[8-K] Five Point Holdings, LLC Reports Material Event

Rhea-AI Filing Summary

Coca-Cola Consolidated (COKE) Q2-25 10-Q highlights

• Net sales rose 3.3% YoY to $1.86 bn; first-half sales up 1.4% to $3.44 bn.
• Gross profit +3.6% to $742 m; gross margin steady at 40.0%.
• Operating income +5.0% to $272 m; operating margin 14.7% (+30 bp).
• Net income increased 8.5% to $187 m; diluted EPS $2.15 (+16%). First-half EPS $3.34 (-8%).
• Interest expense swung to a $6 m cost from a $2 m benefit YoY, reflecting higher average debt after 2024 bond issuance.
• Mark-to-market expense on acquisition-related contingent consideration fell to $12 m vs $28 m, easing below-the-line pressure.
• 1H-25 operating cash flow slipped 7% to $406 m; capex $157 m kept free cash flow modest.
• Cash & equivalents climbed to $1.22 bn; total debt unchanged at $1.79 bn, leaving net debt of $0.57 bn.
• Equity strengthened to $1.63 bn as retained earnings rose and buybacks ($35 m) reduced share count under the $1 bn program.
• Dividend lifted to $0.25 per share post 10-for-1 split effective 27-May-25.

Takeaway: Stable volume-driven revenue growth and cost discipline are expanding margins, but higher financing costs and softer first-half earnings temper the story. Robust liquidity and active capital returns support shareholder value.

Insights

Equity Research Analyst

TL;DR: Solid Q2 beat on EPS and margins; watch first-half softness and rising interest costs.

COKE’s 3% top-line growth was modest, yet management held gross margin at 40% and expanded operating margin to 14.7%. EPS outpaced sales thanks to lower contingent consideration charges and aggressive buybacks. The balance sheet remains healthy—$1.2 bn cash vs $1.8 bn debt—giving flexibility for further repurchases and the raised dividend. Offsetting positives, 1H-25 EPS fell 8% and operating cash flow declined, signaling tougher comps and higher funding costs ahead. With no guidance provided, sentiment hinges on volume trends and cost inflation into 2H.

Portfolio Manager

TL;DR: Margins and cash cushion justify constructive stance despite slower 1H growth.

The quarter confirms COKE’s resilience: pricing and mix offset cost pressures, and management is redeploying capital via a scalable $1 bn buyback and a 5× higher dividend (post-split) while still replenishing cash. Leverage is manageable at ~1.4× EBITDA and contingent payments are largely self-funded. Although 1H earnings dipped, the 10-for-1 split broadens liquidity and could attract retail flow. I view the filing as incrementally positive and remain overweight given stable fundamentals and shareholder-friendly policies.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

July 24, 2025

Date of report (date of earliest event reported)

FIVE POINT HOLDINGS, LLC

(Exact name of registrant as specified in its charter)

Delaware			001-38088			27-0599397
(State or other jurisdiction of incorporation)			(Commission File Number)			(I.R.S. Employer Identification No.)

2000 FivePoint

4th Floor

Irvine

California

92618

(Address of Principal Executive Offices)

(Zip code)

(949) 349-1000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common shares

FPH

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02. Results of Operations and Financial Condition.

On July 24, 2025, Five Point Holdings, LLC issued a press release announcing its results of operations for the three months ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d)    Exhibits.

99.1			Press Release, dated July 24, 2025
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned duly authorized.

Date: July 24, 2025

FIVE POINT HOLDINGS, LLC
By:			/s/ Michael Alvarado
Name:			Michael Alvarado
Title:			Chief Operating Officer, Chief Legal Officer, Vice President and Secretary