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 · 2026-07-24 vs the prior 10-Q · 2026-04-24
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +49 | −30 | ~21 | 31 |
| 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 · 2026-07-24
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 market conditions remained uncertain during the second quarter of 2026, with consumer affordability and mortgage rates continuing to affect the pace of new home sales, we continued to see demand for homes and homesites at both our Great Park Neighborhoods and Valencia communities, although at …
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…
Text removed vs the prior filing · source: 10-Q · 2026-04-24
While market conditions remained uncertain during the first quarter of 2026, with consumer confidence impacted by macroeconomic and geopolitical factors, as well as a challenging mortgage rate environment, we continued to focus on execution of key operating priorities, including generating revenue a…
At Valencia, our guest builders sold 90 homes during the first quarter of 2026, compared to 69 homes during the first quarter of 2025. At the Great Park Neighborhoods, guest builders sold a total of 82 homes during the first quarter of 2026, compared to 233 homes during the first quarter of 2025. Wh…
During the first quarter of 2026, our Hearthstone platform continued to expand, including the closing of two new funds with approximately $600 million of equity commitments. As of March 31, 2026, the platform managed approximately $3.4 billion in assets under management and continues to generate man…
Equity in (loss) earnings from unconsolidated entities(145)71,439
(Loss) income before income tax benefit (provision)(5,912)70,108
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