Five Point extends Great Park development management pact through 2028 at $13.5M annual base fee

Five Point Holdings, LLC

Fourth amendment dated Sept. 25, 2026 extends the Development Management Agreement with Heritage Fields El Toro through Dec. 31, 2028; prior term was scheduled to end Dec. 31, 2026.
Base fee remains $13.5M annually, paid $1.125M monthly, effective Jan. 1, 2027 through calendar 2027-2028, unchanged from current annual base fee.
Incentive compensation equals 9% of Great Park Venture distributions; if the DMA is not extended beyond 2028, future payments drop to 6.75% (75% of prior rate).
If the term expires at the end of the Third Renewal Term, HFET must pay unpaid incentive compensation based on all Available Cash as of expiration, whether or not distributed.
FP Inc. oversees management, operation, development and sale of Great Park Neighborhoods properties owned by HFET, a Great Park Venture subsidiary.

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