTS	140,004	128,850
OTHER ASSETS	32,550	24,449
Total assets	859,789	1,069,426
LIABILITIES:
Accounts payable and other liabilities	128,677	139,929
Redeemable Legacy Interests	82,719	133,695
Capital (Percentage Interest)	648,393	795,802
Total liabilities and capital	859,789	1,069,426
Gateway Commercial Venture LLCA
ASSETS
INTANGIBLE ASSET, NET—RELATED PARTY	86,601	90,276
OTHER ASSETS	17,765	14,446
Total assets	104,366	104,722
LIABILITIES:
Notes payable, net	29,369	29,381
Other	9,067	10,290
Members’ capital	65,930	65,051
Total liabilities and capital	$ 104,366	$ 104,722

INVESTMENT IN UNCONSOLIDATED _6

INVESTMENT IN UNCONSOLIDATED ENTITIES - Unobservable Inputs Used to Determine Fair Value (Details) - Great Park $ in Thousands	1 Months Ended
	Mar. 31, 2020USD ($)homesite
Schedule of Equity Method Investments [Line Items]
Average annual absorption of homesites (market rate homesites) | homesite	900
Unlevered discount rate	9.00%
Minimum
Schedule of Equity Method Investments [Line Items]
Annual home price appreciation	0.00%
Annual horizontal development cost appreciation	0.00%
Average annual absorption of homesites (market rate homesites)	$ 640
Maximum
Schedule of Equity Method Investments [Line Items]
Annual home price appreciation	7.00%
Annual horizontal development cost appreciation	3.00%
Average annual absorption of homesites (market rate homesites)	$ 1,300

INVESTMENT IN UNCONSOLIDATED _7

INVESTMENT IN UNCONSOLIDATED ENTITIES - Gateway Commercial Venture (Details) ft² in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Aug. 31, 2020USD ($)ft²building	May 31, 2020USD ($)aft²	Dec. 31, 2021USD ($)aft²building	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Aug. 04, 2017individual
Schedule of Equity Method Investments [Line Items]
Number of buildings | building			4
Carrying value of buildings			$ 31,466	$ 32,769
Return on investment from Gateway Commercial Venture			0	78,968	$ 0
Revenues			$ 224,394	153,619	184,380
Gateway Commercial Venture LLCA
Schedule of Equity Method Investments [Line Items]
Number of buildings owned | building			1
Area of campus | ft²			1,000
Number of buildings | building			4
Gain on asset sales, net			$ 0	112,260	0
Gateway Commercial Venture LLCA | Commercial Land
Schedule of Equity Method Investments [Line Items]
Area of land (in acres) | a			50
Gateway Commercial Venture LLCA | Office Building
Schedule of Equity Method Investments [Line Items]
Area of land (in acres) | a			73
Rental Revenue | Affiliated Entity | Gateway Commercial Venture LLCA
Schedule of Equity Method Investments [Line Items]
Revenues			$ 8,500	$ 8,400	$ 8,300
Five Point Office Venture Holdings I, LLC Acquisition | Gateway Commercial Venture LLCA
Schedule of Equity Method Investments [Line Items]
Number of buildings | building	2
Area of Building Sold | ft²	660	189
Purchase price	$ 355,000	$ 108,000
Carrying value of buildings	278,000	67,500
Gain on asset sales, net	74,800	37,400
Debt payment	245,000	30,000
Distribution made	107,000	$ 75,000
Acres of land sold | a		11
Gateway Commercial Venture LLCA
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership			75.00%
Gateway Commercial Venture LLCA | Five Point Office Venture Holdings I, LLC Acquisition
Schedule of Equity Method Investments [Line Items]
Number of individuals entitled to be appointed to executive committee | individual						2
Gateway Commercial Venture LLCA | Five Point Office Venture Holdings I, LLC Acquisition
Schedule of Equity Method Investments [Line Items]
Return on investment from Gateway Commercial Venture	$ 80,300	$ 56,300

INVESTMENT IN UNCONSOLIDATED _8

INVESTMENT IN UNCONSOLIDATED ENTITIES - Valencia Landbank Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Revenue from customers	$ 222,652	$ 152,338	$ 182,890
INVESTMENT IN UNCONSOLIDATED ENTITIES	374,553	442,850
Recognized equity in loss from venture	6,188	42,364	2,327
Valencia Landbank Venture
Schedule of Equity Method Investments [Line Items]
INVESTMENT IN UNCONSOLIDATED ENTITIES	3,800	2,600
Recognized equity in loss from venture	(900)	(1,600)
Valencia
Schedule of Equity Method Investments [Line Items]
Revenue from customers	$ 183,571	123,611	$ 141,700
Valencia | Valencia Landbank Venture
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership	10.00%
Valencia Landbank Venture | Valencia | Valencia Landbank Venture
Schedule of Equity Method Investments [Line Items]
Revenue from customers	$ 42,000	$ 51,600

NONCONTROLLING INTERESTS - Addi

NONCONTROLLING INTERESTS - Additional Details (Details) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2021USD ($)class	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)shares
Noncontrolling Interest [Line Items]
Holding period for right to exchange	12 months
Right to exchange, conversion ratio	1
Proceeds from issuance of redeemable noncontrolling interest	$ 0	$ 0	$ 25,000
Redeemable noncontrolling interest, common stock class C units	$ 25,000	$ 25,000
San Francisco Venture
Noncontrolling Interest [Line Items]
Issuance of Class C common shares (in shares) | shares			25
Proceeds from issuance of redeemable noncontrolling interest			$ 25,000
Authorized contribution percent			50.00%
Maximum amount payable, class C units			$ 25,000
Infrastructure development costs			25,000
San Francisco Venture | Maximum
Noncontrolling Interest [Line Items]
Authorized contribution amount			$ 25,000
The San Francisco Venture
Noncontrolling Interest [Line Items]
Holding period for right to exchange	12 months
Number of classes of membership units | class	3
Unitholder request for redemption, minimum ownership (percent)	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	37.10%
Five Point Operating Company, LLC | Class A Units | Affiliated Entity
Noncontrolling Interest [Line Items]
Ownership percentage of outstanding common units	62.90%
Five Point Operating Company, LLC | Capital Unit, Class B | Affiliated Entity
Noncontrolling Interest [Line Items]
Ownership percentage of outstanding common units	100.00%

NONCONTROLLING INTERESTS - Sche

NONCONTROLLING INTERESTS - Schedule of Tax Distributions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Noncontrolling Interest [Line Items]
Tax distribution to noncontrolling interest	$ 4,429	$ 4,568	$ 0
Five Point Operating Company, LLC
Noncontrolling Interest [Line Items]
Tax distribution to noncontrolling interest	4,429	4,568
Five Point Operating Company, LLC | Management Partner
Noncontrolling Interest [Line Items]
Tax distribution to noncontrolling interest	2,932	4,568
Five Point Operating Company, LLC | Other partners (excluding the Holding Company)
Noncontrolling Interest [Line Items]
Tax distribution to noncontrolling interest	$ 1,497	$ 0

CONSOLIDATED VARIABLE INTERES_2

CONSOLIDATED VARIABLE INTEREST ENTITY (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Segment assets	$ 2,942,910	$ 2,961,985	$ 3,004,700
INVENTORIES	2,096,824	1,990,859	$ 1,889,761
INTANGIBLE ASSET, NET—RELATED PARTY	51,405	71,747
RELATED PARTY ASSETS	101,818	103,681
Liabilities	1,017,532	1,051,887
Accounts payable and other liabilities	115,374	135,331
Related party liabilities	95,918	113,149
Variable Interest Entity, Primary Beneficiary | San Francisco Venture
Variable Interest Entity [Line Items]
Segment assets	1,300,000	1,200,000
INVENTORIES	1,270,000	1,220,000
RELATED PARTY ASSETS	1,100	2,800
Liabilities	76,900	97,900
Related party liabilities	69,500	89,000
Variable Interest Entity, Primary Beneficiary | FP LP And FPL
Variable Interest Entity [Line Items]
Segment assets	1,000,000	1,000,000
INVENTORIES	826,400	767,300
INTANGIBLE ASSET, NET—RELATED PARTY	51,400	71,700
RELATED PARTY ASSETS	82,000	80,000
Liabilities	94,000	108,900
Accounts payable and other liabilities	85,600	99,900
Related party liabilities	$ 8,400	$ 9,000
The San Francisco Venture
Variable Interest Entity [Line Items]
Distributions	99.00%

PROPERTIES AND EQUIPMENT, NET_2

PROPERTIES AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total properties and equipment	$ 41,058	$ 41,007
Accumulated depreciation	(9,592)	(8,238)
Properties and equipment, net	31,466	32,769
Depreciation expense	1,200	1,300	$ 1,200
Agriculture operating properties and equipment
Property, Plant and Equipment [Line Items]
Total properties and equipment	30,125	30,117
Furniture, fixtures, and other
Property, Plant and Equipment [Line Items]
Total properties and equipment	$ 10,933	$ 10,890

INTANGIBLE ASSET, NET _ RELAT_3

INTANGIBLE ASSET, NET — RELATED PARTY (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amount	$ 129,705	$ 129,705
Accumulated amortization	(78,300)	(57,958)
Net book value	51,405	71,747
Amortization expense	$ 20,300	$ 8,600	$ 15,600

RELATED PARTY TRANSACTIONS - Re

RELATED PARTY TRANSACTIONS - Related Party Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Contract assets	$ 87,600	$ 85,100	$ 73,000
Right-of-use assets	23,779	28,276
Other	20,052	20,605
Payable to holders of Management Company’s Class B interests	95,918	113,149
Total operating lease liabilities	20,034	23,831
Affiliated Entity
Related Party Transaction [Line Items]
Contract assets	79,082	78,055	$ 68,100
Right-of-use assets	18,715	20,919
Other	4,021	4,707
Total Related Party Assets	101,818	103,681
Total operating lease liabilities	13,931	15,176
Other	4,086	22
Total Related Party Liabilities	95,918	113,149
Affiliated Entity | Loan Reimbursement Agreement
Related Party Transaction [Line Items]
Payable to holders of Management Company’s Class B interests	69,536	88,951
Affiliated Entity | Payable To Holders Of Management Company's Class B Interests
Related Party Transaction [Line Items]
Payable to holders of Management Company’s Class B interests	$ 8,365	$ 9,000

RELATED PARTY TRANSACTIONS - De

RELATED PARTY TRANSACTIONS - Development Management Agreement with the Great Park Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Related party assets	$ 101,818	$ 103,681
Contract assets	87,600	85,100	$ 73,000
Affiliated Entity
Related Party Transaction [Line Items]
Contract assets	79,082	78,055	68,100
Legacy Incentive Compensation Receivable | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from customers	600
Contract assets	74,300	74,800
Development Management Agreement between Newhall Land and Management Company | Affiliated Entity
Related Party Transaction [Line Items]
Related party assets	2,900	3,100
Revenue from related parties	38,700	$ 26,900	$ 36,900
Non-Legacy Incentive Compensation | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from customers	20,700
Payable To Holders Of Management Company's Class B Interests | Affiliated Entity
Related Party Transaction [Line Items]
Distribution to certain interest holders, aggregate	600
Great Park | Legacy Incentive Compensation Receivable | Equity Method Investee
Related Party Transaction [Line Items]
Related party assets	$ 9,000
Percentage of distributions	9.00%

RELATED PARTY TRANSACTIONS - In

RELATED PARTY TRANSACTIONS - Indirect Legacy Interest in Great Park Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Related party assets	$ 101,818	$ 103,681
Gain on distribution from indirect Legacy Interest in Great Park Venture—related party	978	0	$ 0
Great Park | Other Related Party Assets
Related Party Transaction [Line Items]
Related party assets		$ 100
Distribution from indirect Legacy Interest in Great Park Venture—related party	1,000
Gain on distribution from indirect Legacy Interest in Great Park Venture—related party	$ 978

RELATED PARTY TRANSACTIONS - _2

RELATED PARTY TRANSACTIONS - Reimbursement Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Related party liabilities	$ 95,918	$ 113,149
Loan Reimbursement Agreement | Limited Liability Company
Related Party Transaction [Line Items]
Related party liabilities	69,500	89,000
Interest cost	$ 3,400	$ 4,100	$ 4,200
Weighted average interest rate	4.50%
Principal payments, due in next twelve months	$ 56,300
Principal payments, due in year two	600
Principal payments, due in year four	$ 12,600

RELATED PARTY TRANSACTIONS - Em

RELATED PARTY TRANSACTIONS - Employment Transition Agreement and Advisory Agreement with Emile Haddad (Details) - USD ($) $ in Thousands	Aug. 23, 2021	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Related party liabilities		$ 95,918	$ 113,149
Emile Haddad | Chief Executive Officer | Employee Transition Agreement
Related Party Transaction [Line Items]
Related party liabilities	$ 3,800
Emile Haddad | Chief Executive Officer | Employee Transition Agreement | Restricted Stock
Related Party Transaction [Line Items]
Granted (in shares)	396,825
Emile Haddad | Director | Advisory Agreement
Related Party Transaction [Line Items]
Initial term	3 years
Annual retainer	$ 5,000
Term of agreement, in case of death or disability	12 months

RELATED PARTY TRANSACTIONS - Va

RELATED PARTY TRANSACTIONS - Valencia Purchase and Sale Agreements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)ahomesite	Dec. 31, 2020USD ($)ahomesite	Dec. 31, 2019USD ($)ahomesite
Related Party Transaction [Line Items]
Revenue from customers	$ 222,652	$ 152,338	$ 182,890
Valencia
Related Party Transaction [Line Items]
Revenue from customers	$ 183,571	$ 123,611	$ 141,700
Valencia Landbank Venture | Valencia | Valencia Landbank Venture
Related Party Transaction [Line Items]
Number of properties | homesite	123	210
Area of land (in acres) | a	13	26
Revenue from customers	$ 42,000	$ 51,600
Variable consideration, transaction price	$ 1,200	$ 1,600
Land Banking Entity | Valencia
Related Party Transaction [Line Items]
Number of properties | homesite	328		711
Area of land (in acres) | a	26		59
Revenue from customers	$ 74,000		$ 135,200
Variable consideration, transaction price	$ 2,500		$ 4,700

RELATED PARTY TRANSACTIONS - Ga

RELATED PARTY TRANSACTIONS - Gateway Commercial Venture Property Management Agreement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Gateway Commercial Venture LLCA | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from related parties	$ 0.4	$ 0.4	$ 0.3

RELATED PARTY TRANSACTIONS - Sa

RELATED PARTY TRANSACTIONS - San Francisco Bay Area Development Management Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
San Francisco Bay Area Development Management Agreements | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from related parties	$ 0.8	$ 2.4

RELATED PARTY TRANSACTIONS - _3

RELATED PARTY TRANSACTIONS - Retail Project and Contingent Consideration to Class A Members of the San Francisco Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Gain on settlement of contingent consideration—related party	$ 0	$ 0	$ 64,870
Five Point Operating Company, LLC | Common Class B
Related Party Transaction [Line Items]
Issuance of Class A and B common shares (in shares)	436,498
San Francisco Venture
Related Party Transaction [Line Items]
Contribution received	$ 5,500
Class A Units | San Francisco Venture
Related Party Transaction [Line Items]
Issuance of Class A and B common shares (in shares)	436,498

NOTES PAYABLE, NET - Notes Paya

NOTES PAYABLE, NET - Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Nov. 30, 2017
Debt Instrument [Line Items]
Notes payable	$ 619,116	$ 617,581
Unamortized debt issuance costs and discount	(5,884)	(7,419)
Senior Notes | 7.875% Senior Notes due 2025
Debt Instrument [Line Items]
Notes payable	$ 625,000	$ 625,000
Interest rate	7.875%		7.875%

NOTES PAYABLE, NET - Additional

NOTES PAYABLE, NET - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended			12 Months Ended
	Apr. 30, 2021	Jul. 31, 2019	Nov. 30, 2017	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Proceeds from senior notes offering				$ 0	$ 0	$ 125,000
Outstanding letters of credit				1,300	1,300
Unsecured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Senior unsecured revolving credit facility, maximum borrowing capacity	$ 125,000			125,000
Increase in aggregate commitment				50,000
Accordion feature, maximum aggregate amount				175,000
Funds drawn on revolving credit facility				0
Outstanding letters of credit				300
Senior unsecured revolving credit facility, available borrowing capacity				$ 124,700
Unsecured Debt | Revolving Credit Facility | Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Unsecured Debt | Revolving Credit Facility | Maximum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
7.875% Senior Notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount			$ 500,000
Interest rate			7.875%	7.875%
Par value issuance			100.00%
Proceeds from senior notes offering			$ 490,700
Interest costs incurred on notes				$ 50,800	$ 50,800	$ 45,000
Add-On Senior Notes Due 2025, 7.875% | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 125,000
Interest rate		7.875%
Proceeds from senior notes offering		$ 122,800

TAX RECEIVABLE AGREEMENT (Detai

TAX RECEIVABLE AGREEMENT (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	May 02, 2016
Other Liabilities Disclosure [Abstract]
Percentage of cash savings in income tax				85.00%
Payable pursuant to tax receivable agreement	$ 174,126,000	$ 173,248,000
TRA payments	$ 0	$ 0	$ 0

LEASES - Additional Information

LEASES - Additional Information (Details)	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Renewal option	10 years
Minimum
Lessee, Lease, Description [Line Items]
Office leases, remaining lease terms	2 years
Maximum
Lessee, Lease, Description [Line Items]
Office leases, remaining lease terms	7 years

LEASES - Components of Lease Co

LEASES - Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 2,371	$ 2,146	$ 2,498
Related party operating lease cost	3,154	3,154	3,144
Short-term lease cost	$ 501	$ 551	$ 527

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Right-of-use assets	$ 23,779	$ 28,276
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other	Other
Operating lease liabilities	$ 20,034	$ 23,831
Weighted average remaining lease term (operating lease)	5 years 6 months	6 years 2 months 12 days
Weighted average discount rate (operating lease)	600.00%	590.00%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	OTHER ASSETS	OTHER ASSETS
Affiliated Entity
Lessee, Lease, Description [Line Items]
Right-of-use assets	$ 18,715	$ 20,919
Operating lease liabilities	$ 13,931	$ 15,176

LEASES - Minimum Lease Payments

LEASES - Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Leases, After Adoption of 842
2022	$ 5,331
2023	5,583
2024	2,495
2025	2,474
2026	2,545
Thereafter	5,551
Total lease payments	23,979
Discount	3,945
Total operating lease liabilities	$ 20,034	$ 23,831

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 31, 2012
Lessee, Lease, Description [Line Items]
Remaining estimated maximum potential amount of monetary payments subject to guaranty	$ 18,500,000
Aggregate payments for infrastructure project	0	$ 0	$ 0
Outstanding performance bonds	279,600,000	229,600,000
Outstanding letters of credit	1,300,000	1,300,000
Letter of Credit
Lessee, Lease, Description [Line Items]
Restricted cash and certificates of deposit pledged as collateral	1,000,000	1,000,000
Los Angeles County
Lessee, Lease, Description [Line Items]
Financed construction costs of an interchange project				$ 45,800,000
Aggregate payments for infrastructure project	37,000,000
Los Angeles County | Accounts Payable and Other Liabilities
Lessee, Lease, Description [Line Items]
Construction Payable	8,900,000	8,900,000
The San Francisco Venture
Lessee, Lease, Description [Line Items]
Guaranty of infrastructure obligations, maximum obligation	$ 198,300,000	$ 198,300,000
Water Purchase Agreement
Lessee, Lease, Description [Line Items]
Purchase agreement term	35 years
Purchase agreement optional second term	35 years
Payment made in current year	$ 1,300,000
Payment made in 2022	1,400,000
Payment made in 2023	1,400,000
Payment made in 2024	1,400,000
Payment made in 2025	1,500,000
Payment made in 2026	1,500,000
Aggregate annual minimum payments remaining	$ 32,500,000

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest, all of which was capitalized to inventories	$ 52,584	$ 53,325	$ 57,654
NONCASH INVESTING AND FINANCING ACTIVITIES:
Class A common shares issued for redemption of noncontrolling interests	0	0	458
Purchase of properties and equipment in accounts payable and other liabilities	0	103	381
Adjustment to liability recognized under TRA	878	615	3,124
Cash paid for amounts included in the measurement of operating lease liabilities	$ 5,021	$ 4,831	$ 6,306

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION - Condensed Cash Flow Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 265,462	$ 298,144	$ 346,833
Restricted cash and certificates of deposit	1,330	1,330	1,741
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 266,792	$ 299,474	$ 348,574	$ 497,097

SEGMENT REPORTING - Additional

SEGMENT REPORTING - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)ft²abuilding	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)a
Segment Reporting Information [Line Items]
Square Footage of Building | ft²	189,000
Number of buildings | building	4
Revenue from customers	$ 222,652	$ 152,338	$ 182,890
Revenues	$ 224,394	153,619	184,380
Gateway Commercial Venture LLCA
Segment Reporting Information [Line Items]
Area of land (in acres) | a	50
Valencia
Segment Reporting Information [Line Items]
Revenue from customers	$ 183,571	123,611	141,700
Revenues	184,765	124,892	143,190
Great Park
Segment Reporting Information [Line Items]
Revenue from customers	38,675	26,900	36,873
Revenues	$ 38,675	$ 26,900	$ 36,873
Land Banking Entity | Valencia
Segment Reporting Information [Line Items]
Area of land (in acres) | a	26		59
Revenue from customers	$ 74,000		$ 135,200
Great Park | Great Park | Revenue | Customer Concentration Risk
Segment Reporting Information [Line Items]
Concentration of risk	17.00%	18.00%	20.00%
Revenues	$ 38,700	$ 26,900	$ 36,900
Land sales
Segment Reporting Information [Line Items]
Revenues	139,500	69,398	140,020
Land sales | Land Banking Entity | Valencia | Revenue | Customer Concentration Risk
Segment Reporting Information [Line Items]
Revenue from customers	$ 76,500		$ 139,900
Concentration of risk	34.00%		76.00%
Land sales | Third Party Home Builder A | Valencia | Revenue | Customer Concentration Risk
Segment Reporting Information [Line Items]
Revenue from customers	$ 30,300
Concentration of risk	14.00%
Land sales | Third Party Home Builder B | Valencia | Revenue | Customer Concentration Risk
Segment Reporting Information [Line Items]
Revenue from customers	$ 22,500
Concentration of risk	10.00%
Land sales | Third Party Home Builder C | Valencia | Revenue | Customer Concentration Risk
Segment Reporting Information [Line Items]
Revenue from customers		$ 59,100
Concentration of risk		38.00%
Land sales | Affiliated Entity | Valencia Landbank Venture | Valencia | Revenue | Customer Concentration Risk
Segment Reporting Information [Line Items]
Revenue from customers	$ 43,200	$ 53,200
Concentration of risk	19.00%	35.00%
Great Park
Segment Reporting Information [Line Items]
Percentage of equity ownership	37.50%
Gateway Commercial Venture LLCA
Segment Reporting Information [Line Items]
Percentage of equity ownership	75.00%

SEGMENT REPORTING - Revenues, P

SEGMENT REPORTING - Revenues, Profit (Loss) and Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 224,394	$ 153,619	$ 184,380
Depreciation and amortization	21,566	9,888	16,808
Interest income	94	1,369	7,844
Interest expense	0	0	0
Recognized equity in loss from venture	6,188	42,364	2,327
Segment profit (loss)/net profit (loss)	13,310	1,094	22,268
Segment assets	2,942,910	2,961,985	3,004,700
Inventory assets and real estate related assets, net	2,096,824	1,990,859	1,889,761
Expenditures for long-lived assets	222,409	188,824	292,639
Company's investment in venture	374,553	442,850
Great Park
Segment Reporting Information [Line Items]
Recognized equity in loss from venture	6,432	(39,951)	6,182
Company's investment in venture	321,274	391,465
Gateway Commercial Venture
Segment Reporting Information [Line Items]
Recognized equity in loss from venture	659	83,884	(3,855)
Company's investment in venture	49,447	48,788
San Francisco
Segment Reporting Information [Line Items]
Revenues	548	1,430	3,995
Great Park
Segment Reporting Information [Line Items]
Revenues	38,675	26,900	36,873
Commercial
Segment Reporting Information [Line Items]
Revenues	406	397	322
Valencia
Segment Reporting Information [Line Items]
Revenues	184,765	124,892	143,190
Operating Segments
Segment Reporting Information [Line Items]
Revenues	668,596	202,687	489,507
Depreciation and amortization	25,738	18,385	31,168
Interest income	496	1,295	3,490
Interest expense	1,235	8,857	16,892
Segment profit (loss)/net profit (loss)	116,206	100,576	115,221
Segment assets	3,246,753	3,387,438	3,774,989
Inventory assets and real estate related assets, net	2,870,659	2,997,262	3,212,610
Expenditures for long-lived assets	315,071	248,863	284,268
Operating Segments | Valencia
Segment Reporting Information [Line Items]
Inventory cost reimbursements	4,500
Operating Segments | San Francisco
Segment Reporting Information [Line Items]
Revenues	548	1,430	3,995
Depreciation and amortization	114	247	215
Interest income	0	0	0
Interest expense	0	0	0
Segment profit (loss)/net profit (loss)	(3,572)	(10,355)	49,890
Segment assets	1,275,510	1,231,586	1,197,081
Inventory assets and real estate related assets, net	1,270,455	1,223,537	1,186,174
Expenditures for long-lived assets	46,919	37,406	49,421
Inventory cost reimbursements	700	2,200
Operating Segments | Great Park
Segment Reporting Information [Line Items]
Revenues	474,402	51,727	307,843
Depreciation and amortization	21,604	8,603	15,567
Interest income	496	1,272	3,489
Interest expense	0	0	0
Segment profit (loss)/net profit (loss)	64,134	(22,504)	44,369
Segment assets	988,444	1,236,217	1,356,417
Inventory assets and real estate related assets, net	687,234	916,127	870,861
Expenditures for long-lived assets	92,442	60,529	(9,487)
Inventory cost reimbursements	52,100	9,300
Operating Segments | Commercial
Segment Reporting Information [Line Items]
Revenues	8,881	24,638	34,479
Depreciation and amortization	3,938	9,412	15,100
Interest income	0	0	0
Interest expense	1,235	8,857	16,892
Segment profit (loss)/net profit (loss)	1,284	112,242	(4,818)
Segment assets	104,400	104,722	473,409
Inventory assets and real estate related assets, net	86,601	90,276	451,988
Expenditures for long-lived assets	263	1,139	2,924
Operating Segments | Valencia
Segment Reporting Information [Line Items]
Revenues	184,765	124,892	143,190
Depreciation and amortization	82	123	286
Interest income	0	23	1
Interest expense	0	0	0
Segment profit (loss)/net profit (loss)	54,360	21,193	25,780
Segment assets	878,399	814,913	748,082
Inventory assets and real estate related assets, net	826,369	767,322	703,587
Expenditures for long-lived assets	175,447	149,789	241,410
Removal of Results of Unconsolidated Entities | Great Park
Segment Reporting Information [Line Items]
Revenues	(435,727)	(24,827)	(270,970)
Depreciation and amortization	(1,262)	0	0
Interest income	(496)	(1,272)	(3,489)
Interest expense	0	0	0
Recognized equity in loss from venture	6,432	(39,951)	6,182
Segment profit (loss)/net profit (loss)	(56,918)	29,406	(34,886)
Segment assets	(859,789)	(1,069,426)	(1,196,258)
Inventory assets and real estate related assets, net	(687,234)	(916,127)	(870,861)
Expenditures for long-lived assets	(92,442)	(60,529)	9,487
Company's investment in venture	321,274	391,465	431,835
Removal of Results of Unconsolidated Entities | Gateway Commercial Venture
Segment Reporting Information [Line Items]
Revenues	(8,475)	(24,241)	(34,157)
Depreciation and amortization	(3,938)	(9,412)	(15,100)
Interest income	0	0	0
Interest expense	(1,235)	(8,857)	(16,892)
Recognized equity in loss from venture	659	83,884	(3,855)
Segment profit (loss)/net profit (loss)	(878)	(111,845)	5,140
Segment assets	(104,366)	(104,722)	(473,398)
Inventory assets and real estate related assets, net	(86,601)	(90,276)	(451,988)
Expenditures for long-lived assets	(263)	(1,139)	(2,924)
Company's investment in venture	49,447	48,788	101,404
Other eliminations
Segment Reporting Information [Line Items]
Revenues	0	0	0
Depreciation and amortization	0	0	0
Interest income	0	0	0
Interest expense	0	0	0
Segment profit (loss)/net profit (loss)	0	0	0
Segment assets	(2,500)	(22,121)	(8,310)
Inventory assets and real estate related assets, net	0	0	0
Expenditures for long-lived assets	0	0	0
Corporate and Unallocated
Segment Reporting Information [Line Items]
Revenues	0	0	0
Depreciation and amortization	1,028	915	740
Interest income	94	1,346	7,843
Interest expense	0	0	0
Segment profit (loss)/net profit (loss)	(52,191)	(60,976)	(65,534)
Segment assets	292,091	330,563	374,438
Inventory assets and real estate related assets, net	0	0	0
Expenditures for long-lived assets	$ 43	$ 1,629	$ 1,808

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 15, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reacquisition of share-based compensation awards for tax-withholding purposes		$ 2,047	$ 5,521	$ 4,099
Share-based compensation expense		$ 7,898	11,562	13,631
Period for recognition		1 year 7 months 6 days
Restricted Stock Units and Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 7,900	11,600	13,600
Share-based compensation expense included in selling, general, and administrative expenses		9,200
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reacquisition of share-based compensation awards for tax-withholding purposes		$ 2,000	$ 5,500	$ 4,100
Restricted shares forfeited (in shares)		44,000	313,000	4,000
Forfeited, weighted-average grant date fair value (in dollars per share)		$ 3	$ 6.93	$ 14.83
Estimated fair value of RSUs vested		$ 6,500	$ 8,700	$ 5,900
Restricted Stock Units (RSUs) | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares forfeited (in shares)	644,734
Forfeited, weighted-average grant date fair value (in dollars per share)	$ 1.47
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to be issued, up to (in shares)		11,710,148
Remaining shares available for future issuance (in shares)		3,324,488
Vesting period		3 years
Common Class A | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year

SHARE-BASED COMPENSATION - Sche

SHARE-BASED COMPENSATION - Schedule of Share-based Compensation (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance (in shares)	2,275	3,011	1,893
Granted (in shares)	1,425	677	1,899
Forfeited (in shares)	(44)	(313)	(4)
Vested (in shares)	(1,016)	(1,100)	(777)
Nonvested, ending balance (in shares)	2,640	2,275	3,011
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested, weighted-average grant date fair value, beginning balance (in dollars per share)	$ 7.35	$ 9.02	$ 15.27
Granted, weighted-average grant date fair value (in dollars per share)	7.93	8.09	5.09
Forfeited, weighted-average grant date fair value (in dollars per share)	3	6.93	14.83
Vested, weighted-average grant date fair value (in dollars per share)	10.85	12.51	14.62
Nonvested, weighted-average grant date fair value, ending balance (in dollars per share)	$ 6.38	$ 7.35	$ 9.02

EMPLOYEE BENEFIT PLANS - Change

EMPLOYEE BENEFIT PLANS - Change in Benefit Obligation and Plan Assets (Details) - Retirement Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in benefit obligation:
Projected benefit obligation—beginning of year	$ 22,372	$ 22,017
Interest cost	512	656	$ 828
Benefits paid	(2,029)	(2,089)
Actuarial (gain) loss	(242)	1,788
Projected benefit obligation—end of year	20,613	22,372	22,017
Change in plan assets:
Fair value of plan assets—beginning of year	20,507	19,683
Actual gain on plan assets	1,985	2,565
Employer contributions	0	347
Benefits paid	(2,029)	(2,088)
Fair value of plan assets—end of year	20,463	20,507	$ 19,683
Funded status	(150)	(1,865)
Amounts recognized in the consolidated balance sheet—liability	(150)	(1,865)
Amounts recognized in accumulated other comprehensive loss—net actuarial loss	$ (3,176)	$ (4,602)

EMPLOYEE BENEFIT PLANS - Additi

EMPLOYEE BENEFIT PLANS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Company's contributions to 401(k) plan	$ 600	$ 700	$ 700
Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 20,613	$ 22,372	$ 22,017
Retirement Plan | Equity Investments
Defined Benefit Plan Disclosure [Line Items]
Asset allocation targets	50.00%
Retirement Plan | Fixed-income funds—U.S. bonds and short term
Defined Benefit Plan Disclosure [Line Items]
Asset allocation targets	50.00%

EMPLOYEE BENEFIT PLANS - Net Pe

EMPLOYEE BENEFIT PLANS - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net periodic benefit:
Net periodic benefit	$ 290	$ 356	$ 35
Adjustment to accumulated other comprehensive loss:
Net actuarial (gain) loss	(1,067)	332	(917)
Amortization of net actuarial loss	(359)	(97)	(143)
Retirement Plan
Net periodic benefit:
Interest cost	512	656	828
Expected return on plan assets	(1,161)	(1,109)	(1,006)
Amortization of net actuarial loss	359	97	143
Net periodic benefit	(290)	(356)	(35)
Adjustment to accumulated other comprehensive loss:
Net actuarial (gain) loss	(1,067)	332	(917)
Amortization of net actuarial loss	(359)	(97)	(143)
Total adjustment to accumulated other comprehensive loss	(1,426)	235	(1,060)
Total recognized in net periodic benefit and accumulated other comprehensive loss	$ (1,716)	$ (121)	$ (1,095)

EMPLOYEE BENEFIT PLANS - Weight

EMPLOYEE BENEFIT PLANS - Weighted-Average Assumptions (Details) - Retirement Plan	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Discount rate to determine benefit obligation (percent)	2.75%	2.35%
Discount rate to determine net periodic expense (percent)	2.35%	3.15%	4.20%
Expected long-term return on plan assets (rate)	5.86%	5.96%	6.17%

EMPLOYEE BENEFIT PLANS - Fair V

EMPLOYEE BENEFIT PLANS - Fair Value of Plan Assets by Fund Type (Details) - Retirement Plan - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 20,463	$ 20,507	$ 19,683
Large cap
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5,471	5,767
Mid cap
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,346	2,555
Small cap
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	971	1,080
International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,885	2,152
Fixed-income funds—U.S. bonds and short term
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 9,790	$ 8,953

EMPLOYEE BENEFIT PLANS - Expect

EMPLOYEE BENEFIT PLANS - Expected Future Benefit Payments (Details) - Retirement Plan $ in Thousands	Dec. 31, 2021USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2022	$ 1,575
2023	1,395
2024	2,516
2025	2,037
2026	2,613
2027-2031	6,398
Total	$ 16,534

INCOME TAXES - Schedule of Inco

INCOME TAXES - Schedule of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current income tax benefit (expense):
Federal	$ (17)	$ (24)	$ 0
State	762	(770)	0
Total current income tax benefit (expense)	745	(794)	0
Deferred income tax (expense) benefit:
Federal	(2,655)	(379)	(3,750)
State	(1,977)	530	(1,732)
Total deferred income tax (expense) benefit	(4,632)	151	(5,482)
Decrease (increase) in valuation allowance	4,243	(1,101)	3,062
Expiration of unused loss carryforwards	(31)	0	(25)
Benefit (expense) for income taxes	$ 325	$ (1,744)	$ (2,445)

INCOME TAXES - Schedule of Defe

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Net operating loss carryforward	$ 140,817	$ 117,968
Tax receivable agreement	48,727	48,481
Other	1,255	1,715
Valuation allowance	(16,468)	(18,160)
Total deferred tax assets	174,331	150,004
Deferred tax liabilities-investments in subsidiaries	(187,329)	(162,582)
Deferred tax liability, net	$ (12,998)	$ (12,578)

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) $ in Millions	Dec. 31, 2021USD ($)
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
NOL carryforwards	$ 107.6
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
NOL carryforwards	$ 33.2

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Statutory Rate and Effective Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory rate	21.00%	21.00%	21.00%
State income taxes-net of federal income tax benefit	6.98%	6.98%	6.98%
Pass-through to noncontrolling interests	(14.55%)	(15.00%)	(14.98%)
Executive compensation limitation and other permanent items	14.35%	5.94%	8.34%
Deferred tax asset valuation allowance	(30.51%)	42.54%	(11.54%)
Expiration of unused loss carryforwards	0.22%	0.00%	0.09%
Effective rate	(2.51%)	61.46%	9.89%

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS AND DISCLOSURES (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Reported Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, carrying value	$ 619.1	$ 617.6
Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value of notes payable, net	$ 655.6	$ 663.9

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021
Common Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Per share distributions for Class A Common Shareholders	0.03%

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net income (loss) attributable to the Company	$ 6,568	$ (428)	$ 9,033
Adjustments to net income (loss) attributable to the Company	(176)	20	50
Net income (loss) attributable to common shareholders	6,392	(408)	9,083
Less: net income allocated to participating securities	164	0	390
Allocation of basic net income (loss) among common shareholders	6,228	(408)	8,693
Reallocation of income (loss) upon assumed exchange of dilutive potential securities	6,645	(16)	9,501
Less: net income allocated to participating securities	159	0	372
Allocation of diluted net income (loss) among common shareholders	$ 12,878	$ (424)	$ 18,212
Common Class A
Diluted earnings (loss) per share:
Anti-dilutive potential securities (in shares)	3,160,904	76,120,180	0
Performance Restricted Stock Units (RSUs)
Diluted earnings (loss) per share:
Anti-dilutive potential securities (in shares)	322,366	338,813	388,155
Restricted Stock
Diluted earnings (loss) per share:
Anti-dilutive potential securities (in shares)	0	1,690,773	0
Performance Restricted Stock Units (RSUs) Weighted Average
Diluted earnings (loss) per share:
Anti-dilutive potential securities (in shares)	0	695,154	0
Common Class A
Numerator:
Net income (loss) attributable to common shareholders	$ 6,226	$ (408)	$ 8,690
Allocation of diluted net income (loss) among common shareholders	$ 12,876	$ (424)	$ 18,209
Denominator:
Basic (in shares)	67,394,794	66,722,187	66,261,968
Diluted (in shares)	143,491,204	69,000,096	145,491,898
Basic earnings (loss) per share:
Basic (in dollars per share)	$ 0.09	$ (0.01)	$ 0.13
Diluted earnings (loss) per share:
Diluted (in dollars per share)	$ 0.09	$ (0.01)	$ 0.13
Common Class B
Numerator:
Net income (loss) attributable to common shareholders	$ 2	$ 0	$ 3
Allocation of diluted net income (loss) among common shareholders	$ 2	$ 0	$ 3
Denominator:
Basic (in shares)	79,233,544	79,233,544	79,221,176
Diluted (in shares)	79,233,544	79,233,544	79,221,176
Basic earnings (loss) per share:
Basic (in dollars per share)	$ 0	$ 0	$ 0
Diluted earnings (loss) per share:
Diluted (in dollars per share)	$ 0	$ 0	$ 0

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Defined benefit pension plan, tax benefits	$ 500	$ 700
Total Members’ Capital
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unamortized defined benefit pension plan net actuarial losses	2,000	2,800
AOCI Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss included in noncontrolling interest	1,200	1,800
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassifications from accumulated other comprehensive loss	$ 225	$ 61	$ 89

Schedule III_Real Estate and _2

Schedule III—Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Initial Cost, Land	1,189,960
Initial Cost, Buildings and Improvements	1,114
Costs Capitalized Subsequent to Acquisition
Costs Capitalized Subsequent to Acquisition, Land	934,021
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	1,854
Gross Amounts at Which Carried at Close of Period
Gross Amounts at Which Carried at Close of Period, Land	2,123,981
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	2,968
Gross Amounts at Which Carried at Close of Period, Total	2,126,949	$ 2,020,976	$ 1,919,777	$ 1,726,059
Accumulated Depreciation	2,020	$ 1,891	$ 1,758	$ 1,587
Aggregate cost of land and improvements for federal income tax purposes	2,200,000
Valencia (formerly Newhall Ranch)- Land under development
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost
Initial Cost, Land	111,172
Initial Cost, Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Costs Capitalized Subsequent to Acquisition, Land	715,197
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Gross Amounts at Which Carried at Close of Period, Land	826,369
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period, Total	826,369
Accumulated Depreciation	0
Candlestick and The San Francisco Shipyard- Land under development
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost
Initial Cost, Land	1,038,154
Initial Cost, Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Costs Capitalized Subsequent to Acquisition, Land	232,301
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Gross Amounts at Which Carried at Close of Period, Land	1,270,455
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period, Total	1,270,455
Accumulated Depreciation	0
Agriculture- Operating property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost
Initial Cost, Land	40,634
Initial Cost, Buildings and Improvements	1,114
Costs Capitalized Subsequent to Acquisition
Costs Capitalized Subsequent to Acquisition, Land	(13,477)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	1,854
Gross Amounts at Which Carried at Close of Period
Gross Amounts at Which Carried at Close of Period, Land	27,157
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements	2,968
Gross Amounts at Which Carried at Close of Period, Total	30,125
Accumulated Depreciation	$ 2,020

Schedule III_Real Estate and _3

Schedule III—Real Estate and Accumulated Depreciation - Reconciliation of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Real Estate
Balance at beginning of year	$ 2,020,976	$ 1,919,777	$ 1,726,059
Improvements and additions	227,482	189,395	290,813
Cost of real estate sold	(116,393)	(85,953)	(96,897)
Reimbursements and disposals	(5,116)	(2,243)	(198)
Balance at end of year	2,126,949	2,020,976	1,919,777
Reconciliation of Accumulated Depreciation
Balance at beginning of year	1,891	1,758	1,587
Additions	129	133	176
Disposals	0	0	(5)
Balance at end of year	$ 2,020	$ 1,891	$ 1,758