COMP <GO>

FPH vs GOOD // EV/EBITDA & P/E VALUATION

Five Point Holdings LLC (Class A) (NYSE) VS. Gladstone Commercial Corporation Real Estate Investment Trust (NASDAQ) • 15-METRIC TALLY: FPH 4 — GOOD 3

■ METRIC PARITY

FPH — Five Point Holdings LLC (Class A) ROARABLE C • RQD 65/100

LAST: $4.20 (+2.69%) • MKT CAP: $621.7M

DES <GO> FA <GO> 10-K RED <GO>

valuation

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GOOD — Gladstone Commercial Corporation Real Estate Investment Trust ROARABLE C- • RQD 61/100

LAST: $11.42 (-0.52%) • MKT CAP: $552.8M

DES <GO> FA <GO> 10-K RED <GO>

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (FPH VS. GOOD) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	FPH	GOOD	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	7.70%	11.20%	-3.50	GOOD	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	16.89%	15.95%	+0.94	FPH	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	68.00%	12.00%	+56.00	FPH	/net-margins <GO>
Revenue Growth (YoY)	-54.20%	8.00%	-62.20	GOOD	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	4/9	5/9	-1.00	GOOD	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	39.8	30.1	+9.69	FPH	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	26.7x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$621.7M	$552.8M	$68.9M	FPH	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	FPH REV	GOOD REV	FPH GROSS %	GOOD GROSS %	FPH FCF	GOOD FCF
FY 2025	$108.2M	$161.3M	—	—	$105.0M	$88.2M
FY 2024	$236.0M	$149.4M	—	—	$115.2M	$57.0M
FY 2023	$209.9M	$147.6M	—	—	$154.1M	$60.4M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

FPH // BETA —

GOOD // BETA —