Five Point Holdings (FPH) announced it has entered into a definitive agreement to acquire a controlling interest in a newly formed entity that will include substantially all of the business and operations of Hearthstone, a provider of capital solutions to the U.S. homebuilding industry. The new entity, Hearthstone Residential Holdings, will be 75% owned by Five Point, with the remaining 25% retained by entities affiliated with Hearthstone’s Founder and CEO Mark Porath. The venture is designed to expand flexible, off-balance sheet capital for homebuilders. The acquisition is expected to close by the end of the third quarter.
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