Five Point extends Great Park development management contract to Dec 2024; terms unchanged

Five Point Holdings, LLC

DMA extended through Dec 31, 2024; base fee remains $1M/month in 2023, similar in 2024.
Incentive compensation unchanged at 9% of Great Park Venture distributions.
HFET gets termination right if Stuart Miller, Hedigan, or Alvarado depart; future incentive drops to 6.75%.
Base fee for 2024 to be set in annual budget, currently anticipated to be approximately the same.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Five Point Holdings, LLC amended Amendment with Heritage Fields El Toro, LLC ("HFET") (effective 2022-12-28).

Action: amendment
Counterparty: Heritage Fields El Toro, LLC ("HFET")
Effective: 2022-12-28

Exact text from the filing

On December 28, 2022, Five Point Holdings, LLC (the “Company”), through its indirect subsidiaries Five Point Communities Management, Inc. ("FP Inc."), Five Point Operating Company, LP (the "Operating Company") and Five Point Communities, LP ("FP LP" and together with FP Inc. and the Operating Company, the "Five Point Parties") entered into a second amendment (the "Amendment") to the Second Amended and Restated Development Management Agreement (the "DMA"), dated as of April 21, 2017, by and among the Five Point Parties and Heritage Fields El Toro, LLC ("HFET").

View on SEC.gov

Browse all material agreements →

Five Point Holdings, LLC filing history →

Source: SEC EDGAR

accession 0001574197-23-000003

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.