I have with me today Mike Alvarado, our Chief Operating Officer and Chief Legal Officer Kim Tobler, our Chief Financial Officer and Leo Key, our Senior Vice President of Finance and Reporting. Stuart Miller, our Executive Chairman is joining us remotely. On today's call, I'll update you on our Q1 results, and review the status of the company's current operations including our team's focus during the quarter and our strategic priorities and for the remainder of 2025. Mike will then discuss the growth element of our operating strategy after which Kim will give you an overview of the company's financial performance and conditions, with updated guidance remainder of 2025. We will then open the line to questions. Turning to the first quarter, I'm pleased to report another successful quarter for Five Point. As we continue to build a program of consistent profitability. During the quarter, we generated stronger than expected net income of $60,600,000 which exceeded our guidance by roughly $10,000,000 Our Q1 results reflect our continued focus on generating revenue, controlling our expenses and managing our capital spend. Here are some additional highlights from the quarter. First, our Great Park Venture closed on all four of our anticipated residential land sales.

These programs included three twenty five home sites on approximately 23.6 acres to three different builders for an aggregate purchase price of $278,900,000 Second, as a result of the Great Park operations during the quarter, Five Point received 143,300,000.0 as this portion of distribution its incentive compensation payments. Third, we finished the quarter with total liquidity of liquidity of $653,300,000 comprised of cash and cash equivalents totaling $528,300,000 an increase on our cash over year end of $97,500,000 and borrowing availability of $125,000,000 under our unsecured revolving credit facility. Alongside our successful first quarter, I'm also happy to report that we received an upgrade in our credit rating from S and P. In recognition of our consistent earnings, cash generation and management of overhead, the company moved from B minus to B a continued stable outlook and our senior notes were upgraded from B to B plus As we look ahead to the remainder of 2025, we recognize that we are currently navigating a challenging economic environment with market uncertainty created by shifting tariff policies. Higher mortgage rates and associated affordability issues.

Our job is to filter out the noise and stay focused on underlying economic data at both the national and local level. We are carefully monitoring results reported by the National Home Builders. I understand that several are experiencing reduced margins. Our communities are located in California markets that are chronically undersupplied primarily due to California's challenging and restrictive land use approval process. Our recently closed sales, including one this past week at the Great Park, are continuing evidence that there remains strong demand for our home sites even with builders facing the uncertainty of current market conditions. Notwithstanding this uncertainty, we believe it is still an opportune time to move forward on the implementation of growth initiatives to complement our three existing communities. These growth initiatives will build upon the operating strategy we have been executing on for the past few years. I'd like to have a few more remarks about that strategy shortly. Let me turn briefly, however, to our current operating strategy The key elements of the strategy are: one, we're optimizing home site value with within our existing three premier master plan communities for matching homesite sales to current homebuilder demand Currently, homebuilder demand remains steady, and we continue to maximize the value of our land and to maintain the margins embedded in that value.

Two, we are carefully managing our fixed costs and overhead even while we pursue growth opportunities.

We're also constantly looking to reduce or mitigate some of the fixed costs that come with these larger master plan communities. And we're maintaining the lean operating structure that has defined Five Point for the past few years. We're matching development expenditures with revenue generation. Each new development area within our existing communities is analyzed from a construction phasing standpoint as we look as we work alongside our public partners to deliver our infrastructure so that we are not deploying cash too far out in front of the needs of the development. Finally, we are seeking growth opportunities through new acquisitions, joint ventures and strategic relationships to ensure a growing future for Five Point. Our focus remain on these strategic elements of our operating platform, as we produce recurring earnings along sustainable long term growth. With that said, we know there might be some uncertainty from time to time, we remain confident in our current year expectations My last call indicated that we are expecting that our earnings for 2025 would exceed 2024 and that we anticipate a gross $200,000,000 in net income with obvious caveats regarding the timing of development processes within the County Of Los Angeles. We currently believe that we are on track to meet our prior guidance, while we will continue to monitor evolving market conditions as the year progresses.

Tim will provide more detail on our guidance for the remainder of 2025 during his remarks. I'd like to now touch on market conditions. Although the Federal Reserve has cut rates by 100 basis points since September, recently announced tariff policies have created upward pressure on interest rates and inflation. With key mortgage interest rates moving mostly higher since the end of the quarter. Consumer sentiment is also being negatively impacted by the uncertain surrounding tariff policies, which impacts consumer decisions on new homes sales.

Most of our guest builders still have the ability to facilitate sales, We have seen a modest decline in the pace of sales over the past few weeks. Although interest rates and consumer sentiment are key data points in the housing market, Five Point's California markets generally remain chronically undersupplied We're actively engaged with our gift builders on new home site sales. Let me now provide you with some updates on our communities. Starting with the Great Park Neighborhoods. As a reminder, the Great Park is the most mature of our communities and its ongoing contribution to our financial results reflects the benefits that we and our Great Park Venture partners are receiving from the investments made in this community in prior years. During the first quarter, builders in our Great Park community sold two thirty three homes versus 143 homes in Q4 of twenty twenty four. We currently have 15 active selling programs in the Great Park neighborhoods with five additional programs planned to open later this year. With the existing and future planned programs, we'll be able to continue to offer a wide variety of housing options in Great Park neighborhoods. In addition to our continuing homebuyer interest, we are still seeing demand from builders for Atlanta to Great Park.

All the five residential programs I've previously identified as a expected to close in the first half of twenty twenty five have now closed escrow. With the last sale closing one week ago. We have also completed the bidding and contracting for a group of nine new residential programs being sold to six builders totaling five seventy two home sites. These builders have completed a due diligence with the expectation that these land sales would close in the fourth quarter of this year. The contracted sales prices are consistent with our most recent sales. As I mentioned last quarter, the city of Irvine completed state mandated RHNA general plan and zoning updates for the Great Park planning area. Which will provide the Great Park Venture with the opportunity to convert some or substantial portions of remaining commercial land holdings to residential uses. We're continuing to study these options are in ongoing discussion with the city to consider residential uses consistent with the Arena program adopted by the city. Next, I'll move to Valencia, our other active community. As a reminder, Valencia is in the early stages of its development and sells many future phases of land delivery ahead of which will enable us to provide much needed housing in Los Angeles market.

During the first quarter, home sales remained relatively steady as our guest builders sold 69 homes versus 74 in Q4. We currently have seven actively selling programs in Valencia, Additionally, we anticipate another five programs will open during 2025. Offering a greater diversity of home offerings for respective home buyers. During the first quarter, we took two new new communities to market, totaling 159 homesites and we're working with two builders to finalize their due diligence and enter binding purchase and sale agreements. We currently anticipate these sales will close towards the end of the year. We also continue to work Los Angeles County and other agencies on our regulatory approvals for our next development areas in Valencia that will allow us to deliver thousands of additional home sites in the county's severely undersupplied market. In total, these development areas are expected to consist of approximately 8,900 market rate home sites and 183 net acres of commercial land. Approximately 139 of which is expected to cater towards industrial focused uses. Additionally, given the recent loss of dwelling in this LA County wildfires, we expect greater cooperation between officials and developers to exploit more housing supply to help mitigate the shortage.

Turning to San Francisco. As you may remember from our last call, the city and county and other applicable regulatory agencies gave us final approval to rebalance entitlements between our two San Francisco communities Candlestick and the shipyard, We're currently working on our on our engineering for the next phase of infrastructure with the expectation of starting construction early next year. As we work on these plans, we continue to explore opportunities to bring in a strategic partner for this mixed use Bayfront community. Let me conclude by saying that while the housing financial markets are adjusting to new policies and and consumers are trying to gauge the impact of these policies on their home buying decisions, We will remain focused on prudently managing development and sale of land within our master plan communities. Land is still about location and scarcity. We have well located land in an extremely supply constrained market. In addition, our balance sheet and liquidity have us well positioned to work through the current market conditions and to preserve the value of our land holdings while we opportunistically explore growth opportunities. Additionally, we remain ever focused on managing costs and controlling overhead as we grow our business in an efficient manner.

Now let me turn it over to Mike, who will discuss Five Point's gross opportunities.

Thanks, Dan. Let me briefly update you on our efforts in pursuing growth opportunities for Five Point.

As you heard us report on our last call, the land light strategy that a number of publicly traded homebuilders have gravitated towards has given Five Point the potential opportunity to work alongside the builders in a win win scenario. That would allow the builders to follow their land life strategy and Five Point to play to a strength in the land development business. To that end, we have been assessing acquisitions that fit into both short term and mid to long term land delivery models. In uncertain market conditions like we have today, unique opportunities often present themselves around land that can enable Five Point to create outsized returns. Five Point is uniquely positioned to do this. Given its expertise and experience in the land development business. Regardless of the size and projected development timeline for new acquisitions, like many of the public builders, we intend to acquire new assets in an asset light structure where we are bringing in third party capital a joint venture arrangement that will allow us to expand the reach and diversity of our platform. As I have mentioned previously, this model is one in which we would own an equity interest in the venture, provide management services to venture, and have the ability to earn an incentive promoted interest for excellent performance.

Bringing in capital partners reduces our capital investment and gives Five Point opportunities to move to an asset lighter balance sheet model under a well crafted partnership program. It is not lost on us that capital may be slow to make investment decisions in this current environment. But the need and demand for housing in many job centers around the country will continue to drive the deployment of capital into this market segment. Capital also likes to invest with companies whose management teams have extensive experience with embedded systematic financial and operational controls that can be trusted when investing their capital. Five Point has the management experience and expertise along with public company level financial and operational controls which can and has led to extraordinary achievements like what we are seeing with our existing Great Park Venture.

Indeed, the Great Park Venture's members have seen rising returns over the last several years driven by a combination of our management of the asset and the active engagement of the partners. We believe this is a business model that we can take advantage of as we look at other opportunities for future growth of the company. While we don't have any transactions to report at this time, we still anticipate sharing new opportunities with you before the end of the year.

Now let me turn it over to Kim to report on our financial results for the quarter.

Thank you, Mike. As Mike and Dan have shared, we are proud of how we concluded our first quarter by exceeding our guidance. While at the same time, we've been monitoring the markets closely as we look forward to the coming quarters and our land development activities and anticipated land sales later this year. First, as Dan noted, S and P recently reviewed our credit rating in determined it was appropriate to improve our ratings. I appreciate the time and effort S and P put forward to understand our structure and strategy and the confidence they have expressed in our ability to execute on our plans for the next twelve months. I'm now going to review our first quarter financial results then I will conclude by updating the guidance. Of what we are expecting for the remainder of 2025. In the first quarter, we recognized $60,600,000 of net income. This is made up of the following components. We recognized 71,400,000.0 of equity and earnings from our unconsolidated entities. Dollars 70,900,000.0 of which came from the Great Park Venture. The equity and earnings from the Great Park Venture was attributable to net income of $206,300,000 which resulted from land sales revenue of $278,900,000 and a 75% gross margin.

The venture also had $6,400,000 price participation in Papa revenue.

Five Point added $12,600,000 of management services revenue dollars 9,200,000.0 of which is associated with the incentive compensation from the Great Park. Our first quarter SG and A was $14,800,000 And finally, we recognized $9,500,000 of tax expense. Now a few words about our liquidity and cash. As Dan mentioned, we ended the quarter with $528,300,000 of cash. As well as $125,000,000 of availability on a revolving credit facility resulting in total liquidity of $653,300,000 At the end of the quarter, our debt to total capitalization ratio was 19.2% and our net debt is effectively zero. During the quarter, we generated net cash flow of $97,500,000 the significant components of which were cash inflows of $112,900,000 from the Great Park Venture distributions and $30,400,000 from incentive compensation payments.

This was offset by project related costs at Valencia and San Francisco and SG and A cash outflows of $51,100,000 combined.

The remaining net positive cash flow of $5,300,000 was from miscellaneous sources. Now, let me update the guidance that I gave you concerning our expectations for the remainder of 2025. We currently expect to have just