Five Point Holdings LLC (NYSE:FPH) stock surges 15.56% (As on January 20, 11:13:30 AM UTC-4, Source: Google Finance) after the company in the fourth quarter of FY 22 has reported revenues of $17.0 million, were primarily generated from management services. Further, the company has collected $14.2 million in incentive compensation payments from the development management agreement with the Great Park Venture. Consolidated net income for the quarter was $22.5 million. Net income attributable to non-controlling interests totaled $11.2 million, resulting in net income attributable to the Company of $11.3 million. The fourth quarter was marked by taking the first step in executing on the commercial land sale strategy, with the sale of a 42 acre site at the Great Park. As of December 31, 2022, total liquidity of $256.8 million was comprised of cash and cash equivalents totaling $131.8 million and borrowing availability of $125.0 million under our unsecured revolving credit facility. Total capital was $1.9 billion, reflecting $2.9 billion in assets and $1.0 billion in liabilities and redeemable non-controlling interests. Consolidated net loss for the year was $34.8 million. Net loss attributable to non-controlling interests totaled $19.4 million, resulting in net loss attributable to the Company of $15.4 million.

Moreover, equity in earnings from unconsolidated entities was $26.2 million for the three months ended December 31, 2022. The Great Park Venture closed the sale of 42 acres of land entitled for commercial use in the fourth quarter driving net income for the Great Park Venture of $88.6 million. The share of the net income from the 37.5% percentage interest, adjusted for basis differences, was $26.1 million. The Great Park Venture made aggregate distributions to its members of $157.0 million, of which the company received $52.7 million for our 37.5% percentage interest. Additionally, the company recognized $0.2 million in loss from the 75% interest in the Gateway Commercial Venture. The Gateway Commercial Venture made distributions of excess cash to its members during the fourth quarter, of which the company received $8.6 million from the 75% interest.

Meanwhile, revenues of $42.7 million for the twelve months ended December 31, 2022 were primarily generated from management services in addition to profit participation revenues received from Valencia homebuilders. Equity in earnings from unconsolidated entities was $21.5 million for the twelve months ended December 31, 2022. The Great Park Venture generated net income of $69.0 million. The company’s share of the net income from the 37.5% percentage interest, adjusted for basis differences, was $20.4 million. Additionally, the company has recognized $0.1 million in loss from the 75% interest in the Gateway Commercial Venture and $1.2 million in earnings from the 10% interest in the Valencia Landbank Venture.