Five Point (FPH) 10-K 1 Mar 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 29, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 170.5
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's Proxy Statement for the 2024 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, 2023.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001574197
Common Class A
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		69,056,196
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, 2023
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, 2023	Dec. 31, 2022
ASSETS
INVENTORIES	$ 2,213,479	$ 2,239,125
INVESTMENT IN UNCONSOLIDATED ENTITIES	252,816	331,594
PROPERTIES AND EQUIPMENT, NET	29,145	30,243
INTANGIBLE ASSET, NET—RELATED PARTY	25,270	40,257
CASH AND CASH EQUIVALENTS	353,801	131,771
RESTRICTED CASH AND CERTIFICATES OF DEPOSIT	992	992
TOTAL	2,969,288	2,885,784
LIABILITIES:
Notes payable, net	622,186	620,651
Accounts payable and other liabilities	81,649	94,426
Other	78,074	93,086
Deferred income tax liability, net	7,067	11,506
Payable pursuant to tax receivable agreement	173,208	173,068
Total liabilities	962,184	992,737
COMMITMENTS AND CONTINGENT LIABILITIES
REDEEMABLE NONCONTROLLING INTEREST	25,000	25,000
CAPITAL:
Contributed capital	591,606	587,733
Retained earnings	88,780	33,386
Accumulated other comprehensive loss	(2,332)	(2,988)
Total members’ capital	678,054	618,131
Noncontrolling interests	1,304,050	1,249,916
Total capital	1,982,104	1,868,047
TOTAL	2,969,288	2,885,784
Related Party
ASSETS
OTHER ASSETS	83,970	97,126
LIABILITIES:
Other	78,074	93,086
Nonrelated Party
ASSETS
OTHER ASSETS	$ 9,815	$ 14,676

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Dec. 31, 2023	Dec. 31, 2022
Common Class A
Common shares issued (in shares)	69,199,938	69,068,354
Common shares outstanding (in shares)	69,199,938	69,068,354
Common Class B
Common shares issued (in shares)	79,233,544	79,233,544
Common shares outstanding (in shares)	79,233,544	79,233,544

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES:
Revenues	$ 211,732	$ 42,694	$ 224,394
COSTS AND EXPENSES:
Selling, general, and administrative	51,495	54,591	77,118
Restructuring	0	19,437	0
Total costs and expenses	185,483	101,523	221,411
OTHER INCOME (EXPENSE):
Interest income	7,230	826	94
Miscellaneous	(776)	245	3,720
Total other income	6,454	1,071	3,814
EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES	76,595	21,513	6,188
INCOME (LOSS) BEFORE INCOME TAX BENEFIT	109,298	(36,245)	12,985
INCOME TAX BENEFIT	4,418	1,471	325
NET INCOME (LOSS)	113,716	(34,774)	13,310
LESS NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	58,322	(19,371)	6,742
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ 55,394	$ (15,403)	$ 6,568
Common Class A
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY PER SHARE
Basic (in dollars per share)	$ 0.80	$ (0.22)	$ 0.09
Diluted (in dollars per share)	$ 0.76	$ (0.23)	$ 0.09
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)	68,826,340	68,429,271	67,394,794
Diluted (in shares)	145,131,125	68,430,212	143,491,204
Common Class B
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY PER SHARE
Basic (in dollars per share)	$ 0	$ 0	$ 0
Diluted (in dollars per share)	$ 0	$ 0	$ 0
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)	79,233,544	79,233,544	79,233,544
Diluted (in shares)	79,233,544	79,233,544	79,233,544
Land sales
COSTS AND EXPENSES:
Cost and expenses	$ 105,651	$ (996)	$ 106,012
Land sales | Nonrelated Party
REVENUES:
Revenues	160,796	913	139,500
Land sales | Related Party
REVENUES:
Revenues	595	7,512	43,286
Management services
COSTS AND EXPENSES:
Cost and expenses	22,170	20,261	31,459
Management services | Related Party
REVENUES:
Revenues	47,621	31,433	39,081
Operating properties
COSTS AND EXPENSES:
Cost and expenses	6,167	8,230	6,822
Operating properties | Nonrelated Party
REVENUES:
Revenues	$ 2,720	$ 2,836	$ 2,527

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 113,716	$ (34,774)	$ 13,310
OTHER COMPREHENSIVE INCOME (LOSS):
Net actuarial gain (loss) on defined benefit pension plan	889	(1,929)	1,067
Reclassification of actuarial loss on defined benefit pension plan included in net income (loss)	162	255	359
Other comprehensive income (loss) before taxes	1,051	(1,674)	1,426
INCOME TAX (PROVISION) BENEFIT RELATED TO OTHER COMPREHENSIVE INCOME (LOSS)	0	0	0
OTHER COMPREHENSIVE INCOME (LOSS)—Net of tax	1,051	(1,674)	1,426
COMPREHENSIVE INCOME (LOSS)	114,767	(36,448)	14,736
LESS COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	58,715	(19,998)	7,271
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ 56,052	$ (16,450)	$ 7,465

CONSOLIDATED STATEMENTS OF CAPI

CONSOLIDATED STATEMENTS OF CAPITAL - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,868,047	$ 1,900,378	$ 1,885,098
NET INCOME (LOSS)	113,716	(34,774)	13,310
Share-based compensation expense	3,665	6,230	7,898
Reacquisition of share-based compensation awards for tax-withholding purposes	(202)	(2,736)	(2,047)
Other comprehensive income—net of tax	1,051	(1,674)	1,426
Tax distribution to noncontrolling interest	(4,033)	(435)	(4,429)
Adjustment to liability recognized under tax receivable agreement—net of tax	(140)	1,058	(878)
Adjustment of noncontrolling interest in the Operating Company	0	0	0
Ending balance	1,982,104	1,868,047	1,900,378
Total Members’ Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	618,131	634,424	617,666
NET INCOME (LOSS)	55,394	(15,403)	6,568
Share-based compensation expense	3,665	6,230	7,898
Reacquisition of share-based compensation awards for tax-withholding purposes	(202)	(2,736)	(2,047)
Other comprehensive income—net of tax	658	(1,047)	897
Adjustment to liability recognized under tax receivable agreement—net of tax	(140)	1,058	(878)
Adjustment of noncontrolling interest in the Operating Company	548	(4,395)	4,320
Ending balance	$ 678,054	$ 618,131	$ 634,424
Common Stock | Class A Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	69,068,354	70,107,552	69,051,284
Reacquisition of share-based compensation awards for tax-withholding purposes (in shares)	(83,660)	(417,716)	(324,905)
Issuance (forfeitures) of share-based compensation awards, net of forfeitures (in shares)	215,244	(621,482)	1,381,173
Ending balance (in shares)	69,199,938	69,068,354	70,107,552
Common Stock | Class B Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	79,233,544	79,233,544	79,233,544
Ending balance (in shares)	79,233,544	79,233,544	79,233,544
Contributed Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 587,733	$ 587,587	$ 578,278
Share-based compensation expense	3,665	6,230	7,898
Reacquisition of share-based compensation awards for tax-withholding purposes	(202)	(2,736)	(2,047)
Adjustment to liability recognized under tax receivable agreement—net of tax	(140)	1,058	(878)
Adjustment of noncontrolling interest in the Operating Company	550	(4,406)	4,336
Ending balance	591,606	587,733	587,587
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	33,386	48,789	42,221
NET INCOME (LOSS)	55,394	(15,403)	6,568
Ending balance	88,780	33,386	48,789
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(2,988)	(1,952)	(2,833)
Other comprehensive income—net of tax	658	(1,047)	897
Adjustment of noncontrolling interest in the Operating Company	(2)	11	(16)
Ending balance	(2,332)	(2,988)	(1,952)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,249,916	1,265,954	1,267,432
NET INCOME (LOSS)	58,322	(19,371)	6,742
Other comprehensive income—net of tax	393	(627)	529
Tax distribution to noncontrolling interest	(4,033)	(435)	(4,429)
Adjustment of noncontrolling interest in the Operating Company	(548)	4,395	(4,320)
Ending balance	$ 1,304,050	$ 1,249,916	$ 1,265,954

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CAPITAL (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS)	$ 113,716	$ (34,774)	$ 13,310
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in earnings from unconsolidated entities	(76,595)	(21,513)	(6,188)
Deferred income taxes	(4,439)	(1,492)	420
Depreciation and amortization	19,934	16,946	25,988
Gain on distribution from indirect Legacy Interest in Great Park Venture—related party	0	0	(978)
Share-based compensation	3,665	6,230	7,898
Changes in operating assets and liabilities:
Inventories	27,541	(140,416)	(104,084)
Related party assets	10,771	2,402	(383)
Other assets	3,774	2,733	(1,271)
Accounts payable and other liabilities	(11,714)	(22,484)	(18,316)
Related party liabilities	(10,730)	3,714	2,184
Net cash provided by (used in) operating activities	154,123	(188,302)	(81,420)
CASH FLOWS FROM INVESTING ACTIVITIES:
Distribution from indirect Legacy Interest in Great Park Venture—related party	0	0	1,020
Purchase of properties and equipment	(23)	(75)	(154)
Net cash provided by investing activities	77,111	63,990	75,315
CASH FLOWS FROM FINANCING ACTIVITIES:
Reacquisition of share-based compensation awards for tax-withholding purposes	(202)	(2,736)	(2,047)
Payment of financing costs	(687)	0	(686)
Related party reimbursement obligation	(4,282)	(6,546)	(19,415)
Tax distribution to noncontrolling interest	(4,033)	(435)	(4,429)
Borrowings under revolving credit facility	0	15,000	0
Repayments under revolving credit facility	0	(15,000)	0
Net cash used in financing activities	(9,204)	(9,717)	(26,577)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH	222,030	(134,029)	(32,682)
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period	132,763	266,792	299,474
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH—End of period	354,793	132,763	266,792
Great Park
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in earnings from unconsolidated entities	(78,947)	(20,444)	(6,432)
Return on investment from Gateway Commercial Venture	78,200	0	0
CASH FLOWS FROM INVESTING ACTIVITIES:
Return of investment	75,986	52,692	76,623
Gateway Commercial Venture LLCA
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in earnings from unconsolidated entities	2,914	127	(659)
Return on investment from Gateway Commercial Venture	0	352	0
CASH FLOWS FROM INVESTING ACTIVITIES:
Return of investment	0	8,273	0
Valencia Landbank Venture
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in earnings from unconsolidated entities	(600)	(1,200)	900
CASH FLOWS FROM INVESTING ACTIVITIES:
Return of investment	1,148	3,305	1,582
Contribution to Valencia Landbank Venture	$ 0	$ (205)	$ (3,756)

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS AND ORGANIZATION	BUSINESS AND ORGANIZATION Five Point Holdings, LLC, a Delaware limited liability company (the “Holding Company” and, together with its consolidated subsidiaries, the “Company”), is an owner and developer of mixed-use planned communities in California. The Holding Company owns all of its assets and conducts all of its operations through Five Point Operating Company, LP, a Delaware limited partnership (the “Operating Company”), and its subsidiaries. The Company has two classes of shares outstanding: Class A common shares and Class B common shares. Holders of Class A common shares and holders of Class B common shares are entitled to one vote for each share held of record on all matters submitted to a vote of shareholders, and are both entitled to receive distributions at the same time. However, the distributions paid to holders of 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, 2023
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, 2023, 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 , 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. The Company’s management agreements may 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. In some of its development management agreements, the Company previously received compensation equal to the actual general and administrative costs incurred by the Company as it performed 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. 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, unemployment rates and interest 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 investee’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 its investments in unconsolidated entities for other-than-temporary impairment by reviewing each investment for any indicators of impairment, including the fair value of such investments compared to their carrying amounts. The Company typically estimates the fair value of its investments by discounting the cash flows from distributions the Company expects to receive from the venture. Significant input assumptions used in estimating the distributions the Company expects to receive from the venture include revenue appreciation rates and cost appreciation rates. The determination of fair value also requires discounting the estimated cash flows at a rate that the Company believes a market participant would determine to be commensurate with the inherent risks associated with the investment and related estimated cash flow streams. The discount rate used in determining each investment’s fair value generally depends on the investment’s projected life and development stage. 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. No other-than-temporary impairments were identified during the years ended December 31, 2023, 2022 or 2021. 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, 2023, 2022 and 2021, the Company incurred interest expense, including amortization of debt issuance costs, all of which was capitalized into inventories, of $53.8 million, $54.2 million and $54.5 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 $3.6 million, $6.0 million and $9.3 million during the years ended December 31, 2023, 2022 and 2021, 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, 2023 and 2022, there was no material allowance for credit losses. 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. 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. Restructuring —Restructuring costs consist of one-time employee-related termination benefits and other postemployment compensation arrangements. On February 9, 2022, Daniel Hedigan was appointed as the Company’s Chief Executive Officer. Preceding Mr. Hedigan’s appointment, Emile Haddad stepped down from his roles as Chairman, Chief Executive Officer and President effective as of September 30, 2021 and transitioned into a senior advisory role pursuant to a three-year advisory agreement. Mr. Haddad remains a member of the Company’s Board of Directors serving as Chairman Emeritus. Concurrent with Mr. Hedigan’s appointment, Lynn Jochim transitioned from her position as President and Chief Operating Officer into an advisory role pursuant to a three-year advisory agreement (see Note 9). Upon the appointment of Mr. Hedigan as the Company’s Chief Executive Officer, the Company accrued a related party liability of $15.6 million attributed to advisory agreement payments due to Mr. Haddad and Ms. Jochim. In addition, the Company determined the service condition associated with Mr. Haddad and Ms. Jochim’s unvested restricted share awards had been modified (see Note 16). As a result of this modification, the Company recognized approximately $3.0 million in share-based compensation expense as a restructuring cost during the year ended December 31, 2022. In addition to the Company’s executive management restructuring activities, the Company incurred and paid $0.9 million in restructuring costs resulting from severance benefits incurred in March 2022. Miscellaneous other (expense) income —Miscellaneous other (expense) income consisted of the following (in thousands): Year Ended December 31, 2023 2022 2021 Net periodic pension (cost) benefit $ (82) $ 245 $ 290 Other (1) (694) — 1,382 Other—related party — — 2,048 Total miscellaneous other (expense) income $ (776) $ 245 $ 3,720 (1) In December 2023, the Company initiated an exchange offer on its $625.0 million 7.875% Senior Notes that was settled in January 2024 (see Note 10). For the year ended December 31, 2023, the Company incurred $1.8 million in third party costs related to the debt modification, which is included in other in the table above. Recently issued accounting pronouncements —In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which primarily requires expanded disclosure of significant segment expenses and other segment items on an annual and interim basis. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The standard will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the effect of this update on the Company’s financial statements disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which primarily requires expanded disclosures for income taxes paid and the effective tax rate reconciliation. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. The Company is currently evaluating the effect of this update on the Company’s financial statements disclosures.

REVENUES

REVENUES	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES The following tables present the Company’s consolidated revenues disaggregated by revenue source and reporting segment (see Note 15) (in thousands): Year Ended December 31, 2023 Valencia San Francisco Great Park (1) Commercial (1) Total Land sales and land sales—related party $ 161,391 $ — $ — $ — $ 161,391 Management services—related party — — 47,190 431 47,621 Operating properties 840 — — — 840 162,231 — 47,190 431 209,852 Operating properties leasing revenues 1,226 654 — — 1,880 $ 163,457 $ 654 $ 47,190 $ 431 $ 211,732 Year Ended December 31, 2022 Valencia San Francisco Great Park (1) Commercial (1) Total Land sales and land sales—related party $ 8,425 $ — $ — $ — $ 8,425 Management services—related party — — 31,015 418 31,433 Operating properties 1,177 — — — 1,177 9,602 — 31,015 418 41,035 Operating properties leasing revenues 969 690 — — 1,659 $ 10,571 $ 690 $ 31,015 $ 418 $ 42,694 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 (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”). In addition to an annual 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. By mutual agreement, the Initial Term had been extended through December 31, 2022 (the “2022 Extension”). The 2022 Extension resulted in the elimination of variable cost reimbursements and an increase in the annual fixed base fee to $12.0 million for 2022. The 2022 Extension did not change the incentive compensation provisions of the A&R DMA applicable to the Initial Term. In December 2022, the Company and the Great Park Venture entered into a second amendment to the A&R DMA. Under the amendment, the term of the A&R DMA has been renewed through December 31, 2024 (the “First Renewal Term”). The compensation payable to the Company during the First Renewal Term remains unchanged from the 2022 Extension and includes the annual fixed base fee and incentive compensation payments. 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 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, 2023 were $86.5 million ($79.9 million related party, see Note 9) and $72.1 million ($69.1 million related party, see Note 9), respectively. The net decrease of $14.4 million between the opening and closing balances of the Company’s contract assets primarily resulted from additional incentive compensation revenue recognized during the period that resulted from changes in the estimated constrained transaction price of the A&R DMA offset by the receipt of $46.5 million in incentive compensation payments from the Great Park Venture and the receipt of marketing fees from prior period land sales. The opening and closing balances of the Company’s contract assets for the year ended December 31, 2022 were $87.6 million ($79.1 million related party, see Note 9) and $86.5 million ($79.9 million related party, see Note 9), respectively. The net decrease of $1.1 million between the opening and closing balances of the Company’s contract assets primarily resulted from additional incentive compensation revenue recognized during the period that resulted from changes in the estimated constrained transaction price of the A&R DMA offset by the receipt of $15.9 million in incentive compensation payments from the Great Park Venture and the receipt of marketing fees from prior period land sales. The opening and closing balances of the Company’s other receivables from contracts with customers and contract liabilities for the years ended December 31, 2023 and 2022 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, 2023
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED ENTITIES	INVESTMENT IN UNCONSOLIDATED ENTITIES Great Park Venture The Great Park Venture has two classes of membership interests—“Percentage Interests” and “Legacy Interests.” The Operating Company owned 37.5% of the Great Park Venture’s Percentage Interests as of December 31, 2023. 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. During the year ended December 31, 2023, the Great Park Venture made aggregate distributions of $48.2 million to holders of Legacy Interests and $411.2 million to holders of Percentage Interests. The Company received $154.2 million for its 37.5% Percentage Interest. During the year ended December 31, 2022, the Great Park Venture made aggregate distributions of $16.5 million to holders of Legacy Interests and $140.5 million to holders of Percentage Interests. The Company received $52.7 million for its 37.5% Percentage Interest. As of December 31, 2021, the Great Park Venture had fully satisfied the $476.0 million priority distribution rights, and the remaining maximum participating Legacy Interest distribution rights at December 31, 2023 were $18.1 million, which will be paid to Legacy Interest holders pro-rata with payments to Percentage Interest holders. Approximately 10% of future distributions will be paid to the Legacy Interest holders until such time as the remaining balance has been fully paid. The holders of the Percentage Interests will receive all other distributions. The Great Park Venture is the owner of Great Park Neighborhoods, a mixed-use planned community located in Orange County, California. The Company, through the A&R DMA, as amended, manages the planning, development and sale of the Great Park Neighborhoods and supervises the day-to-day affairs of the Great Park Venture. The Great Park Venture is governed by an executive committee of representatives appointed by only the holders of Percentage Interests. The Company serves as the administrative member but does not control the actions of the executive committee. The Company accounts for its investment in the Great Park Venture using the equity method of accounting. The carrying value of the Company’s investment in the Great Park Venture, 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, 2023, the Great Park Venture recognized $16.2 million in land sale revenues to related parties of the Company and $538.6 million in land sale revenues to third parties, of which $357.8 million relates to homesites sold to an unaffiliated land banking entity whereby a related party of the Company retained the option to acquire these homesites in the future from the land bank entity. During the year ended December 31, 2022, the Great Park Venture recognized $12.5 million in land sale revenues to related parties of the Company and $270.9 million in land sale revenues to third parties. 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, of which $236.6 million relates to homesites sold to an unaffiliated land banking entity whereby a related party of the Company retained the option to acquire these homesites in the future from the land bank entity. Land sales to related parties in 2021 included $57.4 million sold 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 accounts for the investment under the equity method of accounting. The following table summarizes the statements of operations of the Great Park Venture for the years ended December 31, 2023, 2022 and 2021 (in thousands): 2023 2022 2021 Land sale and related party land sale revenues $ 554,825 $ 283,402 $ 409,555 Home sale revenues — 40,475 26,172 Cost of land sales (237,148) (155,692) (301,247) Cost of home sales (161) (29,692) (20,022) Other costs and expenses (66,906) (69,539) (57,540) Net income of Great Park Venture $ 250,610 $ 68,954 $ 56,918 The Company’s share of net income $ 93,979 $ 25,858 $ 21,344 Basis difference amortization, net (15,032) (5,414) (14,912) Equity in earnings from Great Park Venture $ 78,947 $ 20,444 $ 6,432 The following table summarizes the balance sheet data of the Great Park Venture and the Company’s investment balance as of December 31, 2023 and 2022 (in thousands): 2023 2022 Inventories $ 391,352 $ 605,893 Cash and cash equivalents 61,054 149,326 Contract assets, receivables and other assets, net 166,793 43,955 Total assets $ 619,199 $ 799,174 Accounts payable and other liabilities $ 184,847 $ 156,085 Redeemable Legacy Interests 18,075 66,254 Capital (Percentage Interest) 416,277 576,835 Total liabilities and capital $ 619,199 $ 799,174 The Company’s share of capital in Great Park Venture $ 156,105 $ 216,313 Unamortized basis difference 57,681 72,713 The Company’s investment in the Great Park Venture $ 213,786 $ 289,026 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, 2023, 2022 and 2021, the Great Park Venture did not recognize any impairment losses on its long-lived assets. Gateway Commercial Venture The Company owned a 75% interest in the Gateway Commercial Venture as of December 31, 2023. The Gateway Commercial Venture is governed by an executive committee in which the Company is entitled to appoint two individuals. One of the other members of the Gateway Commercial Venture is also entitled to appoint two individuals to the executive committee. The unanimous approval of the executive committee is required for certain matters, which limits the Company’s ability to control the Gateway Commercial Venture, however, the Company is able to exercise significant influence and therefore accounts for its investment in the Gateway Commercial Venture using the equity method. The Company is the manager of the Gateway Commercial Venture, with responsibility to manage and administer its day-to-day affairs and implement a business plan approved by the executive committee. The Gateway Commercial Venture owns one commercial office building and approximately 50 acres of commercial land with additional development rights at a 73 acre office, medical, research and development campus located within the Great Park Neighborhoods (the “Five Point Gateway Campus”). The Five Point Gateway Campus consists of four buildings totaling approximately one million square feet. The Company and a subsidiary of Lennar Corporation separately lease portions of the building under the ownership of the Gateway Commercial Venture, and during the years ended December 31, 2023, 2022 and 2021, the Gateway Commercial Venture recognized $8.5 million, $8.4 million and $8.5 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, 2023, 2022 and 2021 (in thousands): 2023 2022 2021 Rental revenues $ 8,482 $ 8,395 $ 8,475 Rental operating and other expenses (5,821) (3,063) (2,424) Depreciation and amortization (4,015) (3,960) (3,938) Interest expense (2,531) (1,541) (1,235) Net (loss) income of Gateway Commercial Venture $ (3,885) $ (169) $ 878 Equity in (loss) earnings from Gateway Commercial Venture $ (2,914) $ (127) $ 659 The following table summarizes the balance sheet data of the Gateway Commercial Venture and the Company’s investment balance as of December 31, 2023 and 2022 (in thousands): 2023 2022 Real estate and related intangible assets, net $ 76,719 $ 82,797 Cash and restricted cash 5,574 4,244 Other assets 3,554 4,588 Total assets $ 85,847 $ 91,629 Notes payable, net $ 28,850 $ 29,418 Other liabilities, net 6,623 7,951 Members’ capital 50,374 54,260 Total liabilities and capital $ 85,847 $ 91,629 The Company’s investment in the Gateway Commercial Venture $ 37,781 $ 40,695 In August 2023, the Gateway Commercial Venture refinanced its mortgage note, extending the maturity date to August 2025. As a condition of the refinancing, the Company is subject to certain guaranties of the Gateway Commercial Venture's mortgage note, including an interest and carry guaranty along with a springing guaranty of 50% of the outstanding balance in the event the Gateway Commercial Venture's leases with either the Company or the affiliate of Lennar are no longer in effect and the Gateway Commercial Venture is unable to meet certain financial covenants. During the year ended December 31, 2022, the Company received $8.6 million in distributions of excess cash from the Gateway Commercial Venture. Valencia Landbank Venture As of December 31, 2023, the Company owned a 10% interest in the Valencia Landbank Venture, an entity organized in December 2020 for the purpose of taking assignment from homebuilders of purchase and sale agreements for the purchase of residential lots within the 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 year ended December 31, 2021, the Valencia Landbank Venture took assignment of certain purchase and sale agreements and purchased land from the Company for $42.0 million (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, 2023 and 2022, the Company’s investment in the Valencia Landbank Venture was $1.2 million and $1.9 million, respectively. During the years ended December 31, 2023 and 2022, the Company recognized equity in earnings of $0.6 million and $1.2 million, respectively, from the Valencia Landbank Venture, and during the year ended December 31, 2021, the Company recognized equity in loss of $0.9 million.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2023
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	NONCONTROLLING INTERESTS The Operating Company The Holding Company’s wholly owned subsidiary is the managing general partner of the Operating Company, and at December 31, 2023, the Holding Company and its wholly owned subsidiary owned approximately 62.6% of the outstanding Class A Common Units and 100% of the outstanding Class B Common Units of the Operating Company. The Holding Company consolidates the financial results of the Operating Company and its subsidiaries and records a noncontrolling interest for the remaining 37.4% of the outstanding Class A Common Units of the Operating Company that are owned separately by affiliates of Lennar 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, 2023, 2022 and 2021, the Holding Company’s ownership interest in the Operating Company changed as a result of net equity transactions related to the Company’s share-based compensation plan. The terms of the Operating Company's Limited Partnership Agreement (“LPA”) provide for the payment of tax distributions to the Operating Company's partners in an amount equal to the estimated income tax liabilities resulting from taxable income or gain allocated to those parties. The tax distribution provisions in the LPA were included in the Operating Company's governing documents adopted prior to the Company’s initial public offering and were designed to provide funds necessary to pay tax liabilities for income that might be allocated, but not paid, to the partners. Tax distributions to the partners of the Operating Company for the years ended December 31, 2023, 2022 and 2021, were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Management Partner $ 4,033 $ 435 $ 2,932 Other partners (excluding the Holding Company) — — 1,497 Total tax distributions $ 4,033 $ 435 $ 4,429 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 Class C units to an affiliate of Lennar in exchange for a contribution of $25.0 million to the San Francisco Venture. Provided that Lennar completes the construction of a certain number of new homes in Candlestick as contemplated under purchase and sale agreements with the Company, the San Francisco Venture is required to redeem the Class C units if and when the Company receives reimbursements from the Mello-Roos community facilities district formed for the development, in an aggregate amount equal to 50% of any reimbursements received up to a maximum amount of $25.0 million. The San Francisco Venture also maintains the ability to redeem the then outstanding balance of Class C units for cash at any time. Upon a liquidation of the San Francisco Venture, the holders of Class C Units are entitled to a liquidation preference. The maximum amount payable by the San Francisco Venture pursuant to redemptions or liquidation of the Class C units is $25.0 million. The holders of Class C units are not entitled to receive any other forms of distributions and are not entitled to any voting rights. In connection with the issuance of the Class C units, the San Francisco Venture agreed to spend $25.0 million on the development of infrastructure and/or parking facilities at the Company’s Candlestick development. At December 31, 2023 and 2022, $25.0 million of Class C units were outstanding and included in redeemable noncontrolling interest on the consolidated balance sheets.

CONSOLIDATED VARIABLE INTEREST

CONSOLIDATED VARIABLE INTEREST ENTITY	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONSOLIDATED VARIABLE INTEREST ENTITY	CONSOLIDATED VARIABLE INTEREST ENTITY The Holding Company conducts all of its operations through the Operating Company, a consolidated VIE, and as a result, substantially all of the Company’s assets and liabilities represent the assets and liabilities of the Operating Company, other than items attributed to income taxes and the payable pursuant to 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, 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, 2023, the San Francisco Venture had total combined assets of $1.36 billion, primarily comprised of $1.36 billion of inventories and $0.9 million in related party assets, and total combined liabilities of $61.9 million, including $59.4 million in related party liabilities. As of December 31, 2022, the San Francisco Venture had total combined assets of $1.31 billion, primarily comprised of $1.31 billion of inventories and $0.8 million in related party assets, and total combined liabilities of $67.3 million, including $63.0 million in related party liabilities. Those assets are owned by, and those liabilities are obligations of, the San Francisco Venture, not the Company. The San Francisco Venture’s operating subsidiaries are not guarantors of the Company’s obligations, and the assets held by the San Francisco Venture may only be used as collateral for the San Francisco Venture’s obligations. The creditors of the San Francisco Venture do not have recourse to the assets of the Operating Company, as the VIE’s primary beneficiary, or of the Holding Company. The Company and the other members do not generally have an obligation to make capital contributions to the San Francisco Venture. In addition, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to the San Francisco Venture. The Company does not guarantee any debt of the San Francisco Venture. However, the Operating Company has guaranteed the performance of payment by the San Francisco Venture in accordance with the redemption terms of the Class C units of the San Francisco Venture (see Note 5). FP LP and FPL are VIEs because the other partners or members have disproportionately fewer voting rights and substantially all of the activities of the entities are conducted on behalf of the other partners or members and their related parties. The Operating Company, or a wholly owned subsidiary of the Operating Company, is the primary beneficiary of FP LP and FPL. As of December 31, 2023, FP LP and FPL had combined assets of $1.0 billion, primarily comprised of $855.6 million of inventories, $25.3 million of intangibles and $69.1 million in related party assets, and total combined liabilities of $60.0 million, including $57.3 million in accounts payable and other liabilities and $2.7 million in related party liabilities. As of December 31, 2022, FP LP and FPL had combined assets of $1.1 billion, primarily comprised of $927.9 million of inventories, $40.3 million of intangibles and $79.9 million in related party assets, and total combined liabilities of $77.2 million, including $70.5 million in accounts payable and other liabilities and $6.7 million in related party liabilities.

PROPERTIES AND EQUIPMENT, NET

PROPERTIES AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTIES AND EQUIPMENT, NET	PROPERTIES AND EQUIPMENT, NET Properties and equipment as of December 31, 2023 and 2022 consisted of the following (in thousands): 2023 2022 Agriculture operating properties and equipment $ 30,200 $ 30,200 Furniture, fixtures, and other 9,577 10,586 Total properties and equipment 39,777 40,786 Accumulated depreciation (10,632) (10,543) Properties and equipment, net $ 29,145 $ 30,243 Depreciation expense was $1.0 million, $1.2 million and $1.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.

INTANGIBLE ASSET, NET _ RELATED

INTANGIBLE ASSET, NET — RELATED PARTY	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSET, NET — RELATED PARTY	INTANGIBLE ASSET, NET—RELATED PARTY The intangible asset relates to the contract value of the incentive compensation provisions of the A&R DMA with the Great Park Venture 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, 2023 and 2022 were as follows (in thousands): 2023 2022 Gross carrying amount $ 129,705 $ 129,705 Accumulated amortization (104,435) (89,448) Net book value $ 25,270 $ 40,257

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 consisted of the following (in thousands): 2023 2022 Related Party Assets: Contract assets (see Note 3) $ 69,068 $ 79,863 Operating lease right-of-use asset (see Note 12) 14,040 16,425 Other 862 838 $ 83,970 $ 97,126 Related Party Liabilities: Reimbursement obligation $ 59,378 $ 62,990 Payable to holders of Management Company’s Class B interests 1,828 6,700 Operating lease liability (see Note 12) 10,974 12,535 Accrued advisory fees 4,725 10,525 Other 1,169 336 $ 78,074 $ 93,086 Development Management Agreement with the Great Park Venture (Incentive Compensation Contract Asset) In 2010, the Great Park Venture, the Company’s equity method investee, engaged the Management Company under a development management agreement to provide management services to the Great Park Venture. The initial term of the development management agreement with the Great Park Venture expired on December 31, 2021 but had been extended by mutual agreement of the parties through December 31, 2022. The compensation structure in place consisted of a base fee and incentive compensation. 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 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 during the Initial Term (see Note 4). In December 2022, the Company and the Great Park Venture entered into the First Renewal Term. The compensation payable to the Company during the First Renewal Term continues to include a base fee and incentive compensation payments. If the A&R DMA is not extended by mutual agreement of the parties beyond December 31, 2024 and the Company is no longer providing management services subsequent to December 31, 2024, the Company will continue to be entitled to 6.75% of Distributions paid thereafter. During the year ended December 31, 2023, the Great Park Venture made a Legacy Incentive Compensation payment to the Company of $4.9 million and a Non-Legacy Incentive Compensation payment of $41.6 million. Upon receiving the Legacy Incentive Compensation payment, the Company distributed the $4.9 million in proceeds to the holders of the Management Company's Class B interests. During the year ended December 31, 2022, the Great Park Venture made a Legacy Incentive Compensation payment to the Company of $1.7 million and a Non-Legacy Incentive Compensation payment of $14.2 million. Upon receiving the Legacy Incentive Compensation payment, the Company distributed the $1.7 million in proceeds to the holders of the Management Company's Class B interests. For the years ended December 31, 2023, 2022 and 2021, the Company recognized revenue from management services of $47.2 million, $31.0 million and $38.7 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, 2023 and 2022, included in contract assets in the table above is $66.1 million and $77.4 million, respectively, attributed to incentive compensation revenue recognized but not yet due (see Note 3). 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, the Company’s equity method investee, 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. 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 interest 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. Interest totaled $2.7 million, $3.0 million and $3.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. All of the incurred interest for the years ended December 31, 2023, 2022 and 2021 was capitalized into inventories. The weighted average interest rate as of December 31, 2023 was 4.6%. Throughout 2023, the Company was notified by CPHP or its affiliates that certain reimbursements totaling $46.1 million that were previously expected to be paid in 2023 had been deferred to 2024. These deferred amounts continue to incur interest at the original interest rate. Principal payments of $46.1 million and $12.6 million are expected to be paid in 2024 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 pursuant to which, effective as of September 30, 2021, Mr. Haddad stepped down from his roles as Chairman, Chief Executive Officer and President. Mr. Haddad remained a member of the Company’s Board of Directors serving as Chairman Emeritus. Concurrently, the Company also entered into an advisory agreement with Mr. Haddad for an initial term of three years, which became effective on October 1, 2021. Mr. Haddad will receive an annual retainer of $5.0 million, and his unvested equity awards will continue to vest in accordance with their terms, subject to continued service as an advisor or member of the Company’s Board of Directors. At December 31, 2023 and 2022, included in accrued advisory fees in the table above is $3.6 million and $8.4 million, respectively, attributed to Mr. Haddad’s advisory agreement (see Note 2). Employment Transition Agreement and Advisory Agreement with Lynn Jochim On February 9, 2022, the Company entered into an employment transition agreement with Lynn Jochim, the Company’s former President and Chief Operating Officer. Pursuant to the agreement, Ms. Jochim agreed to continue in her then current positions, at her then current compensation levels, until February 14, 2022. Concurrently, the Company also entered into an advisory agreement with Ms. Jochim for an initial term of three years, which became effective on February 15, 2022. Pursuant to the advisory agreement, the Company agreed to pay Ms. Jochim an annual retainer of $1.0 million. At December 31, 2023 and 2022, included in accrued advisory fees in the table above is $1.1 million and $2.1 million, respectively, attributed to Ms. Jochim’s advisory agreement (see Note 2). Valencia Purchase and Sale Agreements In 2023, the Company entered into a purchase and sale agreement with an unaffiliated land banking entity for the sale of 583 homesites on approximately 46 acres at the Company’s Valencia community. Initial gross proceeds were $101.8 million, representing the base purchase price. A related party of the Company retained the option to acquire these homesites in the future from the unaffiliated land banking entity. In 2021, the Company sold 123 homesites on approximately 13 acres at the Company’s Valencia community 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. 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 at the Company’s Valencia community. 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. 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. In each of the years ended December 31, 2023, 2022, and 2021, the Company recognized revenue from these management services of $0.4 million, which is included in management services—related party in the accompanying consolidated statements of operations.

NOTES PAYABLE, NET

NOTES PAYABLE, NET	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
NOTES PAYABLE, NET	NOTES PAYABLE, NET At December 31, 2023 and 2022, notes payable consisted of the following (in thousands): 2023 2022 7.875% Senior Notes due 2025 $ 625,000 $ 625,000 Unamortized debt issuance costs and discount (2,814) (4,349) $ 622,186 $ 620,651 Senior Notes 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”), previously offered, sold and issued $625.0 million aggregate principal amount of 7.875% unsecured senior notes due November 15, 2025 (the “Senior Notes”). 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 each of the years ended December 31, 2023, 2022 and 2021 totaled $50.8 million. 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 par, plus accrued and unpaid interest. On January 16, 2024, the Issuers settled an exchange offer to exchange any and all of their $625.0 million 7.875% Senior Notes for new 10.500% initial rate senior notes due January 15, 2028 (the “New Senior Notes”). Pursuant to the exchange offer, the Issuers exchanged $623.5 million aggregate principal amount of Senior Notes, which represented 99.76% of the existing Senior Notes outstanding immediately prior to the exchange offer, for $523.5 million aggregate principal amount of New Senior Notes and $100.0 million of aggregate cash consideration, plus accrued interest. The New Senior Notes accrue interest at a rate of 10.500% per annum from and including January 16, 2024 to, but not including, November 15, 2025, 11.000% per annum from and including November 15, 2025 to, but not including, November 15, 2026, and 12.000% per annum from and including November 15, 2026 to, but not including, January 15, 2028. Interest on the New Senior Notes is payable semi-annually on each May 15 and November 15, commencing May 15, 2024. The New 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 New Senior Notes, plus accrued and unpaid interest. Revolving Credit Facility The Operating Company has a $125.0 million unsecured revolving credit facility that matures in April 2026. Any borrowings under the revolving credit agreement will bear interest at CME Term Secured Overnight Financing Rate 1 Month increased by 0.10% plus a margin of either 2.25% or 2.50% based on the Company's leverage ratio. The revolving credit facility may be further extended to April 2027, subject to the satisfaction of certain conditions, including the approval of the administrative agent and lenders. As of December 31, 2023, no borrowings or letters of credit were outstanding on the revolving credit facility.

TAX RECEIVABLE AGREEMENT

TAX RECEIVABLE AGREEMENT	12 Months Ended
	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
TAX RECEIVABLE AGREEMENT	TAX RECEIVABLE AGREEMENT The Company is a party to a TRA with all of the holders of Class A Common Units of the Operating Company, all the holders of Class A units of the San Francisco Venture, and prior holders of Class A Common Units of the Operating Company and prior holders of Class A units of the San Francisco Venture that have exchanged their holdings for Class A common shares (as parties to the TRA, the “TRA Parties”). 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, 2023 and 2022, the Company’s consolidated balance sheets included liabilities of $173.2 million and $173.1 million, respectively, for payments expected to be made under certain components of the TRA which the Company deems to be probable and estimable. 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, 2023, 2022 and 2021.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
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, 2023, 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 five years to six 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, 2023, 2022 and 2021 (in thousands): 2023 2022 2021 Operating lease cost $ 1,276 $ 1,957 $ 2,371 Related party operating lease cost 3,154 3,154 3,154 Short-term lease cost 472 410 501 Supplemental balance sheet information related to leases as of December 31, 2023 and 2022 were as follows (in thousands, except lease term in years and discount rate): 2023 2022 Operating lease right-of-use assets $ 16,002 $ 19,067 Operating lease liabilities $ 12,755 $ 15,705 Weighted average remaining lease term (operating lease) 5.1 5.1 Weighted average discount rate (operating lease) 6.7% 6.2% 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, 2023 (in thousands): Years Ending December 31, Rental 2024 $ 2,548 2025 2,924 2026 3,009 2027 3,100 2028 3,191 Thereafter 479 Total lease payments $ 15,251 Discount $ 2,496 Total operating lease liabilities $ 12,755
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, 2023, 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 five years to six 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, 2023, 2022 and 2021 (in thousands): 2023 2022 2021 Operating lease cost $ 1,276 $ 1,957 $ 2,371 Related party operating lease cost 3,154 3,154 3,154 Short-term lease cost 472 410 501 Supplemental balance sheet information related to leases as of December 31, 2023 and 2022 were as follows (in thousands, except lease term in years and discount rate): 2023 2022 Operating lease right-of-use assets $ 16,002 $ 19,067 Operating lease liabilities $ 12,755 $ 15,705 Weighted average remaining lease term (operating lease) 5.1 5.1 Weighted average discount rate (operating lease) 6.7% 6.2% 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, 2023 (in thousands): Years Ending December 31, Rental 2024 $ 2,548 2025 2,924 2026 3,009 2027 3,100 2028 3,191 Thereafter 479 Total lease payments $ 15,251 Discount $ 2,496 Total operating lease liabilities $ 12,755

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is subject to the usual obligations associated with entering into contracts for the purchase, development, and sale of real estate, which the Company does in the routine conduct of its business. The operations of the Company are conducted through the Operating Company and its subsidiaries, and in some cases, the Holding Company will guarantee the 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, 2023, the remaining estimated maximum potential amount of monetary payments subject to the guaranty was $8.5 million with the final payment due in 2026. Valencia 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, 2023, the Company made payments totaling $1.4 million under the agreement. The annual minimum payments for years 2024 to 2028 are $1.4 million, $1.5 million, $1.5 million, $1.6 million and $1.6 million, respectively. At December 31, 2023, the aggregate of all annual minimum payments remaining under the initial term total $29.7 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 was completed in 2019 and is a critical infrastructure project that benefits Valencia. As of December 31, 2023, the Company has made aggregate payments of $37.0 million. At both December 31, 2023 and 2022, 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 of the Company’s development obligations. The Company had outstanding performance bonds of $306.9 million and $315.0 million as of December 31, 2023 and 2022, respectively. Candlestick and The San Francisco Shipyard Disposition and Development Agreement The San Francisco Venture is a party to a disposition and development agreement with the Successor to the Redevelopment Agency of the City and County of San Francisco (the “San Francisco Agency”) in which the San Francisco Agency has agreed to convey portions of Candlestick and The San Francisco Shipyard to the San Francisco Venture for development. The San Francisco Venture has agreed to reimburse the San Francisco Agency for reasonable costs and expenses actually incurred and paid by the San Francisco Agency in performing its obligations under the disposition and development agreement. The San Francisco Agency can also earn a return of certain profits generated from the development and sale of Candlestick and The San Francisco Shipyard if certain thresholds are met. At both December 31, 2023 and 2022, the San Francisco Venture had outstanding guarantees benefiting the San Francisco Agency for infrastructure and construction of certain park and open space obligations with aggregate maximum obligations of $198.3 million. Letters of Credit At both December 31, 2023 and 2022, the Company had outstanding letters of credit totaling $1.0 million. These letters of credit were issued to secure various development and financial obligations. At both December 31, 2023 and 2022, the Company had restricted cash and certificates of deposit of $1.0 million pledged as collateral under the letters of credit agreements. Legal Proceedings Hunters Point Litigation In May 2018, residents of the Bayview Hunters Point neighborhood in San Francisco filed a putative class action in San Francisco Superior Court naming Tetra Tech, Inc. and Tetra Tech EC, Inc., an independent contractor hired by the U.S. Navy to conduct testing and remediation of toxic radiological waste at The San Francisco Shipyard (“Tetra Tech”), Lennar and the Company as defendants (the “Bayview Action”) . The plaintiffs allege that, among other things, Tetra Tech fraudulently misrepresented its test results and remediation efforts. The plaintiffs are seeking damages against Tetra Tech and the Company and have requested an injunction to prevent the Company and Lennar from undertaking any development activities at The San Francisco Shipyard. Given the preliminary nature of the claims, the Company cannot predict the outcome of the Bayview Action. The Company believes that it has meritorious defenses to the allegations in the Bayview Action and may have insurance and indemnification rights against third parties with respect to the claims. Other Other than the actions outlined above, the Company is also a party to various other claims, legal actions, and complaints arising in the ordinary course of business, the disposition of which, in the Company’s opinion, will not have a material adverse effect on the Company’s 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, 2023
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands): 2023 2022 2021 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest, all of which was capitalized to inventories $ 51,278 $ 52,295 $ 52,584 Noncash lease expense $ 3,958 $ 4,632 $ 4,421 NONCASH INVESTING AND FINANCING ACTIVITIES: Adjustment to operating lease right-of-use assets from lease modification, net $ 982 $ — $ — Accrued financing costs $ 117 $ — $ — Adjustment to liability recognized under TRA $ 140 $ (1,058) $ 878 Noncash lease expense is included within the depreciation and amortization adjustment to net income (loss) on the Company’s consolidated statements of cash flows. Supplemental cash flow information related to leases for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands): 2023 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 4,700 $ 5,170 $ 5,021 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, 2023, 2022 and 2021 (in thousands): 2023 2022 2021 Cash and cash equivalents $ 353,801 $ 131,771 $ 265,462 Restricted cash and certificates of deposit 992 992 1,330 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 354,793 $ 132,763 $ 266,792 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, 2023
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company’s reportable segments consist of: • Valencia—includes the community of Valencia being developed in northern Los Angeles County, California. The Valencia segment derives revenues from the sale of residential and commercial land sites to homebuilders, commercial developers and commercial buyers. The Company’s investment in the Valencia Landbank Venture is also reported in the Valencia segment. • San Francisco—includes the Candlestick and The San Francisco Shipyard communities located on bayfront property in the City of San Francisco, California. The San Francisco segment derives revenues from the sale of residential and commercial land sites to homebuilders, commercial developers and commercial buyers. • Great Park—includes 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, 2023, the Company had a 37.5% Percentage Interest in the Great Park Venture and accounted for the investment under the equity method. The reported segment information for the Great Park segment includes the results of 100% of the Great Park Venture at the historical basis of the venture, which did not apply push down accounting at acquisition date. The Great Park segment derives revenues at the Great Park Neighborhoods from sales of residential and commercial land sites to homebuilders, commercial developers and commercial buyers, sales of homes constructed and marketed under a fee build arrangement, and management services provided by the Company to the Great Park Venture. • Commercial—includes the operations of the Gateway Commercial Venture, which owns an approximately 189,000 square foot office building at the Five Point Gateway Campus. The Five Point Gateway Campus is an office, medical and research and development campus located within the Great Park Neighborhoods and consists of four buildings and surrounding land. The Company and a subsidiary of Lennar lease portions of the building owned by the Gateway Commercial Venture. The Gateway Commercial Venture also owns approximately 50 acres of the surrounding commercial land with additional development rights at the campus. This segment also includes property management services provided by the Management Company to the Gateway Commercial Venture. As of December 31, 2023, the Company had a 75% interest in the Gateway Commercial Venture and accounted for the investment under the equity method. The reported segment information for the Commercial segment includes the results of 100% of the Gateway Commercial Venture at the historical basis of the venture. Segment operating results and reconciliations to the Company’s consolidated balances are as follows: For the year ended December 31, 2023 (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 $ 163,457 $ 654 $ 602,015 $ 8,913 $ 775,039 $ (554,825) $ (8,482) $ — $ — $ — $ — $ 211,732 Depreciation and amortization 3 — 14,987 4,015 19,005 — (4,015) — — — 986 15,976 Interest income — 22 7,490 58 7,570 (7,490) (58) — — — 7,208 7,230 Interest expense — — — 2,531 2,531 — (2,531) — — — — — Segment profit (loss)/net profit (loss) 41,636 (3,313) 275,630 (3,454) 310,499 (250,610) 3,885 78,947 (2,914) — (26,091) 113,716 Other significant items: Segment assets 895,983 1,360,036 710,665 85,847 3,052,531 (619,199) (85,847) 213,786 37,781 (174) 370,410 2,969,288 Inventory assets and real estate related assets, net 855,574 1,357,905 391,352 76,719 2,681,550 (391,352) (76,719) — — — — 2,213,479 Expenditures for long-lived assets (4) 34,066 46,708 21,004 — 101,778 (21,004) — — — — — 80,774 For the year ended December 31, 2022 (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 $ 10,571 $ 690 $ 354,892 $ 8,813 $ 374,966 $ (323,877) $ (8,395) $ — $ — $ — $ — $ 42,694 Depreciation and amortization 45 77 11,149 3,960 15,231 — (3,960) — — — 1,031 12,302 Interest income 1 1 1,532 — 1,534 (1,532) — — — — 824 826 Interest expense — — — 1,541 1,541 — (1,541) — — — — — Segment profit (loss)/net profit (loss) (8,823) (3,396) 79,708 249 67,738 (68,954) 169 20,444 (127) — (54,044) (34,774) Other significant items: Segment assets 972,028 1,314,308 916,909 91,629 3,294,874 (799,174) (91,629) 289,026 40,695 (174) 152,166 2,885,784 Inventory assets and real estate related assets, net 927,929 1,311,196 605,893 82,797 2,927,815 (605,893) (82,797) — — — — 2,239,125 Expenditures for long-lived assets (4) 101,634 40,742 102,695 157 245,228 (102,695) (157) — — — — 142,376 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 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 (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, restructuring 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 other inventory cost recoveries and include noncash project accruals and capitalized interest. For the years ended December 31, 2023, 2022 and 2021, Valencia’s net expenditures include $64.1 million, $34.8 million and $4.5 million, respectively, San Francisco’s net expenditures include $1.1 million, $3.3 million and $0.7 million, respectively, and Great Park Venture’s net expenditures include $89.6 million, $43.7 million and $52.1 million, respectively, in inventory cost reimbursements and recoveries received. Two third-party home builders represented major customers of the Company during the year ended December 31, 2023, accounting for approximately $39.4 million, or 19%, and $21.7 million, or 10%, of total consolidated revenues, respectively. Revenues generated from these customers were from the sale of homesites and variable land sale consideration from profit participation and marketing fees in Valencia. An unaffiliated land banking entity that acquired homesites in Valencia in 2023 represented one of the Company’s major customers during the year ended December 31, 2023 and accounted for approximately $101.8 million, or 48% of total consolidated revenues. A related party of the Company retained the option to acquire these homesites in the future from the unaffiliated land banking entity. A related party of the Company represented one of the Company’s major customers during the year ended December 31, 2022, accounting for approximately $7.5 million, or 18%, of total consolidated revenues. Revenues generated from this customer primarily consisted of variable land sale consideration from profit participation in Valencia. The Valencia Landbank Venture represented one of the Company’s major customers during the year ended December 31, 2021, accounting for approximately $43.2 million, or 19%, of total consolidated revenues. Two third-party home builders represented major customers 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. 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 represented one of the Company’s major customers during the year ended December 31, 2021 and accounted for approximately $76.5 million, or 34% of total consolidated revenues. 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, 2023, 2022 and 2021, and accounted for approximately $47.2 million, or 22%, $31.0 million, or 73%, and $38.7 million, or 17%, 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, 2023
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION In April 2023, the Company’s Board of Directors approved the Five Point Holdings, LLC 2023 Incentive Award Plan (the “Incentive Award Plan”) as the successor to the Five Point Holdings, LLC Amended and Restated 2016 Incentive Award Plan (the “Prior Plan”). The Incentive Award Plan became effective on June 7, 2023, the date on which it was approved by shareholders at the 2023 Annual Meeting of Shareholders. The Incentive Award Plan increased the aggregate number of common shares available for issuance under the Prior Plan by 7,500,000 Class A common shares of the Holding Company. As of December 31, 2023, there were 7,582,152 remaining Class A common shares available for future issuance under the Incentive Award Plan. The Incentive Award Plan 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. 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 performance or market performance conditions. Awards with a service condition generally vest over a two-year or 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 if the market condition was achieved at the end of the service period. Awards with a service and performance condition generally vest at the end of a two The Company estimates the fair value of restricted share awards with a service or performance condition based on the closing market price of the Company’s Class A common shares on the award’s grant date. The grant date fair value of awards with a market condition are determined using a Monte-Carlo valuation model. The Monte Carlo model is based on random projections of share price paths and must be repeated numerous times to achieve a probabilistic assessment. The model incorporates assumptions related to the expected volatility of our share price and risk free interest rates. Expected volatility was 57.98% and was calculated based on the historical volatility of the Company's common stock using daily share price returns over a three-year lookback period from the date of grant. The risk-free interest rate was 4.44% and was based on U.S. Treasury yield curve rates with maturities consistent with the three-year vesting period. During the years ended December 31, 2023, 2022 and 2021, the Company reacquired vested RSUs and restricted share awards from employees for $0.2 million, $2.7 million and $2.0 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, 2023, 2022 and 2021: Share-Based Awards Weighted- Nonvested at January 1, 2021 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 Granted 1,359 $ 1.92 Forfeited (834) $ 2.96 Vested (999) $ 7.77 Nonvested at December 31, 2022 2,166 $ 3.77 Granted 3,947 $ 1.92 Cancelled (906) $ 2.16 Forfeited — $ — Vested (798) $ 5.50 Nonvested at December 31, 2023 4,409 $ 2.13 Share-based compensation expense was $3.7 million, $6.2 million and $7.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. In February 2022, the Company accelerated the expense attributed to the outstanding restricted share awards of two former officers of the Company resulting from a modification of the required service condition of the awards (see Note 2). As a result, for the year ended December 31, 2022, share-based compensation expense of $3.0 million is included in restructuring expense and $3.2 million is included in selling, general, and administrative expenses on the accompanying consolidated statement of operations. All share-based compensation for the years ended December 31, 2023 and 2021 is included in selling, general, and administrative expenses on the accompanying consolidated statements of operations. Approximately $3.7 million of total unrecognized compensation cost related to non-vested awards is expected to be recognized over a weighted-average period of 2.0 years from December 31, 2023. The estimated fair value at vesting of share-based awards that vested during the years ended December 31, 2023, 2022 and 2021 was $2.0 million, $6.3 million, and $6.5 million, respectively.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Retirement Plan —The Newhall Land and Farming Company Retirement Plan (the “Retirement Plan”) is a defined benefit plan that is funded by the Company and qualified under the Employee Retirement Income Security Act. The Retirement Plan was frozen in 2004. The 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, 2023 and 2022 are as follows (in thousands): 2023 2022 Change in benefit obligation: Projected benefit obligation—beginning of year $ 17,240 $ 20,613 Interest cost 809 544 Benefits paid (1,151) (1,126) Actuarial gain (1,329) (2,791) Projected benefit obligation—end of year $ 15,569 $ 17,240 Change in plan assets: Fair value of plan assets—beginning of year $ 15,661 $ 20,463 Actual gain (loss) on plan assets 449 (3,676) Employer contributions 86 — Benefits paid (1,151) (1,126) Fair value of plan assets—end of year $ 15,045 $ 15,661 Funded status $ (524) $ (1,579) Amounts recognized in the consolidated balance sheet—liability $ (524) $ (1,579) Amounts recognized in accumulated other comprehensive loss—net actuarial loss $ (3,799) $ (4,850) The accumulated benefit obligation for the Retirement Plan was $15.6 million and $17.2 million at December 31, 2023 and 2022, respectively. The components of net periodic cost (benefit) and other amounts recognized in accumulated other comprehensive loss for the years ended December 31, 2023, 2022 and 2021, are as follows (in thousands): 2023 2022 2021 Net periodic cost (benefit): Interest cost $ 809 $ 544 $ 512 Expected return on plan assets (889) (1,044) (1,161) Amortization of net actuarial loss 162 255 359 Net periodic cost (benefit) 82 (245) (290) Adjustment to accumulated other comprehensive loss: Net actuarial (gain) loss (889) 1,929 (1,067) Amortization of net actuarial loss (162) (255) (359) Total adjustment to accumulated other comprehensive loss (1,051) 1,674 (1,426) Total recognized in net periodic cost (benefit) and accumulated other comprehensive loss $ (969) $ 1,429 $ (1,716) The weighted-average assumptions used to determine benefit obligations as of December 31, 2023 and 2022 were as follows: 2023 2022 Discount rate 5.40% 5.00% Rate of compensation increase N/A N/A The weighted-average assumptions used to determine net periodic expense for the years ended December 31, 2023, 2022 and 2021, were as follows: 2023 2022 2021 Discount rate 5.00% 2.75% 2.35% Rate of compensation increase N/A N/A N/A Expected long-term return on plan assets 6.21% 5.32% 5.86% 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 35% in equity investments (Standard & Poor’s Large Cap Index Funds, Small Cap Equity, Mid Cap Equity, and International Equity) and approximately 65% 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, 2023 and 2022, are as follows (in thousands): Asset Category 2023 2022 Pooled and/or collective funds: Equity funds: Large cap $ 2,785 $ 3,482 Mid cap 1,113 1,541 Small cap 500 631 International 838 1,218 Fixed-income funds—U.S. bonds and short term 9,809 8,789 Total $ 15,045 $ 15,661 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 expects to have a minimum required contribution of approximately $0.1 million in 2024 and expects future benefit payments to be paid as follows (in thousands): 2024 $ 2,252 2025 1,721 2026 2,237 2027 1,207 2028 1,772 2029-2033 5,073 $ 14,262 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 $0.4 million, $0.6 million and $0.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
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 for income taxes for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands): 2023 2022 2021 Current income tax (expense) benefit: Federal $ (12) $ (14) $ (17) State (9) (7) 762 Total current income tax (expense) benefit (21) (21) 745 Deferred income tax (expense) benefit: Federal $ (8,982) $ 2,574 $ (2,655) State (4,139) 1,188 (1,977) Total deferred income tax (expense) benefit (13,121) 3,762 (4,632) Decrease (increase) in valuation allowance 17,625 (2,204) 4,243 Expiration of unused loss carryforwards (65) (66) (31) Benefit for income taxes $ 4,418 $ 1,471 $ 325 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): 2023 2022 Deferred tax assets Net operating loss carryforward $ 164,592 $ 149,697 Tax receivable agreement 48,470 48,431 Other 1,378 1,594 Valuation allowance — (17,560) Total deferred tax assets 214,440 182,162 Deferred tax liabilities-investments in subsidiaries (221,507) (193,668) Deferred tax liability, net $ (7,067) $ (11,506) 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. Based upon the review of all positive and negative evidence, the Holding Company released the valuation allowance against the deferred tax assets during the year ended December 31, 2023. At December 31, 2023, the Holding Company had federal tax effected net operating loss (“NOL”) carryforwards totaling $125.4 million, and state tax effected NOL carryforwards, net of federal income tax benefit, totaling $39.2 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 2023, 2022 and 2021 is as follows: 2023 2022 2021 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 (14.93) (14.95) (14.55) Executive compensation limitation and other permanent items (1.08) (3.35) 14.35 Deferred tax asset valuation allowance (16.07) (5.45) (30.51) Expiration of unused loss carryforwards 0.06 (0.17) 0.22 Effective rate (4.04) % 4.06 % (2.51) % At December 31, 2023 and 2022, 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, 2022, the Holding Company is subject to U.S. federal, state, and local examinations by tax authorities for the years beginning 2009 through 2022. 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, 2023
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, 2023 and 2022. The fair value of the Company’s notes payable, net, are estimated based on quoted market prices or discounting the expected cash flows based on rates available to the Company (level 2). At December 31, 2023, the estimated fair value of notes payable, net was $622.7 million compared to a carrying value of $622.2 million. At December 31, 2022, the estimated fair value of notes payable, net was $525.5 million compared to a carrying value of $620.7 million. During the years ended December 31, 2023, 2022 and 2021, the Company had no assets that were measured at fair value on a nonrecurring basis.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The Company uses the two-class method in its computation of earnings per share. The Company’s Class A common shares and Class B common shares are entitled to receive distributions at different rates, with each Class B common share receiving 0.03% of the distributions paid on each Class A common share. Under the two-class method, the Company’s net income available to common shareholders is allocated between the two classes of common shares on a fully-distributed basis and reflects residual net income after amounts attributed to noncontrolling interests. In the event of a net loss, the Company determined that both classes share in the Company’s losses, and they share in the losses using the same mechanism as the distributions. The Company also has restricted share awards and performance restricted share awards (see Note 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, 2023, 2022 and 2021. Diluted income (loss) per share calculations for both Class A common shares and Class B common shares contemplate adjustments to the numerator and the denominator under the if-converted method for the convertible Class B common shares, the exchangeable Class A units of the San Francisco Venture and the exchangeable Class A Common Units of the Operating Company. The Company uses the treasury stock method or the two-class method when evaluating dilution for RSUs, restricted shares, and performance restricted units and shares. The more dilutive of the two methods is included in the calculation for diluted income (loss) per share. The following table summarizes the basic and diluted earnings (loss) per share calculations for the years ended December 31, 2023, 2022 and 2021 (in thousands, except shares and per share amounts): 2023 2022 2021 Numerator: Net income (loss) attributable to the Company $ 55,394 $ (15,403) $ 6,568 Adjustments to net income (loss) attributable to the Company (16) 85 (176) Net income (loss) attributable to common shareholders $ 55,378 $ (15,318) $ 6,392 Numerator — basic common shares: Net income (loss) attributable to common shareholders $ 55,378 $ (15,318) $ 6,392 Less: net income allocated to participating securities $ 270 $ — $ 164 Allocation of basic net income (loss) among common shareholders $ 55,108 $ (15,318) $ 6,228 Numerator for basic net income (loss) available to Class A common shareholders $ 55,089 $ (15,313) $ 6,226 Numerator for basic net income (loss) available to Class B common shareholders $ 19 $ (5) $ 2 Numerator — diluted common shares: Net income (loss) attributable to common shareholders $ 55,378 $ (15,318) $ 6,392 Reallocation of income (loss) from dilutive potential securities $ 55,891 $ (252) $ 6,645 Less: net income allocated to participating securities $ 258 $ — $ 159 Allocation of diluted net income (loss) among common shareholders $ 111,011 $ (15,570) $ 12,878 Numerator for diluted net income (loss) available to Class A common shareholders $ 110,992 $ (15,565) $ 12,876 Numerator for diluted net income (loss) available to Class B common shareholders $ 19 $ (5) $ 2 Denominator: Basic weighted average Class A common shares outstanding 68,826,340 68,429,271 67,394,794 Diluted weighted average Class A common shares outstanding 145,131,125 68,430,212 143,491,204 Basic and diluted weighted average Class B common shares outstanding 79,233,544 79,233,544 79,233,544 Basic earnings (loss) per share: Class A common shares $ 0.80 $ (0.22) $ 0.09 Class B common shares $ 0.00 $ (0.00) $ 0.00 Diluted earnings (loss) per share: Class A common shares $ 0.76 $ (0.23) $ 0.09 Class B common shares $ 0.00 $ (0.00) $ 0.00 Anti-dilutive potential Performance RSUs 3,123,408 1,145,832 322,366 Anti-dilutive potential Restricted Shares (weighted average) — 672,690 — Anti-dilutive potential Performance Restricted Shares (weighted average) — 24,730 — Anti-dilutive potential Class A common shares from exchanges (weighted average) 3,137,134 76,120,180 3,160,904

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2023
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 $2.3 million and $3.0 million at December 31, 2023 and 2022, net of tax benefits of $0.6 million and $0.8 million, respectively. Accumulated other comprehensive loss of $1.5 million and $1.9 million is included in noncontrolling interests at December 31, 2023 and 2022, respectively. Net actuarial gains or losses are re-determined annually or upon remeasurement events and principally arise from changes in the rate used to discount benefit obligations and differences between expected and actual returns on plan assets. Reclassifications from accumulated other comprehensive loss to net income (loss) attributable to the Company related to amortization of net actuarial losses were approximately $102,000, $160,000 and $225,000, net of taxes, and are included in miscellaneous other income on the accompanying consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021, respectively.

SCHEDULE III_REAL ESTATE AND AC

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2023
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, 2023 ($ 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- Land under development Los Angeles $ — $ 111,172 $ — $ 744,402 $ — $ 855,574 $ — $ 855,574 $ — 2009 N/A Candlestick and The San Francisco Shipyard- Land under development San — 1,038,154 — 319,751 — 1,357,905 — 1,357,905 — 2016 N/A Agriculture- Operating property Los Angeles — 40,634 1,114 (13,477) 1,929 27,157 3,043 30,200 (c) 2,284 2009 (d) Total $ — $ 1,189,960 $ 1,114 $ 1,050,676 $ 1,929 $ 2,240,636 $ 3,043 $ 2,243,679 (e) $ 2,284 (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 $1.9 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 2023 2022 2021 (In thousands) Balance at beginning of year $ 2,269,325 $ 2,126,949 $ 2,020,976 Improvements and additions (1) 145,911 180,417 227,482 Inventory relief from real estate sold (106,397) — (116,393) Reimbursements and recoveries (65,160) (38,041) (5,116) Balance at end of year $ 2,243,679 $ 2,269,325 $ 2,126,949 (1) Improvements and additions include noncash project accruals and capitalized interest. Reconciliation of Accumulated Depreciation 2023 2022 2021 (In thousands) Balance at beginning of year $ 2,152 $ 2,020 $ 1,891 Additions 132 132 129 Disposals — — — Balance at end of year $ 2,284 $ 2,152 $ 2,020

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
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
Use of estimates	Use of estimates
Concentration of risk	Concentration of risk —As of December 31, 2023, 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 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. 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 investee’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 its investments in unconsolidated entities for other-than-temporary impairment by reviewing each investment for any indicators of impairment, including the fair value of such investments compared to their carrying amounts. The Company typically estimates the fair value of its investments by discounting the cash flows from distributions the Company expects to receive from the venture. Significant input assumptions used in estimating the distributions the Company expects to receive from the
Revenue recognition	Revenue recognition —Under Accounting Standards Codification (“ASC”) Topic 606, Revenue From Contracts With Customers , 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. The Company’s management agreements may 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. In some of its development management agreements, the Company previously received compensation equal to the actual general and administrative costs incurred by the Company as it performed 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. Operating properties
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, unemployment rates and interest rates.
Share-based payments	Share-based payments
Cash and cash equivalents	Cash and cash equivalents
Restricted cash and certificates of deposit	Restricted cash and certificates of deposit
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, 2023, 2022 and 2021, the Company incurred interest expense, including amortization of debt issuance costs, all of which was capitalized into inventories, of $53.8 million, $54.2 million and $54.5 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 $3.6 million, $6.0 million and $9.3 million during the years ended December 31, 2023, 2022 and 2021, 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
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 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.
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.
Restructuring	Restructuring —Restructuring costs consist of one-time employee-related termination benefits and other postemployment compensation arrangements.
Recently issued accounting pronouncements	Recently issued accounting pronouncements —In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which primarily requires expanded disclosure of significant segment expenses and other segment items on an annual and interim basis. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The standard will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the effect of this update on the Company’s financial statements disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which primarily requires expanded disclosures for income taxes paid and the effective tax rate reconciliation. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. The Company is currently evaluating the effect of this update on the Company’s financial statements disclosures.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Miscellaneous Other Income	Miscellaneous other (expense) income consisted of the following (in thousands): Year Ended December 31, 2023 2022 2021 Net periodic pension (cost) benefit $ (82) $ 245 $ 290 Other (1) (694) — 1,382 Other—related party — — 2,048 Total miscellaneous other (expense) income $ (776) $ 245 $ 3,720 (1) In December 2023, the Company initiated an exchange offer on its $625.0 million 7.875% Senior Notes that was settled in January 2024 (see Note 10). For the year ended December 31, 2023, the Company incurred $1.8 million in third party costs related to the debt modification, which is included in other in the table above.

REVENUES (Tables)

REVENUES (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Revenue Disaggregated by Source and Reporting Segment	The following tables present the Company’s consolidated revenues disaggregated by revenue source and reporting segment (see Note 15) (in thousands): Year Ended December 31, 2023 Valencia San Francisco Great Park (1) Commercial (1) Total Land sales and land sales—related party $ 161,391 $ — $ — $ — $ 161,391 Management services—related party — — 47,190 431 47,621 Operating properties 840 — — — 840 162,231 — 47,190 431 209,852 Operating properties leasing revenues 1,226 654 — — 1,880 $ 163,457 $ 654 $ 47,190 $ 431 $ 211,732 Year Ended December 31, 2022 Valencia San Francisco Great Park (1) Commercial (1) Total Land sales and land sales—related party $ 8,425 $ — $ — $ — $ 8,425 Management services—related party — — 31,015 418 31,433 Operating properties 1,177 — — — 1,177 9,602 — 31,015 418 41,035 Operating properties leasing revenues 969 690 — — 1,659 $ 10,571 $ 690 $ 31,015 $ 418 $ 42,694 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 (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, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table summarizes the statements of operations of the Great Park Venture for the years ended December 31, 2023, 2022 and 2021 (in thousands): 2023 2022 2021 Land sale and related party land sale revenues $ 554,825 $ 283,402 $ 409,555 Home sale revenues — 40,475 26,172 Cost of land sales (237,148) (155,692) (301,247) Cost of home sales (161) (29,692) (20,022) Other costs and expenses (66,906) (69,539) (57,540) Net income of Great Park Venture $ 250,610 $ 68,954 $ 56,918 The Company’s share of net income $ 93,979 $ 25,858 $ 21,344 Basis difference amortization, net (15,032) (5,414) (14,912) Equity in earnings from Great Park Venture $ 78,947 $ 20,444 $ 6,432 The following table summarizes the balance sheet data of the Great Park Venture and the Company’s investment balance as of December 31, 2023 and 2022 (in thousands): 2023 2022 Inventories $ 391,352 $ 605,893 Cash and cash equivalents 61,054 149,326 Contract assets, receivables and other assets, net 166,793 43,955 Total assets $ 619,199 $ 799,174 Accounts payable and other liabilities $ 184,847 $ 156,085 Redeemable Legacy Interests 18,075 66,254 Capital (Percentage Interest) 416,277 576,835 Total liabilities and capital $ 619,199 $ 799,174 The Company’s share of capital in Great Park Venture $ 156,105 $ 216,313 Unamortized basis difference 57,681 72,713 The Company’s investment in the Great Park Venture $ 213,786 $ 289,026 The following table summarizes the statements of operations of the Gateway Commercial Venture for the years ended December 31, 2023, 2022 and 2021 (in thousands): 2023 2022 2021 Rental revenues $ 8,482 $ 8,395 $ 8,475 Rental operating and other expenses (5,821) (3,063) (2,424) Depreciation and amortization (4,015) (3,960) (3,938) Interest expense (2,531) (1,541) (1,235) Net (loss) income of Gateway Commercial Venture $ (3,885) $ (169) $ 878 Equity in (loss) earnings from Gateway Commercial Venture $ (2,914) $ (127) $ 659 The following table summarizes the balance sheet data of the Gateway Commercial Venture and the Company’s investment balance as of December 31, 2023 and 2022 (in thousands): 2023 2022 Real estate and related intangible assets, net $ 76,719 $ 82,797 Cash and restricted cash 5,574 4,244 Other assets 3,554 4,588 Total assets $ 85,847 $ 91,629 Notes payable, net $ 28,850 $ 29,418 Other liabilities, net 6,623 7,951 Members’ capital 50,374 54,260 Total liabilities and capital $ 85,847 $ 91,629 The Company’s investment in the Gateway Commercial Venture $ 37,781 $ 40,695

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Schedule of Tax Distributions	Tax distributions to the partners of the Operating Company for the years ended December 31, 2023, 2022 and 2021, were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Management Partner $ 4,033 $ 435 $ 2,932 Other partners (excluding the Holding Company) — — 1,497 Total tax distributions $ 4,033 $ 435 $ 4,429

PROPERTIES AND EQUIPMENT, NET (

PROPERTIES AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Properties and Equipment	Properties and equipment as of December 31, 2023 and 2022 consisted of the following (in thousands): 2023 2022 Agriculture operating properties and equipment $ 30,200 $ 30,200 Furniture, fixtures, and other 9,577 10,586 Total properties and equipment 39,777 40,786 Accumulated depreciation (10,632) (10,543) Properties and equipment, net $ 29,145 $ 30,243

INTANGIBLE ASSET, NET _ RELAT_2

INTANGIBLE ASSET, NET — RELATED PARTY (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The carrying amount and accumulated amortization of the intangible asset as of December 31, 2023 and 2022 were as follows (in thousands): 2023 2022 Gross carrying amount $ 129,705 $ 129,705 Accumulated amortization (104,435) (89,448) Net book value $ 25,270 $ 40,257

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 consisted of the following (in thousands): 2023 2022 Related Party Assets: Contract assets (see Note 3) $ 69,068 $ 79,863 Operating lease right-of-use asset (see Note 12) 14,040 16,425 Other 862 838 $ 83,970 $ 97,126 Related Party Liabilities: Reimbursement obligation $ 59,378 $ 62,990 Payable to holders of Management Company’s Class B interests 1,828 6,700 Operating lease liability (see Note 12) 10,974 12,535 Accrued advisory fees 4,725 10,525 Other 1,169 336 $ 78,074 $ 93,086

NOTES PAYABLE, NET (Tables)

NOTES PAYABLE, NET (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	At December 31, 2023 and 2022, notes payable consisted of the following (in thousands): 2023 2022 7.875% Senior Notes due 2025 $ 625,000 $ 625,000 Unamortized debt issuance costs and discount (2,814) (4,349) $ 622,186 $ 620,651

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021 (in thousands): 2023 2022 2021 Operating lease cost $ 1,276 $ 1,957 $ 2,371 Related party operating lease cost 3,154 3,154 3,154 Short-term lease cost 472 410 501
Supplemental Balance Sheet Information	Supplemental balance sheet information related to leases as of December 31, 2023 and 2022 were as follows (in thousands, except lease term in years and discount rate): 2023 2022 Operating lease right-of-use assets $ 16,002 $ 19,067 Operating lease liabilities $ 12,755 $ 15,705 Weighted average remaining lease term (operating lease) 5.1 5.1 Weighted average discount rate (operating lease) 6.7% 6.2%
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, 2023 (in thousands): Years Ending December 31, Rental 2024 $ 2,548 2025 2,924 2026 3,009 2027 3,100 2028 3,191 Thereafter 479 Total lease payments $ 15,251 Discount $ 2,496 Total operating lease liabilities $ 12,755

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands): 2023 2022 2021 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest, all of which was capitalized to inventories $ 51,278 $ 52,295 $ 52,584 Noncash lease expense $ 3,958 $ 4,632 $ 4,421 NONCASH INVESTING AND FINANCING ACTIVITIES: Adjustment to operating lease right-of-use assets from lease modification, net $ 982 $ — $ — Accrued financing costs $ 117 $ — $ — Adjustment to liability recognized under TRA $ 140 $ (1,058) $ 878 Noncash lease expense is included within the depreciation and amortization adjustment to net income (loss) on the Company’s consolidated statements of cash flows. Supplemental cash flow information related to leases for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands): 2023 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 4,700 $ 5,170 $ 5,021 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, 2023, 2022 and 2021 (in thousands): 2023 2022 2021 Cash and cash equivalents $ 353,801 $ 131,771 $ 265,462 Restricted cash and certificates of deposit 992 992 1,330 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 354,793 $ 132,763 $ 266,792

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 (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 $ 163,457 $ 654 $ 602,015 $ 8,913 $ 775,039 $ (554,825) $ (8,482) $ — $ — $ — $ — $ 211,732 Depreciation and amortization 3 — 14,987 4,015 19,005 — (4,015) — — — 986 15,976 Interest income — 22 7,490 58 7,570 (7,490) (58) — — — 7,208 7,230 Interest expense — — — 2,531 2,531 — (2,531) — — — — — Segment profit (loss)/net profit (loss) 41,636 (3,313) 275,630 (3,454) 310,499 (250,610) 3,885 78,947 (2,914) — (26,091) 113,716 Other significant items: Segment assets 895,983 1,360,036 710,665 85,847 3,052,531 (619,199) (85,847) 213,786 37,781 (174) 370,410 2,969,288 Inventory assets and real estate related assets, net 855,574 1,357,905 391,352 76,719 2,681,550 (391,352) (76,719) — — — — 2,213,479 Expenditures for long-lived assets (4) 34,066 46,708 21,004 — 101,778 (21,004) — — — — — 80,774 For the year ended December 31, 2022 (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 $ 10,571 $ 690 $ 354,892 $ 8,813 $ 374,966 $ (323,877) $ (8,395) $ — $ — $ — $ — $ 42,694 Depreciation and amortization 45 77 11,149 3,960 15,231 — (3,960) — — — 1,031 12,302 Interest income 1 1 1,532 — 1,534 (1,532) — — — — 824 826 Interest expense — — — 1,541 1,541 — (1,541) — — — — — Segment profit (loss)/net profit (loss) (8,823) (3,396) 79,708 249 67,738 (68,954) 169 20,444 (127) — (54,044) (34,774) Other significant items: Segment assets 972,028 1,314,308 916,909 91,629 3,294,874 (799,174) (91,629) 289,026 40,695 (174) 152,166 2,885,784 Inventory assets and real estate related assets, net 927,929 1,311,196 605,893 82,797 2,927,815 (605,893) (82,797) — — — — 2,239,125 Expenditures for long-lived assets (4) 101,634 40,742 102,695 157 245,228 (102,695) (157) — — — — 142,376 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 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 (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, restructuring 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, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table summarizes share-based equity compensation activity for the years ended December 31, 2023, 2022 and 2021: Share-Based Awards Weighted- Nonvested at January 1, 2021 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 Granted 1,359 $ 1.92 Forfeited (834) $ 2.96 Vested (999) $ 7.77 Nonvested at December 31, 2022 2,166 $ 3.77 Granted 3,947 $ 1.92 Cancelled (906) $ 2.16 Forfeited — $ — Vested (798) $ 5.50 Nonvested at December 31, 2023 4,409 $ 2.13

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 are as follows (in thousands): 2023 2022 Change in benefit obligation: Projected benefit obligation—beginning of year $ 17,240 $ 20,613 Interest cost 809 544 Benefits paid (1,151) (1,126) Actuarial gain (1,329) (2,791) Projected benefit obligation—end of year $ 15,569 $ 17,240 Change in plan assets: Fair value of plan assets—beginning of year $ 15,661 $ 20,463 Actual gain (loss) on plan assets 449 (3,676) Employer contributions 86 — Benefits paid (1,151) (1,126) Fair value of plan assets—end of year $ 15,045 $ 15,661 Funded status $ (524) $ (1,579) Amounts recognized in the consolidated balance sheet—liability $ (524) $ (1,579) Amounts recognized in accumulated other comprehensive loss—net actuarial loss $ (3,799) $ (4,850)
Components of Net Period Benefit and Other Amounts Recognized in AOCI	The components of net periodic cost (benefit) and other amounts recognized in accumulated other comprehensive loss for the years ended December 31, 2023, 2022 and 2021, are as follows (in thousands): 2023 2022 2021 Net periodic cost (benefit): Interest cost $ 809 $ 544 $ 512 Expected return on plan assets (889) (1,044) (1,161) Amortization of net actuarial loss 162 255 359 Net periodic cost (benefit) 82 (245) (290) Adjustment to accumulated other comprehensive loss: Net actuarial (gain) loss (889) 1,929 (1,067) Amortization of net actuarial loss (162) (255) (359) Total adjustment to accumulated other comprehensive loss (1,051) 1,674 (1,426) Total recognized in net periodic cost (benefit) and accumulated other comprehensive loss $ (969) $ 1,429 $ (1,716)
Schedule of Weighted-Average Assumptions	The weighted-average assumptions used to determine benefit obligations as of December 31, 2023 and 2022 were as follows: 2023 2022 Discount rate 5.40% 5.00% Rate of compensation increase N/A N/A The weighted-average assumptions used to determine net periodic expense for the years ended December 31, 2023, 2022 and 2021, were as follows: 2023 2022 2021 Discount rate 5.00% 2.75% 2.35% Rate of compensation increase N/A N/A N/A Expected long-term return on plan assets 6.21% 5.32% 5.86%
Schedule of Retirement Plan's Assets at Fair Value	The Retirement Plan’s assets at fair value as of December 31, 2023 and 2022, are as follows (in thousands): Asset Category 2023 2022 Pooled and/or collective funds: Equity funds: Large cap $ 2,785 $ 3,482 Mid cap 1,113 1,541 Small cap 500 631 International 838 1,218 Fixed-income funds—U.S. bonds and short term 9,809 8,789 Total $ 15,045 $ 15,661
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 expects to have a minimum required contribution of approximately $0.1 million in 2024 and expects future benefit payments to be paid as follows (in thousands): 2024 $ 2,252 2025 1,721 2026 2,237 2027 1,207 2028 1,772 2029-2033 5,073 $ 14,262

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The benefit for income taxes for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands): 2023 2022 2021 Current income tax (expense) benefit: Federal $ (12) $ (14) $ (17) State (9) (7) 762 Total current income tax (expense) benefit (21) (21) 745 Deferred income tax (expense) benefit: Federal $ (8,982) $ 2,574 $ (2,655) State (4,139) 1,188 (1,977) Total deferred income tax (expense) benefit (13,121) 3,762 (4,632) Decrease (increase) in valuation allowance 17,625 (2,204) 4,243 Expiration of unused loss carryforwards (65) (66) (31) Benefit for income taxes $ 4,418 $ 1,471 $ 325
Schedule of Deferred Tax Assets and Liabilities	The tax effects of significant temporary differences are as follows (in thousands): 2023 2022 Deferred tax assets Net operating loss carryforward $ 164,592 $ 149,697 Tax receivable agreement 48,470 48,431 Other 1,378 1,594 Valuation allowance — (17,560) Total deferred tax assets 214,440 182,162 Deferred tax liabilities-investments in subsidiaries (221,507) (193,668) Deferred tax liability, net $ (7,067) $ (11,506)
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the statutory rate and the effective tax rate for 2023, 2022 and 2021 is as follows: 2023 2022 2021 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 (14.93) (14.95) (14.55) Executive compensation limitation and other permanent items (1.08) (3.35) 14.35 Deferred tax asset valuation allowance (16.07) (5.45) (30.51) Expiration of unused loss carryforwards 0.06 (0.17) 0.22 Effective rate (4.04) % 4.06 % (2.51) %

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table summarizes the basic and diluted earnings (loss) per share calculations for the years ended December 31, 2023, 2022 and 2021 (in thousands, except shares and per share amounts): 2023 2022 2021 Numerator: Net income (loss) attributable to the Company $ 55,394 $ (15,403) $ 6,568 Adjustments to net income (loss) attributable to the Company (16) 85 (176) Net income (loss) attributable to common shareholders $ 55,378 $ (15,318) $ 6,392 Numerator — basic common shares: Net income (loss) attributable to common shareholders $ 55,378 $ (15,318) $ 6,392 Less: net income allocated to participating securities $ 270 $ — $ 164 Allocation of basic net income (loss) among common shareholders $ 55,108 $ (15,318) $ 6,228 Numerator for basic net income (loss) available to Class A common shareholders $ 55,089 $ (15,313) $ 6,226 Numerator for basic net income (loss) available to Class B common shareholders $ 19 $ (5) $ 2 Numerator — diluted common shares: Net income (loss) attributable to common shareholders $ 55,378 $ (15,318) $ 6,392 Reallocation of income (loss) from dilutive potential securities $ 55,891 $ (252) $ 6,645 Less: net income allocated to participating securities $ 258 $ — $ 159 Allocation of diluted net income (loss) among common shareholders $ 111,011 $ (15,570) $ 12,878 Numerator for diluted net income (loss) available to Class A common shareholders $ 110,992 $ (15,565) $ 12,876 Numerator for diluted net income (loss) available to Class B common shareholders $ 19 $ (5) $ 2 Denominator: Basic weighted average Class A common shares outstanding 68,826,340 68,429,271 67,394,794 Diluted weighted average Class A common shares outstanding 145,131,125 68,430,212 143,491,204 Basic and diluted weighted average Class B common shares outstanding 79,233,544 79,233,544 79,233,544 Basic earnings (loss) per share: Class A common shares $ 0.80 $ (0.22) $ 0.09 Class B common shares $ 0.00 $ (0.00) $ 0.00 Diluted earnings (loss) per share: Class A common shares $ 0.76 $ (0.23) $ 0.09 Class B common shares $ 0.00 $ (0.00) $ 0.00 Anti-dilutive potential Performance RSUs 3,123,408 1,145,832 322,366 Anti-dilutive potential Restricted Shares (weighted average) — 672,690 — Anti-dilutive potential Performance Restricted Shares (weighted average) — 24,730 — Anti-dilutive potential Class A common shares from exchanges (weighted average) 3,137,134 76,120,180 3,160,904

BUSINESS AND ORGANIZATION (Deta

BUSINESS AND ORGANIZATION (Details)	12 Months Ended
	Dec. 31, 2023 vote
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 - Additional Information (Details) - USD ($) $ in Thousands				1 Months Ended	12 Months Ended
	Feb. 09, 2022	Sep. 30, 2021	Aug. 23, 2021	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Interest cost capitalized					$ 53,800	$ 54,200	$ 54,500
Advertising costs					3,600	6,000	9,300
Other					78,074	93,086
Share-based compensation expense					3,700	6,200	7,900
Restructuring					0	19,437	0
Employee Severance
Property, Plant and Equipment [Line Items]
Restructuring				$ 900
Restructuring Charges
Property, Plant and Equipment [Line Items]
Share-based compensation expense						3,000
Advisory Agreement
Property, Plant and Equipment [Line Items]
Other	$ 15,600
Related Party
Property, Plant and Equipment [Line Items]
Other					78,074	93,086
Related Party | Emile Haddad | Advisory Agreement
Property, Plant and Equipment [Line Items]
Advisory agreement term		3 years	3 years
Other					3,600	8,400
Related Party | Lynn Jochim | Advisory Agreement
Property, Plant and Equipment [Line Items]
Advisory agreement term	3 years
Other					1,100	2,100
Land sales | Related Party | Great Park
Property, Plant and Equipment [Line Items]
Impairment charge					$ 0	$ 0	$ 0
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 - Miscellaneous Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Net periodic pension (cost) benefit	$ (82)	$ 245	$ 290
Other	(694)	0	1,382
Miscellaneous	(776)	245	3,720
Debt modification costs	1,800
7.875% Senior Notes due 2025 | Senior Notes
Related Party Transaction [Line Items]
Aggregate principal amount	625,000
Related Party
Related Party Transaction [Line Items]
Miscellaneous	$ 0	$ 0	$ 2,048

REVENUES - Disaggregation of Re

REVENUES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from customers	$ 209,852	$ 41,035	$ 222,652
Revenues	211,732	42,694	224,394
Land sales
Disaggregation of Revenue [Line Items]
Revenue from customers	161,391	8,425	182,786
Management services
Disaggregation of Revenue [Line Items]
Revenue from customers	47,621	31,433	39,081
Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	840	1,177	785
Operating properties leasing revenues	1,880	1,659	1,742
Valencia
Disaggregation of Revenue [Line Items]
Revenue from customers	162,231	9,602	183,571
Revenues	163,457	10,571	184,765
Valencia | Land sales
Disaggregation of Revenue [Line Items]
Revenue from customers	161,391	8,425	182,786
Valencia | Management services
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0
Valencia | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	840	1,177	785
Operating properties leasing revenues	1,226	969	1,194
San Francisco
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0
Revenues	654	690	548
San Francisco | Land sales
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0
San Francisco | Management services
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0
San Francisco | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0
Operating properties leasing revenues	654	690	548
Great Park
Disaggregation of Revenue [Line Items]
Revenue from customers	47,190	31,015	38,675
Revenues	47,190	31,015	38,675
Great Park | Land sales
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0
Great Park | Management services
Disaggregation of Revenue [Line Items]
Revenue from customers	47,190	31,015	38,675
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	431	418	406
Revenues	431	418	406
Commercial | Land sales
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0
Commercial | Management services
Disaggregation of Revenue [Line Items]
Revenue from customers	431	418	406
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, 2023	Dec. 31, 2022
Increase (Decrease) In Contract With Customer, Asset [Roll Forward]
Contract assets, beginning balance	$ 86,500	$ 87,600
Increase (decrease) from revenue recognized	(14,400)	(1,100)
Contract assets, ending balance	72,100	86,500
Related Party
Increase (Decrease) In Contract With Customer, Asset [Roll Forward]
Contract assets, beginning balance	79,900	79,100
Contract assets, ending balance	69,100	79,900
Related Party | Great Park
Increase (Decrease) In Contract With Customer, Asset [Roll Forward]
Increase in annual management agreement fixed base fee		12,000
Revenue from customers	$ 46,500	$ 15,900

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED ENTITIES - Great Park Venture (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Revenue from customers	$ 209,852,000	$ 41,035,000	$ 222,652,000
Great Park
Schedule of Equity Method Investments [Line Items]
Priority distribution paid	48,200,000	16,500,000
Return of capital distribution paid	411,200,000	140,500,000
Impairment losses on long-lived assets	0	0	0
Land sales
Schedule of Equity Method Investments [Line Items]
Revenue from customers	161,391,000	8,425,000	182,786,000
Land sales | Great Park
Schedule of Equity Method Investments [Line Items]
Revenue from customers	538,600,000	270,900,000	346,800,000
Land sales | Great Park | Great Park Landbank Venture
Schedule of Equity Method Investments [Line Items]
Revenue from customers			57,400,000
Land sales | Related Party | Great Park
Schedule of Equity Method Investments [Line Items]
Impairment charge	0	0	0
Land sales | Related Party | Great Park
Schedule of Equity Method Investments [Line Items]
Revenue from customers	16,200,000	$ 12,500,000	62,800,000
Homesites Sold | Great Park
Schedule of Equity Method Investments [Line Items]
Revenue from customers	$ 357,800,000		236,600,000
Great Park
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership	37.50%	37.50%
Distributions entitled to be received	$ 476,000,000
Potential additional distributions entitled to be received	89,000,000
Aggregate distribution	154,200,000
Return of investment	75,986,000	$ 52,692,000	76,623,000
Distribution received			$ 476,000,000
Remaining maximum participating Legacy Interest distribution rights	$ 18,100,000
Percent of future distributions to legacy interest holders	10%
Great Park Landbank Venture | Great Park
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership			10%

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED ENTITIES - Summarized Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Revenue from customers	$ 209,852	$ 41,035	$ 222,652
Interest expense	0	0	0
Other costs and expenses	(185,483)	(101,523)	(221,411)
NET INCOME (LOSS)	113,716	(34,774)	13,310
The Company’s share of net income	55,394	(15,403)	6,568
Equity in earnings from Great Park Venture	76,595	21,513	6,188
Great Park
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Equity in earnings from Great Park Venture	78,947	20,444	6,432
Gateway Commercial Venture LLCA
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Equity in earnings from Great Park Venture	(2,914)	(127)	659
Land sales
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Revenue from customers	161,391	8,425	182,786
Cost of expenses	(105,651)	996	(106,012)
Great Park
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Other costs and expenses	(66,906)	(69,539)	(57,540)
NET INCOME (LOSS)	250,610	68,954	56,918
The Company’s share of net income	93,979	25,858	21,344
Basis difference amortization, net	(15,032)	(5,414)	(14,912)
Great Park | Land sales, Affiliated Entity and Third Party
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Revenue from customers	554,825	283,402	409,555
Great Park | Land sales
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Revenue from customers	538,600	270,900	346,800
Cost of expenses	(237,148)	(155,692)	(301,247)
Great Park | Home Sales
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Revenue from customers	0	40,475	26,172
Cost of expenses	(161)	(29,692)	(20,022)
Gateway Commercial Venture LLCA
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Revenue from customers	8,482	8,395	8,475
Cost of expenses	(5,821)	(3,063)	(2,424)
Depreciation and amortization	(4,015)	(3,960)	(3,938)
Interest expense	(2,531)	(1,541)	(1,235)
The Company’s share of net income	$ (3,885)	$ (169)	$ 878

INVESTMENT IN UNCONSOLIDATED _5

INVESTMENT IN UNCONSOLIDATED ENTITIES - Summarized Balance Sheet Data (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ASSETS
INVENTORIES	$ 2,213,479	$ 2,239,125	$ 2,096,824
CASH AND CASH EQUIVALENTS	353,801	131,771	265,462
INTANGIBLE ASSET, NET—RELATED PARTY	25,270	40,257
Total assets	2,969,288	2,885,784	$ 2,942,910
LIABILITIES:
Accounts payable and other liabilities	81,649	94,426
Redeemable Legacy Interests	591,606	587,733
Capital (Percentage Interest)	678,054	618,131
Notes payable, net	622,186	620,651
Other	78,074	93,086
Members’ capital	1,982,104	1,868,047
Total liabilities and capital	2,969,288	2,885,784
INVESTMENT IN UNCONSOLIDATED ENTITIES	252,816	331,594
Great Park
LIABILITIES:
The Company’s share of capital in Great Park Venture	156,105	216,313
Unamortized basis difference	57,681	72,713
INVESTMENT IN UNCONSOLIDATED ENTITIES	213,786	289,026
Gateway Commercial Venture LLCA
LIABILITIES:
INVESTMENT IN UNCONSOLIDATED ENTITIES	37,781	40,695
Great Park
ASSETS
INVENTORIES	391,352	605,893
CASH AND CASH EQUIVALENTS	61,054	149,326
OTHER ASSETS	166,793	43,955
Total assets	619,199	799,174
LIABILITIES:
Accounts payable and other liabilities	184,847	156,085
Redeemable Legacy Interests	18,075	66,254
Capital (Percentage Interest)	416,277	576,835
Total liabilities and capital	619,199	799,174
Gateway Commercial Venture LLCA
ASSETS
INTANGIBLE ASSET, NET—RELATED PARTY	76,719	82,797
Restricted cash and cash equivalents	5,574	4,244
OTHER ASSETS	3,554	4,588
Total assets	85,847	91,629
LIABILITIES:
Notes payable, net	28,850	29,418
Other	6,623	7,951
Members’ capital	50,374	54,260
Total liabilities and capital	$ 85,847	$ 91,629

INVESTMENT IN UNCONSOLIDATED _6

INVESTMENT IN UNCONSOLIDATED ENTITIES - Gateway Commercial Venture (Details) $ in Thousands, ft² in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) ft² a individual building	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 31, 2023
Schedule of Equity Method Investments [Line Items]
Number of buildings | building	4
Carrying value of buildings	$ 29,145	$ 30,243
Revenues	$ 211,732	42,694	$ 224,394
Gateway Commercial Venture LLCA
Schedule of Equity Method Investments [Line Items]
Number of buildings owned | building	1
Area of campus | ft²	1
Number of buildings | building	4
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 | Related Party | Gateway Commercial Venture LLCA
Schedule of Equity Method Investments [Line Items]
Revenues	$ 8,500	8,400	8,500
Gateway Commercial Venture LLCA
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership	75%
Return on investment from Gateway Commercial Venture	$ 0	352	$ 0
Percent of outstanding note balance				50%
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		$ 8,600

INVESTMENT IN UNCONSOLIDATED _7

INVESTMENT IN UNCONSOLIDATED ENTITIES - Valencia Landbank Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Revenue from customers	$ 209,852	$ 41,035	$ 222,652
INVESTMENT IN UNCONSOLIDATED ENTITIES	252,816	331,594
Recognized equity in earnings (loss) from venture	76,595	21,513	6,188
Valencia Landbank Venture
Schedule of Equity Method Investments [Line Items]
INVESTMENT IN UNCONSOLIDATED ENTITIES	1,200	1,900
Recognized equity in earnings (loss) from venture	600	1,200	(900)
Valencia
Schedule of Equity Method Investments [Line Items]
Revenue from customers	$ 162,231	$ 9,602	183,571
Valencia | Valencia Landbank Venture
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership	10%
Valencia Landbank Venture | Valencia | Valencia Landbank Venture
Schedule of Equity Method Investments [Line Items]
Revenue from customers			$ 42,000

NONCONTROLLING INTERESTS - Addi

NONCONTROLLING INTERESTS - Additional Details (Details) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) class	Dec. 31, 2019 USD ($) shares	Dec. 31, 2022 USD ($)
Noncontrolling Interest [Line Items]
Holding period for right to exchange	12 months
Right to exchange, conversion ratio	1
Redeemable noncontrolling interest, common stock class C units	$ 25		$ 25
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
Authorized contribution percent		50%
Maximum amount payable, class C units		$ 25
Infrastructure development costs		25
San Francisco Venture | Maximum
Noncontrolling Interest [Line Items]
Authorized contribution amount		$ 25
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	37.40%
Five Point Operating Company, LLC | Class A Units | Related Party
Noncontrolling Interest [Line Items]
Ownership percentage of outstanding common units	62.60%
Five Point Operating Company, LLC | Capital Unit, Class B | Related Party
Noncontrolling Interest [Line Items]
Ownership percentage of outstanding common units	100%

NONCONTROLLING INTERESTS - Sche

NONCONTROLLING INTERESTS - Schedule of Tax Distributions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Tax distribution to noncontrolling interest	$ 4,033	$ 435	$ 4,429
Five Point Operating Company, LLC
Noncontrolling Interest [Line Items]
Tax distribution to noncontrolling interest	4,033	435	4,429
Five Point Operating Company, LLC | Management Partner
Noncontrolling Interest [Line Items]
Tax distribution to noncontrolling interest	4,033	435	2,932
Five Point Operating Company, LLC | Other partners (excluding the Holding Company)
Noncontrolling Interest [Line Items]
Tax distribution to noncontrolling interest	$ 0	$ 0	$ 1,497

CONSOLIDATED VARIABLE INTERES_2

CONSOLIDATED VARIABLE INTEREST ENTITY (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Segment assets	$ 2,969,288	$ 2,885,784	$ 2,942,910
INVENTORIES	2,213,479	2,239,125	$ 2,096,824
Liabilities	962,184	992,737
Other	78,074	93,086
INTANGIBLE ASSET, NET—RELATED PARTY	25,270	40,257
Accounts payable and other liabilities	81,649	94,426
Related Party
Variable Interest Entity [Line Items]
OTHER ASSETS	83,970	97,126
Other	78,074	93,086
Variable Interest Entity, Primary Beneficiary | San Francisco Venture
Variable Interest Entity [Line Items]
Segment assets	1,360,000	1,310,000
INVENTORIES	1,360,000	1,310,000
Liabilities	61,900	67,300
Other	59,400	63,000
Variable Interest Entity, Primary Beneficiary | San Francisco Venture | Related Party
Variable Interest Entity [Line Items]
OTHER ASSETS	900	800
Variable Interest Entity, Primary Beneficiary | FP LP And FPL
Variable Interest Entity [Line Items]
Segment assets	1,000,000	1,100,000
INVENTORIES	855,600	927,900
Liabilities	60,000	77,200
Other	2,700	6,700
INTANGIBLE ASSET, NET—RELATED PARTY	25,300	40,300
Accounts payable and other liabilities	57,300	70,500
Variable Interest Entity, Primary Beneficiary | FP LP And FPL | Related Party
Variable Interest Entity [Line Items]
OTHER ASSETS	$ 69,100	$ 79,900
The San Francisco Venture
Variable Interest Entity [Line Items]
Distributions	99%

PROPERTIES AND EQUIPMENT, NET_2

PROPERTIES AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total properties and equipment	$ 39,777	$ 40,786
Accumulated depreciation	(10,632)	(10,543)
Properties and equipment, net	29,145	30,243
Depreciation expense	1,000	1,200	$ 1,200
Agriculture operating properties and equipment
Property, Plant and Equipment [Line Items]
Total properties and equipment	30,200	30,200
Furniture, fixtures, and other
Property, Plant and Equipment [Line Items]
Total properties and equipment	$ 9,577	$ 10,586

INTANGIBLE ASSET, NET _ RELAT_3

INTANGIBLE ASSET, NET — RELATED PARTY (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amount	$ 129,705	$ 129,705
Accumulated amortization	(104,435)	(89,448)
Net book value	25,270	40,257
Amortization expense	$ 15,000	$ 11,100	$ 20,300

RELATED PARTY TRANSACTIONS - Re

RELATED PARTY TRANSACTIONS - Related Party Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Related party liabilities	$ 78,074	$ 93,086
Related Party
Related Party Transaction [Line Items]
Other assets	83,970	97,126
Related party liabilities	78,074	93,086
Related Party | Contract Assets
Related Party Transaction [Line Items]
Other assets	69,068	79,863
Related Party | Operating Lease
Related Party Transaction [Line Items]
Other assets	14,040	16,425
Related party liabilities	10,974	12,535
Related Party | Other
Related Party Transaction [Line Items]
Other assets	862	838
Related party liabilities	1,169	336
Related Party | Loan Reimbursement Agreement
Related Party Transaction [Line Items]
Related party liabilities	59,378	62,990
Related Party | Payable To Holders Of Management Company's Class B Interests
Related Party Transaction [Line Items]
Related party liabilities	1,828	6,700
Related Party | Accrued Advisory Fees
Related Party Transaction [Line Items]
Related party liabilities	$ 4,725	$ 10,525

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) $ in Thousands				12 Months Ended
	Feb. 09, 2022 USD ($)	Sep. 30, 2021	Aug. 23, 2021 USD ($)	Dec. 31, 2023 USD ($) a homesite	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) a homesite
Related Party Transaction [Line Items]
Revenues				$ 211,732	$ 42,694	$ 224,394
Gain on distribution from indirect Legacy Interest in Great Park Venture—related party				0	0	978
Other				78,074	93,086
Interest expense				0	0	0
Revenue from customers				209,852	41,035	222,652
Great Park
Related Party Transaction [Line Items]
Return on investment from Gateway Commercial Venture				78,200	0	0
Management services
Related Party Transaction [Line Items]
Revenue from customers				47,621	31,433	39,081
Equity Method Investee
Related Party Transaction [Line Items]
Distribution to certain interest holders, aggregate				4,900	1,700
Related Party
Related Party Transaction [Line Items]
OTHER ASSETS				83,970	97,126
Other				78,074	93,086
Related Party | Great Park
Related Party Transaction [Line Items]
Return on investment from Gateway Commercial Venture						1,000
Gain on distribution from indirect Legacy Interest in Great Park Venture—related party						978
Related Party | Management services
Related Party Transaction [Line Items]
Revenues				47,621	31,433	39,081
Legacy Incentive Compensation Receivable | Equity Method Investee | Great Park
Related Party Transaction [Line Items]
OTHER ASSETS				9,000
Contract Assets - Legacy Incentive Compensation Receivable | Equity Method Investee
Related Party Transaction [Line Items]
Revenue from customers				$ 4,900	1,700
Contract Assets - Legacy Incentive Compensation Receivable | Equity Method Investee | Great Park
Related Party Transaction [Line Items]
Percentage of distributions during initial term				9%
Percentage of distributions after initial term				6.75%
Contract Assets - Legacy Incentive Compensation Receivable | Related Party
Related Party Transaction [Line Items]
OTHER ASSETS				$ 66,100	77,400
Contract Assets - Non-Legacy Incentive Compensation Receivable | Equity Method Investee
Related Party Transaction [Line Items]
Revenue from customers				41,600	14,200
Development Management Agreement between Newhall Land and Management Company | Related Party | Management services
Related Party Transaction [Line Items]
Revenues				47,200	31,000	38,700
Loan Reimbursement Agreement | Related Party
Related Party Transaction [Line Items]
Other				59,378	62,990
Loan Reimbursement Agreement | Limited Liability Company
Related Party Transaction [Line Items]
Interest expense				$ 2,700	3,000	$ 3,400
Weighted average interest rate				4.60%
Principal payments deferred				$ 46,100
Principal payments, due in next twelve months				46,100
Principal payments, due in year three				12,600
Advisory Agreement
Related Party Transaction [Line Items]
Other	$ 15,600
Advisory Agreement | Related Party | Emile Haddad
Related Party Transaction [Line Items]
Other				3,600	8,400
Advisory agreement term		3 years	3 years
Annual retainer			$ 5,000
Advisory Agreement | Related Party | Lynn Jochim
Related Party Transaction [Line Items]
Other				$ 1,100	2,100
Advisory agreement term	3 years
Annual retainer	$ 1,000
Valencia Landbank Venture | Related Party
Related Party Transaction [Line Items]
Number of properties | homesite						123
Area of land (in acres) | a						13
Revenue from customers						$ 42,000
Variable consideration, transaction price						$ 1,200
Land Banking Entity Purchase And Sale Agreement | Related Party
Related Party Transaction [Line Items]
Number of properties | homesite				583		328
Area of land (in acres) | a				46		26
Revenue from customers				$ 101,800		$ 74,000
Variable consideration, transaction price						2,500
Gateway Commercial Venture LLCA | Related Party | Management services
Related Party Transaction [Line Items]
Revenues				$ 400	$ 400	$ 400

NOTES PAYABLE, NET - Notes Paya

NOTES PAYABLE, NET - Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Notes payable	$ 622,186	$ 620,651
Unamortized debt issuance costs and discount	(2,814)	(4,349)
Senior Notes | 7.875% Senior Notes due 2025
Debt Instrument [Line Items]
Notes payable	$ 625,000	$ 625,000
Interest rate	7.875%

NOTES PAYABLE, NET - Additional

NOTES PAYABLE, NET - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	Jan. 16, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Senior Notes | Subsequent Event
Debt Instrument [Line Items]
Repayments of debt	$ 100
Unsecured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Senior unsecured revolving credit facility, maximum borrowing capacity		$ 125
Funds drawn on revolving credit facility		$ 0
Unsecured Debt | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Additional basis spread on variable rate		0.10%
Unsecured Debt | Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%
Unsecured Debt | Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
7.875% Senior Notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 625
Interest rate		7.875%
Interest costs incurred on notes		$ 50.8	$ 50.8	$ 50.8
7.875% Senior Notes due 2025 | Senior Notes | Subsequent Event
Debt Instrument [Line Items]
Exchanged aggregate principal	$ 623.5
Percentage of aggregate principal redeemed (up to)	99.76%
Senior Notes Due 2028, 10.500% | Senior Notes | Subsequent Event
Debt Instrument [Line Items]
Aggregate principal amount	$ 523.5
Interest rate	10.50%
Senior Notes Due 2028, 10.500% | Senior Notes | Subsequent Event | January 16, 2024 To November 14, 2025
Debt Instrument [Line Items]
Interest rate	10.50%
Senior Notes Due 2028, 10.500% | Senior Notes | Subsequent Event | November 15, 2025 To November 14, 2026
Debt Instrument [Line Items]
Interest rate	11%
Senior Notes Due 2028, 10.500% | Senior Notes | Subsequent Event | November 15, 2026 To January 14, 2028
Debt Instrument [Line Items]
Interest rate	12%

TAX RECEIVABLE AGREEMENT (Detai

TAX RECEIVABLE AGREEMENT (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Percentage of cash savings in income tax	85%
Payable pursuant to tax receivable agreement	$ 173,208,000	$ 173,068,000
TRA payments	$ 0	$ 0	$ 0

LEASES - Additional Information

LEASES - Additional Information (Details)	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Renewal option	10 years
Minimum
Lessee, Lease, Description [Line Items]
Office leases, remaining lease terms	5 years
Maximum
Lessee, Lease, Description [Line Items]
Office leases, remaining lease terms	6 years

LEASES - Components of Lease Co

LEASES - Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 1,276	$ 1,957	$ 2,371
Related party operating lease cost	3,154	3,154	3,154
Short-term lease cost	$ 472	$ 410	$ 501

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	OTHER ASSETS	OTHER ASSETS
Right-of-use assets	$ 16,002	$ 19,067
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts payable and other liabilities, Other	Accounts payable and other liabilities, Other
Operating lease liabilities	$ 12,755	$ 15,705
Weighted average remaining lease term (operating lease)	5 years 1 month 6 days	5 years 1 month 6 days
Weighted average discount rate (operating lease)	670%	620%

LEASES - Minimum Lease Payments

LEASES - Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases, After Adoption of 842
2024	$ 2,548
2025	2,924
2026	3,009
2027	3,100
2028	3,191
Thereafter	479
Total lease payments	15,251
Discount	2,496
Total operating lease liabilities	$ 12,755	$ 15,705

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2012
Lessee, Lease, Description [Line Items]
Remaining estimated maximum potential amount of monetary payments subject to guaranty	$ 8,500,000
Aggregate payments for infrastructure project	0	$ 0	$ 0
Outstanding performance bonds	306,900,000	315,000,000
Outstanding letters of credit	1,000,000	1,000,000
Asset Pledged as Collateral
Lessee, Lease, Description [Line Items]
Restricted cash and cash equivalents	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	$ 1,400,000
Payment made in 2024	1,400,000
Payment made in 2025	1,500,000
Payment made in 2026	1,500,000
Payment made in 2027	1,600,000
Payment made in 2028	1,600,000
Aggregate annual minimum payments remaining	$ 29,700,000

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest, all of which was capitalized to inventories	$ 51,278	$ 52,295	$ 52,584
Noncash lease expense	3,958	4,632	4,421
NONCASH INVESTING AND FINANCING ACTIVITIES:
Adjustment to operating lease right-of-use assets from lease modification, net	982	0	0
Accrued financing costs	117	0	0
Adjustment to liability recognized under TRA	140	(1,058)	878
Cash paid for amounts included in the measurement of operating lease liabilities	$ 4,700	$ 5,170	$ 5,021

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION - Condensed Cash Flow Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 353,801	$ 131,771	$ 265,462
Restricted cash and certificates of deposit	992	992	1,330
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 354,793	$ 132,763	$ 266,792	$ 299,474

SEGMENT REPORTING - Additional

SEGMENT REPORTING - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) a ft² building	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Square footage of building | ft²	189,000
Number of buildings | building	4
Revenue from customers	$ 209,852	$ 41,035	$ 222,652
Revenues	$ 211,732	42,694	224,394
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	$ 162,231	9,602	183,571
Revenues	163,457	10,571	184,765
Great Park
Segment Reporting Information [Line Items]
Revenue from customers	47,190	31,015	38,675
Revenues	$ 47,190	$ 31,015	$ 38,675
Great Park | Great Park | Revenue | Customer Concentration Risk
Segment Reporting Information [Line Items]
Concentration of risk	22%	73%	17%
Revenues	$ 47,200	$ 31,000	$ 38,700
Land sales
Segment Reporting Information [Line Items]
Revenue from customers	161,391	8,425	182,786
Land sales | Valencia
Segment Reporting Information [Line Items]
Revenue from customers	161,391	8,425	182,786
Land sales | Great Park
Segment Reporting Information [Line Items]
Revenue from customers	0	0	0
Land sales | Land Banking Entity | Valencia | Revenue | Customer Concentration Risk
Segment Reporting Information [Line Items]
Revenue from customers			$ 76,500
Concentration of risk			34%
Land sales | Third Party Home Builder A | Valencia | Revenue | Customer Concentration Risk
Segment Reporting Information [Line Items]
Revenue from customers	$ 39,400		$ 30,300
Concentration of risk	19%		14%
Land sales | Third Party Home Builder B | Valencia | Revenue | Customer Concentration Risk
Segment Reporting Information [Line Items]
Revenue from customers	$ 21,700		$ 22,500
Concentration of risk	10%		10%
Land sales | Related Party
Segment Reporting Information [Line Items]
Revenues	$ 595	7,512	$ 43,286
Land sales | Related Party | One Related Party Customer | Valencia | Revenue | Customer Concentration Risk
Segment Reporting Information [Line Items]
Revenue from customers	$ 101,800	$ 7,500
Concentration of risk	48%	18%
Land sales | Related Party | Valencia Landbank Venture | Valencia | Revenue | Customer Concentration Risk
Segment Reporting Information [Line Items]
Revenue from customers			$ 43,200
Concentration of risk			19%
Great Park
Segment Reporting Information [Line Items]
Percentage of equity ownership	37.50%	37.50%
Gateway Commercial Venture LLCA
Segment Reporting Information [Line Items]
Percentage of equity ownership	75%

SEGMENT REPORTING - Revenues, P

SEGMENT REPORTING - Revenues, Profit (Loss) and Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 211,732	$ 42,694	$ 224,394
Depreciation and amortization	15,976	12,302	21,566
Interest income	7,230	826	94
Interest expense	0	0	0
Recognized equity in earnings (loss) from venture	76,595	21,513	6,188
Segment profit (loss)/net profit (loss)	113,716	(34,774)	13,310
Segment assets	2,969,288	2,885,784	2,942,910
Inventory assets and real estate related assets, net	2,213,479	2,239,125	2,096,824
Expenditures for long-lived assets	80,774	142,376	222,409
Company's investment in venture	252,816	331,594
Valencia
Segment Reporting Information [Line Items]
Revenues	163,457	10,571	184,765
San Francisco
Segment Reporting Information [Line Items]
Revenues	654	690	548
Great Park
Segment Reporting Information [Line Items]
Revenues	47,190	31,015	38,675
Commercial
Segment Reporting Information [Line Items]
Revenues	431	418	406
Operating Segments | Total Operating Segments
Segment Reporting Information [Line Items]
Revenues	775,039	374,966	668,596
Depreciation and amortization	19,005	15,231	25,738
Interest income	7,570	1,534	496
Interest expense	2,531	1,541	1,235
Segment profit (loss)/net profit (loss)	310,499	67,738	116,206
Segment assets	3,052,531	3,294,874	3,246,753
Inventory assets and real estate related assets, net	2,681,550	2,927,815	2,870,659
Expenditures for long-lived assets	101,778	245,228	315,071
Operating Segments | Valencia
Segment Reporting Information [Line Items]
Revenues	163,457	10,571	184,765
Depreciation and amortization	3	45	82
Interest income	0	1	0
Interest expense	0	0	0
Segment profit (loss)/net profit (loss)	41,636	(8,823)	54,360
Segment assets	895,983	972,028	878,399
Inventory assets and real estate related assets, net	855,574	927,929	826,369
Expenditures for long-lived assets	34,066	101,634	175,447
Inventory cost reimbursements	64,100	34,800	4,500
Operating Segments | San Francisco
Segment Reporting Information [Line Items]
Revenues	654	690	548
Depreciation and amortization	0	77	114
Interest income	22	1	0
Interest expense	0	0	0
Segment profit (loss)/net profit (loss)	(3,313)	(3,396)	(3,572)
Segment assets	1,360,036	1,314,308	1,275,510
Inventory assets and real estate related assets, net	1,357,905	1,311,196	1,270,455
Expenditures for long-lived assets	46,708	40,742	46,919
Inventory cost reimbursements	1,100	3,300	700
Operating Segments | Great Park
Segment Reporting Information [Line Items]
Revenues	602,015	354,892	474,402
Depreciation and amortization	14,987	11,149	21,604
Interest income	7,490	1,532	496
Interest expense	0	0	0
Segment profit (loss)/net profit (loss)	275,630	79,708	64,134
Segment assets	710,665	916,909	988,444
Inventory assets and real estate related assets, net	391,352	605,893	687,234
Expenditures for long-lived assets	21,004	102,695	92,442
Inventory cost reimbursements	89,600	43,700	52,100
Operating Segments | Commercial
Segment Reporting Information [Line Items]
Revenues	8,913	8,813	8,881
Depreciation and amortization	4,015	3,960	3,938
Interest income	58	0	0
Interest expense	2,531	1,541	1,235
Segment profit (loss)/net profit (loss)	(3,454)	249	1,284
Segment assets	85,847	91,629	104,400
Inventory assets and real estate related assets, net	76,719	82,797	86,601
Expenditures for long-lived assets	0	157	263
Removal of Results of Unconsolidated Entities | Great Park
Segment Reporting Information [Line Items]
Revenues	(554,825)	(323,877)	(435,727)
Depreciation and amortization	0	0	(1,262)
Interest income	(7,490)	(1,532)	(496)
Interest expense	0	0	0
Recognized equity in earnings (loss) from venture	78,947	20,444	6,432
Segment profit (loss)/net profit (loss)	(250,610)	(68,954)	(56,918)
Segment assets	(619,199)	(799,174)	(859,789)
Inventory assets and real estate related assets, net	(391,352)	(605,893)	(687,234)
Expenditures for long-lived assets	(21,004)	(102,695)	(92,442)
Company's investment in venture	213,786	289,026	321,274
Removal of Results of Unconsolidated Entities | Gateway Commercial Venture
Segment Reporting Information [Line Items]
Revenues	(8,482)	(8,395)	(8,475)
Depreciation and amortization	(4,015)	(3,960)	(3,938)
Interest income	(58)	0	0
Interest expense	(2,531)	(1,541)	(1,235)
Recognized equity in earnings (loss) from venture	(2,914)	(127)	659
Segment profit (loss)/net profit (loss)	3,885	169	(878)
Segment assets	(85,847)	(91,629)	(104,366)
Inventory assets and real estate related assets, net	(76,719)	(82,797)	(86,601)
Expenditures for long-lived assets	0	(157)	(263)
Company's investment in venture	37,781	40,695	49,447
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	(174)	(174)	(2,500)
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	986	1,031	1,028
Interest income	7,208	824	94
Interest expense	0	0	0
Segment profit (loss)/net profit (loss)	(26,091)	(54,044)	(52,191)
Segment assets	370,410	152,166	292,091
Inventory assets and real estate related assets, net	0	0	0
Expenditures for long-lived assets	$ 0	$ 0	$ 43

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 07, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reacquisition of share-based compensation awards for tax-withholding purposes		$ 202	$ 2,736	$ 2,047
Share-based compensation expense		$ 3,700	6,200	7,900
Period for recognition		2 years
Restructuring Charges
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			3,000
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			3,200
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Expected volatility rate		57.98%
Risk free interest rate		4.44%
Reacquisition of share-based compensation awards for tax-withholding purposes		$ 200	2,700	2,000
Estimated fair value of RSUs vested		2,000	$ 6,300	$ 6,500
Restricted Stock Units and Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense included in selling, general, and administrative expenses		$ 3,700
Service and Performance Condition Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		2 years
Service and Performance Condition Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized to be issued (in shares)	7,500,000
Remaining shares available for future issuance (in shares)		7,582,152
Common Class A | Service Condition Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		2 years
Common Class A | Service Condition Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Common Class A | Service and Market Performance Condition Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Common Class A | Director | Service Condition Awards
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, 2023	Dec. 31, 2022	Dec. 31, 2021
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)	2,166	2,640	2,275
Granted (in shares)	3,947	1,359	1,425
Cancelled (in shares)	(906)
Forfeited (in shares)	0	(834)	(44)
Vested (in shares)	(798)	(999)	(1,016)
Nonvested, ending balance (in shares)	4,409	2,166	2,640
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)	$ 3.77	$ 6.38	$ 7.35
Granted, weighted-average grant date fair value (in dollars per share)	1.92	1.92	7.93
Cancelled, weighted-average grant date fair value (in dollars per share)	2.16
Forfeited, weighted-average grant date fair value (in dollars per share)	0	2.96	3
Vested, weighted-average grant date fair value (in dollars per share)	5.50	7.77	10.85
Nonvested, weighted-average grant date fair value, ending balance (in dollars per share)	$ 2.13	$ 3.77	$ 6.38

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in benefit obligation:
Projected benefit obligation—beginning of year	$ 17,240	$ 20,613
Interest cost	809	544	$ 512
Benefits paid	(1,151)	(1,126)
Actuarial gain	(1,329)	(2,791)
Projected benefit obligation—end of year	15,569	17,240	20,613
Change in plan assets:
Fair value of plan assets—beginning of year	15,661	20,463
Actual gain (loss) on plan assets	449	(3,676)
Employer contributions	86	0
Benefits paid	(1,151)	(1,126)
Fair value of plan assets—end of year	15,045	15,661	$ 20,463
Funded status	(524)	(1,579)
Amounts recognized in the consolidated balance sheet—liability	(524)	(1,579)
Amounts recognized in accumulated other comprehensive loss—net actuarial loss	$ (3,799)	$ (4,850)

EMPLOYEE BENEFIT PLANS - Additi

EMPLOYEE BENEFIT PLANS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Company's contributions to 401(k) plan	$ 400	$ 600	$ 600
Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 15,569	$ 17,240	$ 20,613
Retirement Plan | Equity Investments
Defined Benefit Plan Disclosure [Line Items]
Asset allocation targets	35%
Retirement Plan | Fixed-income funds—U.S. bonds and short term
Defined Benefit Plan Disclosure [Line Items]
Asset allocation targets	65%

EMPLOYEE BENEFIT PLANS - Net Pe

EMPLOYEE BENEFIT PLANS - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net periodic cost (benefit):
Net periodic cost (benefit)	$ (82)	$ 245	$ 290
Adjustment to accumulated other comprehensive loss:
Net actuarial (gain) loss	(889)	1,929	(1,067)
Amortization of net actuarial loss	(162)	(255)	(359)
Retirement Plan
Net periodic cost (benefit):
Interest cost	809	544	512
Expected return on plan assets	(889)	(1,044)	(1,161)
Amortization of net actuarial loss	162	255	359
Net periodic cost (benefit)	82	(245)	(290)
Adjustment to accumulated other comprehensive loss:
Net actuarial (gain) loss	(889)	1,929	(1,067)
Amortization of net actuarial loss	(162)	(255)	(359)
Total adjustment to accumulated other comprehensive loss	(1,051)	1,674	(1,426)
Total recognized in net periodic cost (benefit) and accumulated other comprehensive loss	$ (969)	$ 1,429	$ (1,716)

EMPLOYEE BENEFIT PLANS - Weight

EMPLOYEE BENEFIT PLANS - Weighted-Average Assumptions (Details) - Retirement Plan	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Discount rate to determine benefit obligation (percent)	5.40%	5%
Discount rate to determine net periodic expense (percent)	5%	2.75%	2.35%
Expected long-term return on plan assets (rate)	6.21%	5.32%	5.86%

EMPLOYEE BENEFIT PLANS - Fair V

EMPLOYEE BENEFIT PLANS - Fair Value of Plan Assets by Fund Type (Details) - Retirement Plan - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 15,045	$ 15,661	$ 20,463
Large cap
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,785	3,482
Mid cap
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,113	1,541
Small cap
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	500	631
International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	838	1,218
Fixed-income funds—U.S. bonds and short term
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 9,809	$ 8,789

EMPLOYEE BENEFIT PLANS - Expect

EMPLOYEE BENEFIT PLANS - Expected Future Benefit Payments (Details) - Retirement Plan $ in Thousands	Dec. 31, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Expected contribution in next fiscal year	$ 100
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2024	2,252
2025	1,721
2026	2,237
2027	1,207
2028	1,772
2029-2033	5,073
Total	$ 14,262

INCOME TAXES - Schedule of Inco

INCOME TAXES - Schedule of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current income tax (expense) benefit:
Federal	$ (12)	$ (14)	$ (17)
State	(9)	(7)	762
Total current income tax (expense) benefit	(21)	(21)	745
Deferred income tax (expense) benefit:
Federal	(8,982)	2,574	(2,655)
State	(4,139)	1,188	(1,977)
Total deferred income tax (expense) benefit	(13,121)	3,762	(4,632)
Decrease (increase) in valuation allowance	17,625	(2,204)	4,243
Expiration of unused loss carryforwards	(65)	(66)	(31)
Benefit for income taxes	$ 4,418	$ 1,471	$ 325

INCOME TAXES - Schedule of Defe

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Net operating loss carryforward	$ 164,592	$ 149,697
Tax receivable agreement	48,470	48,431
Other	1,378	1,594
Valuation allowance	0	(17,560)
Total deferred tax assets	214,440	182,162
Deferred tax liabilities-investments in subsidiaries	(221,507)	(193,668)
Deferred tax liability, net	$ (7,067)	$ (11,506)

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) $ in Millions	Dec. 31, 2023 USD ($)
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
NOL carryforwards	$ 125.4
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
NOL carryforwards	$ 39.2

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Statutory Rate and Effective Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory rate	21%	21%	21%
State income taxes-net of federal income tax benefit	6.98%	6.98%	6.98%
Pass-through to noncontrolling interests	(14.93%)	(14.95%)	(14.55%)
Executive compensation limitation and other permanent items	(1.08%)	(3.35%)	14.35%
Deferred tax asset valuation allowance	(16.07%)	(5.45%)	(30.51%)
Expiration of unused loss carryforwards	0.06%	(0.17%)	0.22%
Effective rate	(4.04%)	4.06%	(2.51%)

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS AND DISCLOSURES (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Reported Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, carrying value	$ 622.2	$ 620.7
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	$ 622.7	$ 525.5

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023
Common Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Per share distributions for Class A Common Shareholders	0.03%

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income (loss) attributable to the Company	$ 55,394	$ (15,403)	$ 6,568
Adjustments to net income (loss) attributable to the Company	(16)	85	(176)
Net income (loss) attributable to common shareholders	55,378	(15,318)	6,392
Less: net income allocated to participating securities	270	0	164
Allocation of basic net income (loss) among common shareholders	55,108	(15,318)	6,228
Reallocation of income (loss) from dilutive potential securities	55,891	(252)	6,645
Less: net income allocated to participating securities	258	0	159
Allocation of diluted net income (loss) among common shareholders	$ 111,011	$ (15,570)	$ 12,878
Common Class A
Diluted earnings (loss) per share:
Anti-dilutive potential securities (in shares)	3,137,134	76,120,180	3,160,904
Performance Restricted Stock Units (RSUs)
Diluted earnings (loss) per share:
Anti-dilutive potential securities (in shares)	3,123,408	1,145,832	322,366
Restricted Stock
Diluted earnings (loss) per share:
Anti-dilutive potential securities (in shares)	0	672,690	0
Performance Restricted Stock Units (RSUs) Weighted Average
Diluted earnings (loss) per share:
Anti-dilutive potential securities (in shares)	0	24,730	0
Common Class A
Numerator:
Net income (loss) attributable to common shareholders	$ 55,089	$ (15,313)	$ 6,226
Allocation of diluted net income (loss) among common shareholders	$ 110,992	$ (15,565)	$ 12,876
Denominator:
Basic (in shares)	68,826,340	68,429,271	67,394,794
Diluted (in shares)	145,131,125	68,430,212	143,491,204
Basic earnings (loss) per share:
Basic (in dollars per share)	$ 0.80	$ (0.22)	$ 0.09
Diluted earnings (loss) per share:
Diluted (in dollars per share)	$ 0.76	$ (0.23)	$ 0.09
Common Class B
Numerator:
Net income (loss) attributable to common shareholders	$ 19	$ (5)	$ 2
Allocation of diluted net income (loss) among common shareholders	$ 19	$ (5)	$ 2
Denominator:
Basic (in shares)	79,233,544	79,233,544	79,233,544
Diluted (in shares)	79,233,544	79,233,544	79,233,544
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Defined benefit pension plan, tax benefits	$ 600	$ 800
Total Members’ Capital
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unamortized defined benefit pension plan net actuarial losses	2,300	3,000
AOCI Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss included in noncontrolling interest	1,500	1,900
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassifications from accumulated other comprehensive loss	$ 102	$ 160	$ 225

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	1,189,960
Buildings and Improvements	1,114
Costs Capitalized Subsequent to Acquisition
Land	1,050,676
Buildings and Improvements	1,929
Gross Amounts at Which Carried at Close of Period
Land	2,240,636
Buildings and Improvements	3,043
Total	2,243,679	$ 2,269,325	$ 2,126,949	$ 2,020,976
Accumulated Depreciation	2,284	$ 2,152	$ 2,020	$ 1,891
Aggregate cost of land and improvements for federal income tax purposes	1,900,000
Valencia- Land under development
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost
Land	111,172
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	744,402
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	855,574
Buildings and Improvements	0
Total	855,574
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
Land	1,038,154
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	319,751
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	1,357,905
Buildings and Improvements	0
Total	1,357,905
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
Land	40,634
Buildings and Improvements	1,114
Costs Capitalized Subsequent to Acquisition
Land	(13,477)
Buildings and Improvements	1,929
Gross Amounts at Which Carried at Close of Period
Land	27,157
Buildings and Improvements	3,043
Total	30,200
Accumulated Depreciation	$ 2,284

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Real Estate
Balance at beginning of year	$ 2,269,325	$ 2,126,949	$ 2,020,976
Improvements and additions	145,911	180,417	227,482
Cost of real estate sold	(106,397)	0	(116,393)
Reimbursements and disposals	(65,160)	(38,041)	(5,116)
Balance at end of year	2,243,679	2,269,325	2,126,949
Reconciliation of Accumulated Depreciation
Balance at beginning of year	2,152	2,020	1,891
Additions	132	132	129
Disposals	0	0	0
Balance at end of year	$ 2,284	$ 2,152	$ 2,020