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Notes Payable, Net | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Notes Payable, Net | NOTES PAYABLE, NET At September 30, 2025 and December 31, 2024, notes payable, net consisted of the following (in thousands):
| September 30, 2025 |  | December 31, 2024
8.000% Senior Notes due 2030 | $ | 450,000 |  |  | $ | — |
10.500% initial rate Senior Notes due 2028 | — |  |  | 523,494 |
7.875% Senior Notes due 2025 | 1,500 |  |  | 1,500 |
Unamortized premium | — |  |  | 2,591 |
Unamortized debt issuance costs | (6,967) |  |  | (1,848) |
| $ | 444,533 |  |  | $ | 525,737 |
Senior Notes After completing an exchange offer in January 2024, the Operating Company and Five Point Capital Corp., a direct wholly owned subsidiary of the Operating Company (the “Co-Issuer” and, together with the Operating Company, the “Issuers”), had two tranches of unsecured senior notes outstanding, which included the 10.500% initial rate senior notes due January 2028 (“2028 Notes”) and the unexchanged portion of the 7.875% senior notes due November 2025. On September 25, 2025, the Issuers offered, sold and issued $450.0 million aggregate principal amount of 8.000% unsecured senior notes due October 1, 2030 (the “2030 Notes”). Net proceeds from the offering, after underwriting fees and offering expenses, were $444.0 million. The Company incurred an additional $1.0 million in third party transaction and advisory costs in connection with the offering, resulting in aggregate debt issuance costs of $7.0 million. The 2030 Notes accrue interest at a rate of 8.000% per annum. Interest on the 2030 Notes is payable semi-annually in arrears on April 1 and October 1, commencing April 1, 2026. The 2030 Notes are guaranteed, jointly and severally, by certain direct and indirect subsidiaries of the Operating Company and are redeemable at the option of the Issuers, in whole or in part, at a declining call premium as set forth in the indenture governing the 2030 Notes, plus accrued and unpaid interest. Also on September 25, 2025, the Issuers used the net proceeds from the issuance of the 2030 Notes, together with cash on hand, to (i) purchase $471.5 million in principal amount of the $523.5 million outstanding 2028 Notes that were validly tendered pursuant to a cash tender offer (the “Concurrent Tender Offer”) and (ii) redeem $52.0 million in principal amount of the remaining 2028 Notes that were not purchased in the Concurrent Tender Offer by concurrently delivering and irrevocably depositing amounts with the indenture trustee (the “Trust Amounts”) sufficient to fund the payment of the principal amount and interest due on November 15, 2025, the redemption date. After the deposit of such Trust Amounts, the indenture governing the 2028 Notes was satisfied and discharged in accordance with its terms. The Company recognized a loss on debt extinguishment totaling $1.8 million in connection with the refinancing. Revolving Credit Facility The Operating Company had a $125.0 million unsecured revolving credit facility, with $100.0 million of the commitments maturing in July 2027 and the remaining $25.0 million commitment maturing in April 2026. Any borrowings under the revolving credit agreement were to bear interest at CME Term Secured Overnight Financing Rate 1 Month increased by 0.10% plus a margin of either 2.25% or 2.50% based on the Company’s leverage ratio. As of September 30, 2025, no borrowings or letters of credit were outstanding on the Operating Company’s revolving credit facility. On October 21, 2025, the Operating Company entered into the second amendment to its amended and restated credit agreement for its unsecured revolving credit facility, which, among other things, extended the maturity date as well as increased the total borrowing capacity. The maturity date has been extended to July 2029, with one option to extend the maturity date by an additional year, subject to the satisfaction of certain conditions, including the approval of the administrative agent and lenders, and the total borrowing capacity has been increased from $125.0 million to $217.5 million. Any borrowings under the amended revolving credit agreement will bear interest at CME Term Secured Overnight Financing Rate 1 Month plus a margin of either 2.25% or 2.50% based on the Company's leverage ratio.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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