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.
Confident Investing Starts Here:
-
Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
-
Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. >;elm:context_link;itc:0;sec:content-canvas" href="https://thefly.com/?utm_source=finance.yahoo.com&utm_medium=referral" rel="nofollow noopener" target="_blank">Try Now>>
Read More on FPH:
Latest News
- Homebuyers' Down Payments Shrink For The First Time In Two Years, Even As Prices Rise
- US government weighs selling 16M acres of land to build more housing — but critics call it ‘un-American’
- A $20 billion clock is ticking for OpenAI as Microsoft talks turn fractious
- 5 Things You Must Do When Your Net Worth Reaches $1 Million
- The Saturday Spread: Statistical Signals Flash Green for CMG, TMUS and VALE
- CoreWeave Just Revealed the Largest-Ever Nvidia Blackwell GPU Cluster. Should You Buy CRWV Stock?
