<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2026 Workiva-->
<!--r:019fcfde-d5ca-7d9e-8a80-aec317bf2f0a,g:65a238b6-0062-475d-9764-3a8c47c2a8be-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:arcroleRef arcroleURI="https://xbrl.org/2023/arcrole/summation-item" xlink:type="simple" xlink:href="https://www.xbrl.org/2023/calculation-1.1.xsd#summation-item"/>
  <link:roleRef roleURI="http://fivepoint.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETS" xlink:type="simple" xlink:href="fph-20260930.xsd#CONDENSEDCONSOLIDATEDBALANCESHEETS"/>
  <link:calculationLink xlink:role="http://fivepoint.com/role/CONDENSEDCONSOLIDATEDBALANCESHEETS" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MembersEquity_019fcfde-d799-75b2-95ef-b14f3538469a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MembersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MembersCapital_019fcfde-d799-717b-a0f3-39074fb3ad47" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MembersCapital"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_MembersEquity_019fcfde-d799-75b2-95ef-b14f3538469a" xlink:to="loc_us-gaap_MembersCapital_019fcfde-d799-717b-a0f3-39074fb3ad47" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_019fcfde-d799-716c-be63-19cfa9c84250" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_MembersEquity_019fcfde-d799-75b2-95ef-b14f3538469a" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit_019fcfde-d799-716c-be63-19cfa9c84250" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_019fcfde-d799-711e-bf9c-e87d35afe066" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_MembersEquity_019fcfde-d799-75b2-95ef-b14f3538469a" xlink:to="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_019fcfde-d799-711e-bf9c-e87d35afe066" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Assets_019fcfde-d799-710a-8bd9-d69918faebf1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Assets"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InventoryRealEstate_019fcfde-d799-7a69-abed-4e2a535225ce" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InventoryRealEstate"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019fcfde-d799-710a-8bd9-d69918faebf1" xlink:to="loc_us-gaap_InventoryRealEstate_019fcfde-d799-7a69-abed-4e2a535225ce" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestments_019fcfde-d799-7dc2-bf7d-0b4fc67d5b7a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EquityMethodInvestments"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019fcfde-d799-710a-8bd9-d69918faebf1" xlink:to="loc_us-gaap_EquityMethodInvestments_019fcfde-d799-7dc2-bf7d-0b4fc67d5b7a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet_019fcfde-d799-786c-b039-3d0a603926e1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PropertyPlantAndEquipmentNet"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019fcfde-d799-710a-8bd9-d69918faebf1" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentNet_019fcfde-d799-786c-b039-3d0a603926e1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019fcfde-d799-7de3-ac40-b65b47374fa6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsNet"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019fcfde-d799-710a-8bd9-d69918faebf1" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019fcfde-d799-7de3-ac40-b65b47374fa6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Goodwill_019fcfde-d799-7a5f-8ea0-9eddd22c3c02" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Goodwill"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019fcfde-d799-710a-8bd9-d69918faebf1" xlink:to="loc_us-gaap_Goodwill_019fcfde-d799-7a5f-8ea0-9eddd22c3c02" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019fcfde-d799-7f2f-af14-7ed4d038a9e7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019fcfde-d799-710a-8bd9-d69918faebf1" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019fcfde-d799-7f2f-af14-7ed4d038a9e7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedCashAndInvestments_019fcfde-d799-7070-a201-f710109fe230" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RestrictedCashAndInvestments"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019fcfde-d799-710a-8bd9-d69918faebf1" xlink:to="loc_us-gaap_RestrictedCashAndInvestments_019fcfde-d799-7070-a201-f710109fe230" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssets_019fcfde-d799-7d5a-8015-40a881c21e66" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherAssets"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019fcfde-d799-710a-8bd9-d69918faebf1" xlink:to="loc_us-gaap_OtherAssets_019fcfde-d799-7d5a-8015-40a881c21e66" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities_019fcfde-d799-766d-af78-af79852b368c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Liabilities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NotesPayable_019fcfde-d799-7967-9271-653688a52b5b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NotesPayable"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019fcfde-d799-766d-af78-af79852b368c" xlink:to="loc_us-gaap_NotesPayable_019fcfde-d799-7967-9271-653688a52b5b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLiabilities_019fcfde-d799-71d3-ad73-cae78003f3cd" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherLiabilities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019fcfde-d799-766d-af78-af79852b368c" xlink:to="loc_us-gaap_OtherLiabilities_019fcfde-d799-71d3-ad73-cae78003f3cd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fph_TaxReceivableAgreementLiabilityNoncurrent_019fcfde-d799-7830-bd6b-3a7e147dd9b9" xlink:href="fph-20260930.xsd#fph_TaxReceivableAgreementLiabilityNoncurrent"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019fcfde-d799-766d-af78-af79852b368c" xlink:to="loc_fph_TaxReceivableAgreementLiabilityNoncurrent_019fcfde-d799-7830-bd6b-3a7e147dd9b9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxLiabilitiesNet_019fcfde-d799-7f4e-80af-b55e3ce444bc" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DeferredIncomeTaxLiabilitiesNet"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019fcfde-d799-766d-af78-af79852b368c" xlink:to="loc_us-gaap_DeferredIncomeTaxLiabilitiesNet_019fcfde-d799-7f4e-80af-b55e3ce444bc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsPayableAndOtherAccruedLiabilities_019fcfde-d799-7bdb-a0dd-9c86cdfa8c1f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccountsPayableAndOtherAccruedLiabilities"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019fcfde-d799-766d-af78-af79852b368c" xlink:to="loc_us-gaap_AccountsPayableAndOtherAccruedLiabilities_019fcfde-d799-7bdb-a0dd-9c86cdfa8c1f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_019fcfde-d799-7bee-a262-92e386742744" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities_019fcfde-d799-77da-9da6-7b2888f54b70" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Liabilities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019fcfde-d799-7bee-a262-92e386742744" xlink:to="loc_us-gaap_Liabilities_019fcfde-d799-77da-9da6-7b2888f54b70" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LimitedLiabilityCompanyLlcMembersEquityIncludingPortionAttributableToNoncontrollingInterest_019fcfde-d799-7282-86e7-0a83195ea007" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LimitedLiabilityCompanyLlcMembersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019fcfde-d799-7bee-a262-92e386742744" xlink:to="loc_us-gaap_LimitedLiabilityCompanyLlcMembersEquityIncludingPortionAttributableToNoncontrollingInterest_019fcfde-d799-7282-86e7-0a83195ea007" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingencies_019fcfde-d799-7107-8bd7-79466b0ff935" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommitmentsAndContingencies"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019fcfde-d799-7bee-a262-92e386742744" xlink:to="loc_us-gaap_CommitmentsAndContingencies_019fcfde-d799-7107-8bd7-79466b0ff935" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_019fcfde-d799-78a9-a9c5-35edf7f02fa8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019fcfde-d799-7bee-a262-92e386742744" xlink:to="loc_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_019fcfde-d799-78a9-a9c5-35edf7f02fa8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LimitedLiabilityCompanyLlcMembersEquityIncludingPortionAttributableToNoncontrollingInterest_019fcfde-d799-765f-9b3b-25dd439da196" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LimitedLiabilityCompanyLlcMembersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MembersEquity_019fcfde-d799-78be-8999-fa49c0109407" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MembersEquity"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LimitedLiabilityCompanyLlcMembersEquityIncludingPortionAttributableToNoncontrollingInterest_019fcfde-d799-765f-9b3b-25dd439da196" xlink:to="loc_us-gaap_MembersEquity_019fcfde-d799-78be-8999-fa49c0109407" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MembersEquityAttributableToNoncontrollingInterest_019fcfde-d799-71b2-aad1-daab19124ee2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MembersEquityAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LimitedLiabilityCompanyLlcMembersEquityIncludingPortionAttributableToNoncontrollingInterest_019fcfde-d799-765f-9b3b-25dd439da196" xlink:to="loc_us-gaap_MembersEquityAttributableToNoncontrollingInterest_019fcfde-d799-71b2-aad1-daab19124ee2" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://fivepoint.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONS" xlink:type="simple" xlink:href="fph-20260930.xsd#CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONS"/>
  <link:calculationLink xlink:role="http://fivepoint.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONS" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019fcfde-d799-74a9-a69a-3a68239958c7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019fcfde-d799-7116-970e-a1984134c443" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019fcfde-d799-74a9-a69a-3a68239958c7" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019fcfde-d799-7116-970e-a1984134c443" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_019fcfde-d799-7c89-bbaf-3eea5973e7db" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019fcfde-d799-74a9-a69a-3a68239958c7" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit_019fcfde-d799-7c89-bbaf-3eea5973e7db" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonoperatingIncomeExpense_019fcfde-d799-72bd-b150-916a5d0a5e57" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NonoperatingIncomeExpense"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeOther_019fcfde-d799-74b5-835b-37894188c024" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestIncomeOther"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019fcfde-d799-72bd-b150-916a5d0a5e57" xlink:to="loc_us-gaap_InterestIncomeOther_019fcfde-d799-74b5-835b-37894188c024" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_01a0a376-e952-7579-9cf6-d2a631c61d5e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019fcfde-d799-72bd-b150-916a5d0a5e57" xlink:to="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_01a0a376-e952-7579-9cf6-d2a631c61d5e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpense_019fcfde-d799-7909-a2f6-91773a92a09e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherNonoperatingIncomeExpense"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019fcfde-d799-72bd-b150-916a5d0a5e57" xlink:to="loc_us-gaap_OtherNonoperatingIncomeExpense_019fcfde-d799-7909-a2f6-91773a92a09e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostsAndExpenses_019fcfde-d799-739b-a513-dc7026bfe945" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CostsAndExpenses"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostOfGoodsAndServicesSold_019fcfde-d799-707e-ab72-4fc13f854644" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CostOfGoodsAndServicesSold"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019fcfde-d799-739b-a513-dc7026bfe945" xlink:to="loc_us-gaap_CostOfGoodsAndServicesSold_019fcfde-d799-707e-ab72-4fc13f854644" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SellingGeneralAndAdministrativeExpense_019fcfde-d799-7d85-9d79-ed938d01b64d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SellingGeneralAndAdministrativeExpense"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019fcfde-d799-739b-a513-dc7026bfe945" xlink:to="loc_us-gaap_SellingGeneralAndAdministrativeExpense_019fcfde-d799-7d85-9d79-ed938d01b64d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss_019fcfde-d799-7948-a763-6616953126a8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019fcfde-d799-75f7-ab01-10986d1cbcce" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_019fcfde-d799-7948-a763-6616953126a8" xlink:to="loc_us-gaap_ProfitLoss_019fcfde-d799-75f7-ab01-10986d1cbcce" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_019fcfde-d799-7601-9bf6-514b3f5e1346" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_019fcfde-d799-7948-a763-6616953126a8" xlink:to="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_019fcfde-d799-7601-9bf6-514b3f5e1346" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019fcfde-d799-7bf0-8311-9a9da5c78a24" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Revenues_019fcfde-d799-7c19-925a-deaaf3eb780e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Revenues"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019fcfde-d799-7bf0-8311-9a9da5c78a24" xlink:to="loc_us-gaap_Revenues_019fcfde-d799-7c19-925a-deaaf3eb780e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostsAndExpenses_019fcfde-d799-703c-b3da-eaec1f762068" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CostsAndExpenses"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019fcfde-d799-7bf0-8311-9a9da5c78a24" xlink:to="loc_us-gaap_CostsAndExpenses_019fcfde-d799-703c-b3da-eaec1f762068" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonoperatingIncomeExpense_019fcfde-d799-79e0-8576-423949ccd089" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NonoperatingIncomeExpense"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019fcfde-d799-7bf0-8311-9a9da5c78a24" xlink:to="loc_us-gaap_NonoperatingIncomeExpense_019fcfde-d799-79e0-8576-423949ccd089" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments_019fcfde-d799-7ee1-8def-5d371048b277" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeLossFromEquityMethodInvestments"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019fcfde-d799-7bf0-8311-9a9da5c78a24" xlink:to="loc_us-gaap_IncomeLossFromEquityMethodInvestments_019fcfde-d799-7ee1-8def-5d371048b277" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://fivepoint.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCOMPREHENSIVELOSSINCOME" xlink:type="simple" xlink:href="fph-20260930.xsd#CONDENSEDCONSOLIDATEDSTATEMENTSOFCOMPREHENSIVELOSSINCOME"/>
  <link:calculationLink xlink:role="http://fivepoint.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCOMPREHENSIVELOSSINCOME" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019fcfde-d799-7a79-bf5f-bad9dc05f4c0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019fcfde-d799-7995-bc49-22bd53016fec" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019fcfde-d799-7a79-bf5f-bad9dc05f4c0" xlink:to="loc_us-gaap_ProfitLoss_019fcfde-d799-7995-bc49-22bd53016fec" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019fcfde-d799-7d8f-b2b3-912923cce0f3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019fcfde-d799-7a79-bf5f-bad9dc05f4c0" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019fcfde-d799-7d8f-b2b3-912923cce0f3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTax_019fcfde-d799-7134-a56b-078549f44d94" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ComprehensiveIncomeNetOfTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019fcfde-d799-714d-a147-1dee2267cb82" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_019fcfde-d799-7134-a56b-078549f44d94" xlink:to="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019fcfde-d799-714d-a147-1dee2267cb82" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_019fcfde-d799-7bed-8f34-67d7c8a23077" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_019fcfde-d799-7134-a56b-078549f44d94" xlink:to="loc_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_019fcfde-d799-7bed-8f34-67d7c8a23077" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019fcfde-d799-7b2f-9a43-89d2f5f4b3a6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossBeforeTax_019fcfde-d799-7df8-8d28-a45cba2541fe" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeTax"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019fcfde-d799-7b2f-9a43-89d2f5f4b3a6" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossBeforeTax_019fcfde-d799-7df8-8d28-a45cba2541fe" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossTax_019fcfde-d799-72a4-8aa8-05056a0d2a6a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossTax"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019fcfde-d799-7b2f-9a43-89d2f5f4b3a6" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossTax_019fcfde-d799-72a4-8aa8-05056a0d2a6a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossBeforeTax_019fcfde-d799-7f08-b30e-547b899bca6e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax_019fcfde-d799-74a3-a940-d5454ba520bd" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossBeforeTax_019fcfde-d799-7f08-b30e-547b899bca6e" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax_019fcfde-d799-74a3-a940-d5454ba520bd" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://fivepoint.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWS" xlink:type="simple" xlink:href="fph-20260930.xsd#CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWS"/>
  <link:calculationLink xlink:role="http://fivepoint.com/role/CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWS" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019fcfde-d799-7b10-b568-ea4965153948" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019fcfde-d799-7337-b5db-56b1f4b52ed2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019fcfde-d799-7b10-b568-ea4965153948" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019fcfde-d799-7337-b5db-56b1f4b52ed2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fcfde-d799-7929-b321-2d68b852374d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019fcfde-d799-7b10-b568-ea4965153948" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fcfde-d799-7929-b321-2d68b852374d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fcfde-d799-75c8-8f93-96c5b00af7cc" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019fcfde-d799-7b10-b568-ea4965153948" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fcfde-d799-75c8-8f93-96c5b00af7cc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fcfde-d799-7285-8f26-6b65fc4d89a3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt_019fcfde-d799-7f24-ad17-87e18bd4af7f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fcfde-d799-7285-8f26-6b65fc4d89a3" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt_019fcfde-d799-7f24-ad17-87e18bd4af7f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfFinancingCosts_01a0a399-cc58-7e4f-8954-8fe7d282e911" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsOfFinancingCosts"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fcfde-d799-7285-8f26-6b65fc4d89a3" xlink:to="loc_us-gaap_PaymentsOfFinancingCosts_01a0a399-cc58-7e4f-8954-8fe7d282e911" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfRelatedPartyDebt_019fcfde-d799-7212-9719-6c812753b13f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RepaymentsOfRelatedPartyDebt"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fcfde-d799-7285-8f26-6b65fc4d89a3" xlink:to="loc_us-gaap_RepaymentsOfRelatedPartyDebt_019fcfde-d799-7212-9719-6c812753b13f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation_019fcfde-d799-700d-9143-1741cb4be489" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fcfde-d799-7285-8f26-6b65fc4d89a3" xlink:to="loc_us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation_019fcfde-d799-700d-9143-1741cb4be489" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfNotesPayable_019fcfde-d799-7123-af8c-4259275dd390" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RepaymentsOfNotesPayable"/>
    <link:calculationArc order="5" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fcfde-d799-7285-8f26-6b65fc4d89a3" xlink:to="loc_us-gaap_RepaymentsOfNotesPayable_019fcfde-d799-7123-af8c-4259275dd390" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfCapitalDistribution_019fcfde-d799-72df-84da-1f0b4b484cdc" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsOfCapitalDistribution"/>
    <link:calculationArc order="6" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fcfde-d799-7285-8f26-6b65fc4d89a3" xlink:to="loc_us-gaap_PaymentsOfCapitalDistribution_019fcfde-d799-72df-84da-1f0b4b484cdc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_019fcfde-d799-78d3-b9f6-9eb47a19f9b1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock"/>
    <link:calculationArc order="7" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fcfde-d799-7285-8f26-6b65fc4d89a3" xlink:to="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_019fcfde-d799-78d3-b9f6-9eb47a19f9b1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fph_PaymentUnderTaxReceivableAgreement_01a0a39a-5d1d-71fc-8f68-0a12f9be475a" xlink:href="fph-20260930.xsd#fph_PaymentUnderTaxReceivableAgreement"/>
    <link:calculationArc order="8" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fcfde-d799-7285-8f26-6b65fc4d89a3" xlink:to="loc_fph_PaymentUnderTaxReceivableAgreement_01a0a39a-5d1d-71fc-8f68-0a12f9be475a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToMinorityShareholders_01a0a39a-5d1d-7399-8143-8281094acdd2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsToMinorityShareholders"/>
    <link:calculationArc order="9" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019fcfde-d799-7285-8f26-6b65fc4d89a3" xlink:to="loc_us-gaap_PaymentsToMinorityShareholders_01a0a39a-5d1d-7399-8143-8281094acdd2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fcfde-d799-7720-b0c4-c49f5f3b7db3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019fcfde-d799-749f-b1cc-e46614f8d6b5" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fcfde-d799-7720-b0c4-c49f5f3b7db3" xlink:to="loc_us-gaap_ProfitLoss_019fcfde-d799-749f-b1cc-e46614f8d6b5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_01a0a392-a206-7b26-a1e9-bdd5e72cc3d8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fcfde-d799-7720-b0c4-c49f5f3b7db3" xlink:to="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_01a0a392-a206-7b26-a1e9-bdd5e72cc3d8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments_019fcfde-d799-7eb2-9075-786ac40631d0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeLossFromEquityMethodInvestments"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fcfde-d799-7720-b0c4-c49f5f3b7db3" xlink:to="loc_us-gaap_IncomeLossFromEquityMethodInvestments_019fcfde-d799-7eb2-9075-786ac40631d0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentDividendsOrDistributions_019fcfde-d799-7667-b1da-82f070e3a0f4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EquityMethodInvestmentDividendsOrDistributions"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fcfde-d799-7720-b0c4-c49f5f3b7db3" xlink:to="loc_us-gaap_EquityMethodInvestmentDividendsOrDistributions_019fcfde-d799-7667-b1da-82f070e3a0f4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_019fcfde-d799-7122-90d2-9b50ff5d729f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fcfde-d799-7720-b0c4-c49f5f3b7db3" xlink:to="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_019fcfde-d799-7122-90d2-9b50ff5d729f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortization_019fcfde-d799-7c0d-9d81-33d19b72c8da" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DepreciationDepletionAndAmortization"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fcfde-d799-7720-b0c4-c49f5f3b7db3" xlink:to="loc_us-gaap_DepreciationDepletionAndAmortization_019fcfde-d799-7c0d-9d81-33d19b72c8da" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensation_019fcfde-d799-7f1d-8bfa-dc9504ae218c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ShareBasedCompensation"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fcfde-d799-7720-b0c4-c49f5f3b7db3" xlink:to="loc_us-gaap_ShareBasedCompensation_019fcfde-d799-7f1d-8bfa-dc9504ae218c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInInventories_019fcfde-d799-7d3b-ab8c-5323bf9651ae" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInInventories"/>
    <link:calculationArc order="8" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fcfde-d799-7720-b0c4-c49f5f3b7db3" xlink:to="loc_us-gaap_IncreaseDecreaseInInventories_019fcfde-d799-7d3b-ab8c-5323bf9651ae" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInDueFromRelatedParties_019fcfde-d799-7ce9-969c-d69c64512ce9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInDueFromRelatedParties"/>
    <link:calculationArc order="9" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fcfde-d799-7720-b0c4-c49f5f3b7db3" xlink:to="loc_us-gaap_IncreaseDecreaseInDueFromRelatedParties_019fcfde-d799-7ce9-969c-d69c64512ce9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherOperatingAssets_019fcfde-d799-702d-81b2-332b37c81bde" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets"/>
    <link:calculationArc order="10" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fcfde-d799-7720-b0c4-c49f5f3b7db3" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherOperatingAssets_019fcfde-d799-702d-81b2-332b37c81bde" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_019fcfde-d799-7f77-b1e8-03e2f37fffd4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
    <link:calculationArc order="11" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fcfde-d799-7720-b0c4-c49f5f3b7db3" xlink:to="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_019fcfde-d799-7f77-b1e8-03e2f37fffd4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInDueToRelatedParties_019fcfde-d799-790d-8b66-4654795b42da" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInDueToRelatedParties"/>
    <link:calculationArc order="12" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019fcfde-d799-7720-b0c4-c49f5f3b7db3" xlink:to="loc_us-gaap_IncreaseDecreaseInDueToRelatedParties_019fcfde-d799-790d-8b66-4654795b42da" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019fcfde-d799-7dee-b4bc-885b80401b7e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital_019fcfde-d799-722f-8175-3477f0b6b21b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019fcfde-d799-7dee-b4bc-885b80401b7e" xlink:to="loc_us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital_019fcfde-d799-722f-8175-3477f0b6b21b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireEquityMethodInvestments_019fcfde-d799-7b08-a4e1-66cd6063a3f1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsToAcquireEquityMethodInvestments"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019fcfde-d799-7dee-b4bc-885b80401b7e" xlink:to="loc_us-gaap_PaymentsToAcquireEquityMethodInvestments_019fcfde-d799-7b08-a4e1-66cd6063a3f1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_01a0a398-fc6d-773b-a9b6-86638afc18c8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019fcfde-d799-7dee-b4bc-885b80401b7e" xlink:to="loc_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_01a0a398-fc6d-773b-a9b6-86638afc18c8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_019fcfde-d799-716d-9438-283fa99b0597" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019fcfde-d799-7dee-b4bc-885b80401b7e" xlink:to="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_019fcfde-d799-716d-9438-283fa99b0597" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://fivepoint.com/role/BASISOFPRESENTATIONDetails" xlink:type="simple" xlink:href="fph-20260930.xsd#BASISOFPRESENTATIONDetails"/>
  <link:calculationLink xlink:role="http://fivepoint.com/role/BASISOFPRESENTATIONDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpense_019fcfde-d83b-769f-a43a-2a078bdc4de2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherNonoperatingIncomeExpense"/>
    <link:loc xlink:type="locator" xlink:label="loc_fph_OtherNonoperatingIncomeMiscellaneous_019fcfde-d83b-7617-b9fc-6f7d4a8d379e" xlink:href="fph-20260930.xsd#fph_OtherNonoperatingIncomeMiscellaneous"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherNonoperatingIncomeExpense_019fcfde-d83b-769f-a43a-2a078bdc4de2" xlink:to="loc_fph_OtherNonoperatingIncomeMiscellaneous_019fcfde-d83b-7617-b9fc-6f7d4a8d379e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_019fcfde-d83b-7090-ad72-b42a668438ca" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherNonoperatingIncomeExpense_019fcfde-d83b-769f-a43a-2a078bdc4de2" xlink:to="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_019fcfde-d83b-7090-ad72-b42a668438ca" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://fivepoint.com/role/ACQUISITIONSScheduleofAssetsAcquiredandLiabilitiesAssumedDetails" xlink:type="simple" xlink:href="fph-20260930.xsd#ACQUISITIONSScheduleofAssetsAcquiredandLiabilitiesAssumedDetails"/>
  <link:calculationLink xlink:role="http://fivepoint.com/role/ACQUISITIONSScheduleofAssetsAcquiredandLiabilitiesAssumedDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities_019fcfde-d83b-7290-bed4-aeaa66e7bc35" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities"/>
    <link:loc xlink:type="locator" xlink:label="loc_fph_BusinessCombinationRecognizedLiabilityAssumedAccountsPayableAndOtherLiabilities_019fcfde-d83b-7708-b01a-b4d153f1a301" xlink:href="fph-20260930.xsd#fph_BusinessCombinationRecognizedLiabilityAssumedAccountsPayableAndOtherLiabilities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities_019fcfde-d83b-7290-bed4-aeaa66e7bc35" xlink:to="loc_fph_BusinessCombinationRecognizedLiabilityAssumedAccountsPayableAndOtherLiabilities_019fcfde-d83b-7708-b01a-b4d153f1a301" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_019fcfde-d83b-7700-aee7-13c2b796a72d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_019fcfde-d83b-7c36-b97a-a99cd00c8343" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_019fcfde-d83b-7700-aee7-13c2b796a72d" xlink:to="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_019fcfde-d83b-7c36-b97a-a99cd00c8343" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fph_BusinessCombinationRecognizedAssetAcquiredInvestmentInDebtAndEquitySecurities_019fcfde-d83b-788f-8b55-d400d0205365" xlink:href="fph-20260930.xsd#fph_BusinessCombinationRecognizedAssetAcquiredInvestmentInDebtAndEquitySecurities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_019fcfde-d83b-7700-aee7-13c2b796a72d" xlink:to="loc_fph_BusinessCombinationRecognizedAssetAcquiredInvestmentInDebtAndEquitySecurities_019fcfde-d83b-788f-8b55-d400d0205365" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_019fcfde-d83b-7aaf-a895-b1953f2fcaa5" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_019fcfde-d83b-7700-aee7-13c2b796a72d" xlink:to="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_019fcfde-d83b-7aaf-a895-b1953f2fcaa5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fph_BusinessCombinationRecognizedAssetAcquiredOtherAssets_019fcfde-d83b-78b7-a5ad-190245195ee3" xlink:href="fph-20260930.xsd#fph_BusinessCombinationRecognizedAssetAcquiredOtherAssets"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_019fcfde-d83b-7700-aee7-13c2b796a72d" xlink:to="loc_fph_BusinessCombinationRecognizedAssetAcquiredOtherAssets_019fcfde-d83b-78b7-a5ad-190245195ee3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedLessNoncontrollingInterest_019fcfde-d83b-73e6-b48a-247a31ef0607" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedLessNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_019fcfde-d83b-7f08-9c45-d145d9ee6d05" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedLessNoncontrollingInterest_019fcfde-d83b-73e6-b48a-247a31ef0607" xlink:to="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_019fcfde-d83b-7f08-9c45-d145d9ee6d05" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationAcquisitionOfLessThan100PercentNoncontrollingInterestFairValue_019fcfde-d83b-7319-bc1d-84031ce359c7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BusinessCombinationAcquisitionOfLessThan100PercentNoncontrollingInterestFairValue"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedLessNoncontrollingInterest_019fcfde-d83b-73e6-b48a-247a31ef0607" xlink:to="loc_us-gaap_BusinessCombinationAcquisitionOfLessThan100PercentNoncontrollingInterestFairValue_019fcfde-d83b-7319-bc1d-84031ce359c7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_019fcfde-d83b-78f5-b96f-cbd4b345cee6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_019fcfde-d83b-7b46-9e8d-af3183d138fa" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_019fcfde-d83b-78f5-b96f-cbd4b345cee6" xlink:to="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_019fcfde-d83b-7b46-9e8d-af3183d138fa" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities_019fcfde-d83b-703d-b177-1e73fd296f1b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_019fcfde-d83b-78f5-b96f-cbd4b345cee6" xlink:to="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities_019fcfde-d83b-703d-b177-1e73fd296f1b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_019fcfde-d83b-7fb4-8270-f6c26a816231" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_019fcfde-d83b-7d3e-afc0-1b79b50fdcaa" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_019fcfde-d83b-7fb4-8270-f6c26a816231" xlink:to="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_019fcfde-d83b-7d3e-afc0-1b79b50fdcaa" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Goodwill_019fcfde-d83b-7bc9-bf79-c55731261432" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Goodwill"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_019fcfde-d83b-7fb4-8270-f6c26a816231" xlink:to="loc_us-gaap_Goodwill_019fcfde-d83b-7bc9-bf79-c55731261432" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://fivepoint.com/role/REVENUESScheduleofDisaggregationofRevenueDetails" xlink:type="simple" xlink:href="fph-20260930.xsd#REVENUESScheduleofDisaggregationofRevenueDetails"/>
  <link:calculationLink xlink:role="http://fivepoint.com/role/REVENUESScheduleofDisaggregationofRevenueDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Revenues_019fcfde-d83b-7891-b259-3dc031734530" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Revenues"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_019fcfde-d83b-7656-a63c-e54a80b8ab14" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_019fcfde-d83b-7891-b259-3dc031734530" xlink:to="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_019fcfde-d83b-7656-a63c-e54a80b8ab14" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLeaseIncome_019fcfde-d83b-753f-aa82-29ddef19a092" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingLeaseLeaseIncome"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_019fcfde-d83b-7891-b259-3dc031734530" xlink:to="loc_us-gaap_OperatingLeaseLeaseIncome_019fcfde-d83b-753f-aa82-29ddef19a092" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://fivepoint.com/role/INVESTMENTINUNCONSOLIDATEDENTITIESScheduleofSummarizedStatementofOperationsDetails" xlink:type="simple" xlink:href="fph-20260930.xsd#INVESTMENTINUNCONSOLIDATEDENTITIESScheduleofSummarizedStatementofOperationsDetails"/>
  <link:calculationLink xlink:role="http://fivepoint.com/role/INVESTMENTINUNCONSOLIDATEDENTITIESScheduleofSummarizedStatementofOperationsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments_019fcfde-d83b-73ec-8b6d-1cf6c5177077" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeLossFromEquityMethodInvestments"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss_019fcfde-d83b-7952-a8ab-da247750d77d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromEquityMethodInvestments_019fcfde-d83b-73ec-8b6d-1cf6c5177077" xlink:to="loc_us-gaap_NetIncomeLoss_019fcfde-d83b-7952-a8ab-da247750d77d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostOfGoodsAndServicesSoldAmortization_019fcfde-d83b-79cd-b8d5-2604f6652f2c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CostOfGoodsAndServicesSoldAmortization"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromEquityMethodInvestments_019fcfde-d83b-73ec-8b6d-1cf6c5177077" xlink:to="loc_us-gaap_CostOfGoodsAndServicesSoldAmortization_019fcfde-d83b-79cd-b8d5-2604f6652f2c" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://fivepoint.com/role/INTANGIBLEASSETSNETRELATEDPARTYScheduleofFiniteLivedIntangibleAssetsDetails" xlink:type="simple" xlink:href="fph-20260930.xsd#INTANGIBLEASSETSNETRELATEDPARTYScheduleofFiniteLivedIntangibleAssetsDetails"/>
  <link:calculationLink xlink:role="http://fivepoint.com/role/INTANGIBLEASSETSNETRELATEDPARTYScheduleofFiniteLivedIntangibleAssetsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019fcfde-d83b-7e6c-ad00-8926a9e5c6dd" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsGross_019fcfde-d83b-76e3-8f2e-872bc55567e9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsGross"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019fcfde-d83b-7e6c-ad00-8926a9e5c6dd" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsGross_019fcfde-d83b-76e3-8f2e-872bc55567e9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_019fcfde-d83b-797f-9195-44791bb08331" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019fcfde-d83b-7e6c-ad00-8926a9e5c6dd" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_019fcfde-d83b-797f-9195-44791bb08331" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://fivepoint.com/role/NOTESPAYABLENETScheduleofLongtermDebtInstrumentsDetails" xlink:type="simple" xlink:href="fph-20260930.xsd#NOTESPAYABLENETScheduleofLongtermDebtInstrumentsDetails"/>
  <link:calculationLink xlink:role="http://fivepoint.com/role/NOTESPAYABLENETScheduleofLongtermDebtInstrumentsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebt_01a159b5-c558-7488-80ac-70e36bcaa56a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebt"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentCarryingAmount_01a159b5-c558-7023-b57a-04a023dff5b3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtInstrumentCarryingAmount"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebt_01a159b5-c558-7488-80ac-70e36bcaa56a" xlink:to="loc_us-gaap_DebtInstrumentCarryingAmount_01a159b5-c558-7023-b57a-04a023dff5b3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredFinanceCostsNet_01a159b5-c558-7121-8d71-8108211db9f3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DeferredFinanceCostsNet"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebt_01a159b5-c558-7488-80ac-70e36bcaa56a" xlink:to="loc_us-gaap_DeferredFinanceCostsNet_01a159b5-c558-7121-8d71-8108211db9f3" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://fivepoint.com/role/SUPPLEMENTALCASHFLOWINFORMATIONScheduleofCondensedCashFlowInformationDetails" xlink:type="simple" xlink:href="fph-20260930.xsd#SUPPLEMENTALCASHFLOWINFORMATIONScheduleofCondensedCashFlowInformationDetails"/>
  <link:calculationLink xlink:role="http://fivepoint.com/role/SUPPLEMENTALCASHFLOWINFORMATIONScheduleofCondensedCashFlowInformationDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_019fcfde-d83c-7257-9d6a-96f803d5302c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019fcfde-d83c-7af3-9460-9197d8c3f22b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_019fcfde-d83c-7257-9d6a-96f803d5302c" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019fcfde-d83c-7af3-9460-9197d8c3f22b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedCashAndInvestments_019fcfde-d83c-734f-9b6e-d03206617de9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RestrictedCashAndInvestments"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_019fcfde-d83c-7257-9d6a-96f803d5302c" xlink:to="loc_us-gaap_RestrictedCashAndInvestments_019fcfde-d83c-734f-9b6e-d03206617de9" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://fivepoint.com/role/SEGMENTREPORTINGScheduleofRevenuesandProfitLossDetails" xlink:type="simple" xlink:href="fph-20260930.xsd#SEGMENTREPORTINGScheduleofRevenuesandProfitLossDetails"/>
  <link:calculationLink xlink:role="http://fivepoint.com/role/SEGMENTREPORTINGScheduleofRevenuesandProfitLossDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019fcfde-d83c-7c44-ba55-8d784a2bf3f8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostOfGoodsAndServicesSold_019fcfde-d83c-7527-b152-c044b2bce410" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CostOfGoodsAndServicesSold"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019fcfde-d83c-7c44-ba55-8d784a2bf3f8" xlink:to="loc_us-gaap_CostOfGoodsAndServicesSold_019fcfde-d83c-7527-b152-c044b2bce410" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingOtherItemAmount_019fcfde-d83c-722a-b7d5-ff26de2f399a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SegmentReportingOtherItemAmount"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019fcfde-d83c-7c44-ba55-8d784a2bf3f8" xlink:to="loc_us-gaap_SegmentReportingOtherItemAmount_019fcfde-d83c-722a-b7d5-ff26de2f399a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Revenues_019fcfde-d83c-72a2-b5b1-45cd88ce139c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Revenues"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019fcfde-d83c-7c44-ba55-8d784a2bf3f8" xlink:to="loc_us-gaap_Revenues_019fcfde-d83c-72a2-b5b1-45cd88ce139c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SellingGeneralAndAdministrativeExpense_019fcfde-d83c-7432-b6a6-ff4652aa29b0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SellingGeneralAndAdministrativeExpense"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019fcfde-d83c-7c44-ba55-8d784a2bf3f8" xlink:to="loc_us-gaap_SellingGeneralAndAdministrativeExpense_019fcfde-d83c-7432-b6a6-ff4652aa29b0" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://fivepoint.com/role/EMPLOYEEBENEFITPLANSDetails" xlink:type="simple" xlink:href="fph-20260930.xsd#EMPLOYEEBENEFITPLANSDetails"/>
  <link:calculationLink xlink:role="http://fivepoint.com/role/EMPLOYEEBENEFITPLANSDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_019fcfde-d83c-7d9d-a2f7-679e2e3a359f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanInterestCost_019fcfde-d83c-7b30-8412-5d6ef1ccf4ed" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DefinedBenefitPlanInterestCost"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_019fcfde-d83c-7d9d-a2f7-679e2e3a359f" xlink:to="loc_us-gaap_DefinedBenefitPlanInterestCost_019fcfde-d83c-7b30-8412-5d6ef1ccf4ed" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets_019fcfde-d83c-7da2-8389-119c2a780f7c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_019fcfde-d83c-7d9d-a2f7-679e2e3a359f" xlink:to="loc_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets_019fcfde-d83c-7da2-8389-119c2a780f7c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses_019fcfde-d83c-73cb-8428-5fce589aa2f1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_019fcfde-d83c-7d9d-a2f7-679e2e3a359f" xlink:to="loc_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses_019fcfde-d83c-73cb-8428-5fce589aa2f1" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://fivepoint.com/role/EARNINGSPERSHAREScheduleofEarningsPerShareDetails" xlink:type="simple" xlink:href="fph-20260930.xsd#EARNINGSPERSHAREScheduleofEarningsPerShareDetails"/>
  <link:calculationLink xlink:role="http://fivepoint.com/role/EARNINGSPERSHAREScheduleofEarningsPerShareDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_01a1666e-c1c9-735d-afdc-4ebdfbefe7a2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_01a1666e-c1c9-780c-923e-7ec8a66c242e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_01a1666e-c1c9-735d-afdc-4ebdfbefe7a2" xlink:to="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_01a1666e-c1c9-780c-923e-7ec8a66c242e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DilutiveSecurities_01a1666e-c1c9-7a75-a2c2-9b84346e692a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DilutiveSecurities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_01a1666e-c1c9-735d-afdc-4ebdfbefe7a2" xlink:to="loc_us-gaap_DilutiveSecurities_01a1666e-c1c9-7a75-a2c2-9b84346e692a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted_01a1666e-c1c9-75f8-9dd0-e3d15d4e9d7c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_01a1666e-c1c9-735d-afdc-4ebdfbefe7a2" xlink:to="loc_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted_01a1666e-c1c9-75f8-9dd0-e3d15d4e9d7c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019fcfde-d83c-7130-8e82-13ce44f460c6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss_019fcfde-d83c-7132-973b-6b9ecdfc8b04" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019fcfde-d83c-7130-8e82-13ce44f460c6" xlink:to="loc_us-gaap_NetIncomeLoss_019fcfde-d83c-7132-973b-6b9ecdfc8b04" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fph_AdjustmentsToNetIncomeLossAttributableToParent_019fcfde-d83c-7bd1-8efe-332112d5ffe2" xlink:href="fph-20260930.xsd#fph_AdjustmentsToNetIncomeLossAttributableToParent"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019fcfde-d83c-7130-8e82-13ce44f460c6" xlink:to="loc_fph_AdjustmentsToNetIncomeLossAttributableToParent_019fcfde-d83c-7bd1-8efe-332112d5ffe2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fph_AllocationOfNetIncomeLossToCommonStockholdersBasic_019fcfde-d83c-7f27-83cb-641b5b328aab" xlink:href="fph-20260930.xsd#fph_AllocationOfNetIncomeLossToCommonStockholdersBasic"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic_019fcfde-d83c-75e4-ba79-a8ab983e5400" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_fph_AllocationOfNetIncomeLossToCommonStockholdersBasic_019fcfde-d83c-7f27-83cb-641b5b328aab" xlink:to="loc_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic_019fcfde-d83c-75e4-ba79-a8ab983e5400" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019fcfde-d83c-7f02-91db-9cc5325ca66d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_fph_AllocationOfNetIncomeLossToCommonStockholdersBasic_019fcfde-d83c-7f27-83cb-641b5b328aab" xlink:to="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_019fcfde-d83c-7f02-91db-9cc5325ca66d" xlink:type="arc"/>
  </link:calculationLink>
</link:linkbase>
