FPH — what changed in the latest 10-Q
A section-by-section comparison of FPH's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-23 vs the prior 10-Q · 2026-07-24
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +38 | −36 | ~28 | 37 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 2 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-23
During the quarter, we received $40.4 million in distributions and incentive compensation payments from the Great Park Venture. We also extended the term of our development management agreement with the Great Park Venture through December 31, 2028, pursuant to which we continue to receive a base man…
At Valencia, we made significant progress on an important entitlement initiative that substantially expands our future development opportunities. In September 2026, the Los Angeles County Board of Supervisors confirmed the approval of our Homestead South village, which encompasses approximately 1,75…
further approvals that would provide us a total of approximately 10,000 entitled homesites. At Candlestick in San Francisco, we marked a major milestone with the groundbreaking for the next phase of development activities, which will include grading and installation of infrastructure to support futu…
In light of current housing market conditions and the more measured pace of homebuyer demand, we may elect to defer certain land sales previously anticipated to close in the fourth quarter of 2026. We continue to work with our builder partners to evaluate the timing and structure of land sales while…
Three Months Ended September 30,Nine Months Ended September 30,
Text removed vs the prior filing · source: 10-Q · 2026-07-24
During the second quarter of 2026, the Great Park Venture, in which we have a 37.5% percentage interest and for which we provide development management services, completed the sale of 17.7 acres of commercial land planned for a senior living retirement community at the Great Park Neighborhoods for a…
The Gateway Commercial Venture, in which we have a 75% interest, received the full $43.5 million balance on a note from the prior period sale of its remaining interests in the Five Point Gateway Campus and made distributions to its members, of which we received $33.1 million during the second quarte…
We also continued to advance our Candlestick community, including recording subdivision maps for the next phase of development and preparing to initiate grading activities. In addition, our Hearthstone Venture continued to generate management services revenue and provide a source of capital-light gr…
While absorption has moderated compared to prior periods, we continue to see engagement from homebuyers across our communities and remain focused on managing the pace and structure of land sales to optimize long-term value. We currently expect that our remaining land sale activity in 2026 will occur…
Less net income attributable to noncontrolling interests19,073 5,256 16,330 42,558
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice