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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 10-Q
_____________________

| (Mark One) |  |
| [X ] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|  | For the quarterly period ended September 30, 2025 |

or

| [_] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|  | For the transition period from_________ to _________ |

Commission File Number: 001-36769
_____________________
FRP HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
_____________________

Florida |  | 47-2449198
(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)
200 W. Forsyth St., 7th Floor, Jacksonville,FL |  | 32202
(Address of principal executive offices) |  | (Zip Code)

904- 858-9100
(Registrant’s telephone number, including area code)

Title of each class |  | Trading Symbol |  | Name of each exchange on which registered
Common Stock, $.10 par value |  | FRPH |  | NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [x] No [_]
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [x] No [_]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [_] |  | Accelerated filer [_]
Non-accelerated filer [x] |  | Smaller reporting company [x]
Emerging growth company [_] |  |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [_]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [_] No [x]
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class |  | Outstanding at November 6, 2025
Common Stock, $.10 par value per share |  | 19,115,522 shares

1

Table of Contents
FRP HOLDINGS, INC.
FORM 10-Q
QUARTER ENDED SEPTEMBER 30, 2025
CONTENTS

|  | Page No.
Preliminary Note Regarding Forward-Looking Statements | 3
Part I. Financial Information
Item 1. | Financial Statements |
| Consolidated Balance Sheets | 4
| Consolidated Statements of Income | 5
| Consolidated Statements of Comprehensive Income | 6
| Consolidated Statements of Cash Flows | 7
| Consolidated Statements of Shareholders’ Equity | 8
| Condensed Notes to Consolidated Financial Statements | 9
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 22
Item 3. | Quantitative and Qualitative Disclosures about Market Risks | 45
Item 4. | Controls and Procedures | 45
Part II. Other Information
Item 1A. | Risk Factors | 46
Item 2. | Purchase of Equity Securities by the Issuer | 46
Item 6. | Exhibits | 46
Signatures |  | 47
Exhibit 31 | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | 49
Exhibit 32 | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | 49

2

Table of Contents
Preliminary Note Regarding Forward-Looking Statements.
This Quarterly Report on Form 10-Q, together with other statements and information publicly disseminated by us, contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words or phrases “anticipate,” “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and similar expressions identify forward-looking statements. Such statements reflect management’s current views with respect to financial results related to future events and are based on assumptions and expectations that may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial or otherwise, may differ, perhaps materially, from the results discussed in the forward-looking statements. Risk factors discussed in Item 1A of this Form 10-Q and other factors that might cause differences, some of which could be material, include, but are not limited to: the possibility that we may be unable to find appropriate investment opportunities; levels of construction activity in the markets served by our mining properties; demand for flexible warehouse/office facilities in the Mid-Atlantic and Florida; multifamily demand in Washington D.C., and Greenville, South Carolina; our ability to obtain zoning and entitlements necessary for property development; the impact of lending and capital market conditions on our liquidity, our ability to finance projects or repay our debt; general real estate investment and development risks; vacancies in our properties; risks associated with developing and managing properties in partnership with others; competition; our ability to renew leases or re-lease spaces as leases expire; illiquidity of real estate investments; bankruptcy or defaults of tenants; the impact of restrictions imposed by our credit facility; the level and volatility of interest rates; environmental liabilities; inflation risks; cyber security risks; the impact of tariffs on our industrial tenants and construction costs; as well as other risks listed from time to time in our SEC filings, including but not limited to, our annual and quarterly reports. We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements. Additional information regarding these and other risk factors may be found in the Company’s other filings made from time to time with the Securities and Exchange Commission.
3

Table of Contents
PART I. FINANCIAL INFORMATION, ITEM 1. FINANCIAL STATEMENTS
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited) (In thousands, except share data)

Assets: | September 30 2025 |  | December 31 2024
Real estate investments at cost: |  |  |
Land | $ | 180,121 |  |  | 168,943 |
Buildings and improvements | 308,807 |  |  | 283,421 |
Projects under construction | 29,548 |  |  | 32,770 |
Total investments in properties | 518,476 |  |  | 485,134 |
Less accumulated depreciation and depletion | 85,746 |  |  | 77,695 |
Net investments in properties | 432,730 |  |  | 407,439 |
Real estate held for investment, at cost | 12,484 |  |  | 11,722 |
Investments in joint ventures | 143,298 |  |  | 153,899 |
Net real estate investments | 588,512 |  |  | 573,060 |
Cash and cash equivalents | 134,853 |  |  | 148,620 |
Cash held in escrow | 966 |  |  | 1,315 |
Accounts receivable, net | 1,560 |  |  | 1,352 |
Federal and state income taxes receivable | 961 |  |  | — |
Unrealized rents | 1,262 |  |  | 1,380 |
Deferred costs | 2,509 |  |  | 2,136 |
Other assets | 637 |  |  | 622 |
Total assets | $ | 731,260 |  |  | 728,485 |
Liabilities: |  |  |
Secured notes payable | $ | 185,338 |  |  | 178,853 |
Accounts payable and accrued liabilities | 9,365 |  |  | 6,026 |
Other liabilities | 1,487 |  |  | 1,487 |
Federal and state income taxes payable | — |  |  | 611 |
Deferred revenue | 2,973 |  |  | 2,437 |
Deferred income taxes | 67,655 |  |  | 67,688 |
Deferred compensation | 1,508 |  |  | 1,465 |
Tenant security deposits | 738 |  |  | 805 |
Total liabilities | 269,064 |  |  | 259,372 |
Commitments and contingencies |  |  |
Equity: |  |  |
Common stock, $.10 par value 25,000,000 shares authorized, 19,109,234 and 19,046,894 shares issued and outstanding, respectively | 1,911 |  |  | 1,905 |
Capital in excess of par value | 70,558 |  |  | 68,876 |
Retained earnings | 355,217 |  |  | 352,267 |
Accumulated other comprehensive income, net | 32 |  |  | 55 |
Total shareholders’ equity | 427,718 |  |  | 423,103 |
Noncontrolling interests | 34,478 |  |  | 46,010 |
Total equity | 462,196 |  |  | 469,113 |
Total liabilities and equity | $ | 731,260 |  |  | 728,485 |

See accompanying notes.
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FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share amounts)
(Unaudited)

| THREE MONTHS ENDED |  | NINE MONTHS ENDED |
| SEPTEMBER 30, |  | SEPTEMBER 30, |
| 2025 | 2024 | 2025 | 2024
Revenues: |  |  |  |  |  |  |  |
Lease revenue | $ | 7,086 |  |  | 7,434 |  |  | $ | 21,399 |  |  | 21,850 |  |
Mining royalty and rents | 3,689 |  |  | 3,199 |  |  | 10,532 |  |  | 9,393 |  |
Total revenues | 10,775 |  |  | 10,633 |  |  | 31,931 |  |  | 31,243 |  |
Cost of operations: |  |  |  |  |  |  |  |
Depreciation/depletion/amortization | 2,825 |  |  | 2,551 |  |  | 8,158 |  |  | 7,629 |  |
Operating expenses | 3,304 |  |  | 1,860 |  |  | 7,743 |  |  | 5,429 |  |
Property taxes | 955 |  |  | 850 |  |  | 2,895 |  |  | 2,517 |  |
General and administrative | 2,328 |  |  | 2,289 |  |  | 7,790 |  |  | 6,883 |  |
Total cost of operations | 9,412 |  |  | 7,550 |  |  | 26,586 |  |  | 22,458 |  |
Total operating profit | 1,363 |  |  | 3,083 |  |  | 5,345 |  |  | 8,785 |  |
Net investment income | 2,369 |  |  | 2,304 |  |  | 7,278 |  |  | 8,795 |  |
Interest expense | (739) |  |  | (742) |  |  | (2,258) |  |  | (2,482) |  |
Equity in loss of joint ventures | (2,225) |  |  | (2,839) |  |  | (6,635) |  |  | (8,582) |  |
Income before income taxes | 768 |  |  | 1,806 |  |  | 3,730 |  |  | 6,516 |  |
Provision for income taxes | 203 |  |  | 427 |  |  | 907 |  |  | 1,743 |  |
Net income | 565 |  |  | 1,379 |  |  | 2,823 |  |  | 4,773 |  |
Income (loss) attributable to noncontrolling interest | (97) |  |  | 18 |  |  | (127) |  |  | 67 |  |
Net income attributable to the Company | $ | 662 |  |  | 1,361 |  |  | $ | 2,950 |  |  | 4,706 |  |
Earnings per common share (1): |  |  |  |  |  |  |  |
Net income attributable to the Company- |  |  |  |  |  |  |  |
Basic | $ | .03 |  |  | .07 |  | $ | .16 |  |  | .25 |
Diluted | $ | .03 |  |  | .07 |  | $ | .16 |  |  | .25 |
Number of shares (in thousands) used in computing (1): |  |  |  |  |  |  |  |
-basic earnings per common share | 18,976 |  | 18,887 |  | 18,963 |  | 18,877 |
-diluted earnings per common share | 19,026 |  | 18,972 |  | 19,023 |  | 18,967 |

(1)Adjusted for the 2 for 1 stock split that occurred in April 2024
See accompanying notes.
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FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands except per share amounts)
(Unaudited)

| THREE MONTHS ENDED |  | NINE MONTHS ENDED |
| SEPTEMBER 30 |  | SEPTEMBER 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024
Net income | $ | 565 |  |  | 1,379 |  |  | $ | 2,823 |  |  | 4,773 |  |
Other comprehensive income (loss) net of tax: |  |  |  |  |  |  |  |
Unrealized gain on investments, net of income tax effect of $0, $21, $0 and $21 | — |  |  | 66 |  |  | — |  |  | 68 |  |
Minimum pension liability, net of income tax effect of $(2), $(2), $(8) and $(8) | (8) |  |  | (8) |  |  | (23) |  |  | (23) |  |
Comprehensive income | $ | 557 |  |  | 1,437 |  |  | $ | 2,800 |  |  | 4,818 |  |
Less comp. income (loss) attributable to noncontrolling interests | (97) |  |  | 18 |  |  | (127) |  |  | 67 |  |
Comprehensive income attributable to the Company | $ | 654 |  |  | 1,419 |  |  | $ | 2,927 |  |  | 4,751 |  |

See accompanying notes
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FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
(In thousands) (Unaudited)

| 2025 |  | 2024
Cash flows from operating activities: |  |  |  |
Net income | $ | 2,823 |  |  | 4,773 |  |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
Depreciation, depletion and amortization | 8,627 |  |  | 7,840 |  |
Deferred income taxes | (33) |  |  | (1,100) |  |
Equity in loss of joint ventures | 6,635 |  |  | 8,582 |  |
Gain on sale of equipment and property | (16) |  |  | (27) |  |
Stock-based compensation | 1,688 |  |  | 1,613 |  |
Net changes in operating assets and liabilities: |  |  |  |
Accounts receivable | (208) |  |  | (780) |  |
Deferred costs and other assets | (543) |  |  | 552 |  |
Accounts payable and accrued liabilities | 3,875 |  |  | (806) |  |
Income taxes payable and receivable | (1,572) |  |  | 789 |  |
Other long-term liabilities | (24) |  |  | (32) |  |
Net cash provided by operating activities | 21,252 |  |  | 21,404 |  |
Cash flows from investing activities: |  |  |  |
Investments in properties | (34,154) |  |  | (47,089) |  |
Investments in joint ventures | (15,227) |  |  | (14,219) |  |
Return of capital from investments in joint ventures | 19,190 |  |  | 14,428 |  |
Proceeds from the equipment and property | 16 |  |  | 27 |  |
Cash held in escrow | 349 |  |  | (121) |  |
Net cash used in investing activities | (29,826) |  |  | (46,974) |  |
Cash flows from financing activities: |  |  |  |
Proceeds from long-term debt | 7,591 |  |  | — |  |
Debt issue costs | (1,379) |  |  | — |  |
Distributions to noncontrolling interests | (12,613) |  |  | (2,406) |  |
Contributions from noncontrolling interests | 1,208 |  |  | 15,102 |  |
Net cash (used in) provided by financing activities | (5,193) |  |  | 12,696 |  |
Net decrease in cash and cash equivalents | (13,767) |  |  | (12,874) |  |
Cash and cash equivalents at beginning of year | 148,620 |  |  | 157,555 |  |
Cash and cash equivalents at end of the period | $ | 134,853 |  |  | 144,681 |  |
Supplemental disclosure of cash flow information: |  |  |  |
Cash paid during the period for: |  |  |  |
Interest | $ | 2,124 |  |  | $ | 2,459 |  |
Income taxes | 2,471 |  |  | 2,067 |  |

See accompanying notes.
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FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
(In thousands, except share amounts) (Unaudited)

| Common Stock |  | Capital in Excess of Par Value |  | Retained Earnings |  | Accum. Other Comp- rehensive Income (loss), net |  | Total Share holders’ Equity |  | Non- Controlling Interests |  | Total Equity
| Shares | Amount |  |  |  |  |
Balance at June 30, 2025 | 19,109,234 |  | $ | 1,911 |  |  | $ | 70,196 |  |  | $ | 354,555 |  |  | $ | 40 |  |  | $ | 426,702 |  |  | $ | 34,712 |  |  | $ | 461,414 |
Stock option grant compensation | — |  | — |  |  | 39 |  |  | — |  |  | — |  |  | 39 |  |  | — |  |  | 39 |
Restricted stock compensation | — |  | — |  |  | 323 |  |  | — |  |  | — |  |  | 323 |  |  | — |  |  | 323 |
Net income (loss) | — |  | — |  |  | — |  |  | 662 |  |  | — |  |  | 662 |  |  | (97) |  |  | 565 |
Contributions from partner | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 920 |  |  | 920 |
Distributions to partners | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,057) |  |  | (1,057) |
Minimum pension liability,net | — |  | — |  |  | — |  |  | — |  |  | (8) |  |  | (8) |  |  | — |  |  | (8) |
Balance at September 30, 2025 | 19,109,234 |  | $ | 1,911 |  |  | $ | 70,558 |  |  | $ | 355,217 |  |  | $ | 32 |  |  | $ | 427,718 |  |  | $ | 34,478 |  |  | $ | 462,196 |
Balance at December 31, 2024 | 19,046,894 |  | $ | 1,905 |  |  | $ | 68,876 |  |  | $ | 352,267 |  |  | $ | 55 |  |  | $ | 423,103 |  |  | $ | 46,010 |  |  | $ | 469,113 |
Stock option grant compensation | — |  | — |  |  | 116 |  |  | — |  |  | — |  |  | 116 |  |  | — |  |  | 116 |
Restricted stock compensation | — |  | — |  |  | 972 |  |  | — |  |  | — |  |  | 972 |  |  | — |  |  | 972 |
Shares granted to Directors | 21,900 |  | 2 |  |  | 598 |  |  | — |  |  | — |  |  | 600 |  |  |  |  | 600 |
Restricted stock award | 40,440 |  | 4 |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) | — |  | — |  |  | — |  |  | 2,950 |  |  | — |  |  | 2,950 |  |  | (127) |  |  | 2,823 |
Contributions from partner | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,208 |  |  | 1,208 |
Distributions to partners | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12,613) |  |  | (12,613) |
Minimum pension liability,net | — |  | — |  |  | — |  |  | — |  |  | (23) |  |  | (23) |  |  | — |  |  | (23) |
Balance at September 30, 2025 | 19,109,234 |  | $ | 1,911 |  |  | $ | 70,558 |  |  | $ | 355,217 |  |  | $ | 32 |  |  | $ | 427,718 |  |  | $ | 34,478 |  |  | $ | 462,196 |
Balance at June 30, 2024 | 19,030,474 |  | $ | 1,903 |  |  | $ | 67,980 |  |  | $ | 349,227 |  |  | $ | 22 |  |  | $ | 419,132 |  |  | $ | 32,016 |  |  | $ | 451,148 |
Stock option grant compensation | — |  | — |  |  | 19 |  |  | — |  |  | — |  |  | 19 |  |  | — |  |  | 19 |
Restricted stock compensation | — |  | — |  |  | 314 |  |  | — |  |  | — |  |  | 314 |  |  | — |  |  | 314 |
Net income | — |  | — |  |  | — |  |  | 1,361 |  |  | — |  |  | 1,361 |  |  | 18 |  |  | 1,379 |
Contributions from partner | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,102 |  |  | 15,102 |
Distributions to partners | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (917) |  |  | (917) |
Minimum pension liability, net | — |  | — |  |  | — |  |  | — |  |  | (8) |  |  | (8) |  |  |  |  | (8) |
Unrealized gains on investment, net | — |  | — |  |  | — |  |  | — |  |  | 66 |  |  | 66 |  |  | — |  |  | 66 |
Balance at September 30, 2024 | 19,030,474 |  | $ | 1,903 |  |  | $ | 68,313 |  |  | $ | 350,588 |  |  | $ | 80 |  |  | $ | 420,884 |  |  | $ | 46,219 |  |  | $ | 467,103 |
Balance at December 31, 2023 | 18,968,448 |  | $ | 1,897 |  |  | $ | 66,706 |  |  | $ | 345,882 |  |  | $ | 35 |  |  | $ | 414,520 |  |  | $ | 33,456 |  |  | $ | 447,976 |
Stock option grant compensation | — |  | — |  |  | 58 |  |  | — |  |  | — |  |  | 58 |  |  | — |  |  | 58 |
Restricted stock compensation | — |  | — |  |  | 955 |  |  | — |  |  | — |  |  | 955 |  |  | — |  |  | 955 |
Shares granted to Directors | 19,356 |  | 2 |  |  | 598 |  |  | — |  |  | — |  |  | 600 |  |  |  |  | 600 |
Restricted stock award | 42,670 |  | 4 |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income | — |  | — |  |  | — |  |  | 4,706 |  |  | — |  |  | 4,706 |  |  | 67 |  |  | 4,773 |
Contributions from partner | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,102 |  |  | 15,102 |
Distributions to partners | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,406) |  |  | (2,406) |
Minimum pension liability, net | — |  | — |  |  | — |  |  | — |  |  | (23) |  |  | (23) |  |  | — |  |  | (23) |
Unrealized gains on investment, net | — |  | — |  |  | — |  |  | — |  |  | 68 |  |  | 68 |  |  | — |  |  | 68 |
Balance at September 30, 2024 | 19,030,474 |  | $ | 1,903 |  |  | $ | 68,313 |  |  | $ | 350,588 |  |  | $ | 80 |  |  | $ | 420,884 |  |  | $ | 46,219 |  |  | $ | 467,103 |

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FRP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Unaudited)
(1) Description of Business and Basis of Presentation.
FRP Holdings, Inc. is engaged in the real estate business, namely (i) leasing and management of industrial and commercial properties (the “Industrial and Commercial Segment”), (ii) leasing and management of mining royalty land owned by the Company (the “Mining Royalty Lands Segment”), (iii) real property acquisition, entitlement, development and construction primarily for apartment, retail, industrial, and office (the “Development Segment”), and (iv) management of mixed-use residential/retail properties owned through our joint ventures (the “Multifamily Segment”). Our investments in real estate partnerships not wholly owned by FRP which are conducted through limited liability corporations (“LLC”) are also referred to as joint ventures.
The accompanying consolidated financial statements include the accounts of FRP Holdings, Inc. inclusive of our wholly owned operating real estate subsidiaries, FRP Development Corp., Florida Rock Properties, Inc., and consolidated partnerships Riverfront Investment Partners I, LLC, Riverfront Investment Partners II, LLC, Lakeland Logistics Park Venture, LLC, Davie Logistics Park Venture, LLC, and Camp Lake Venture IA, LLC. Investments in real estate joint ventures not controlled by the Company are accounted for under the equity or cost method of accounting as appropriate (See Note 10). Our ownership of Riverfront Investment Partners I, LLC, Riverfront Investment Partners II, LLC, Lakeland Logistics Park Venture, LLC, Davie Logistics Park Venture, LLC and Camp Lake Venture IA, LLC includes a noncontrolling interest representing the ownership of our partners.
These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The accompanying consolidated financial statements and the information included under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the Company's consolidated financial statements and related notes included in the Company’s Form 10-K for the year ended December 31, 2024.
On April 12, 2024, the Company effected a 2-for-1 forward split of its common stock in the nature of a dividend. All share and per share information, including share-based compensation, throughout this report have been retroactively adjusted to reflect the stock split. The shares of common stock retain a par value of $0.10 per share. Accordingly, an amount equal to the par value of the increased shares resulting from the stock split was reclassified from capital in excess of par value to common stock.
(2) Recently Issued Accounting Standards.
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023 - 07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which requires disclosure of the significant segment expense categories that are regularly provided to the chief operating decision maker (CODM) and disclosure of the individual or committee identified as the CODM beginning with our 10-K for 2024 and our interim financial statements beginning in 2025. We adopted this ASU retrospectively on December 31, 2024. Refer to Note 3, Business Segments for the inclusion of the new required disclosures.
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In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires additional information about the effective tax rate reconciliation and income taxes paid beginning with our 10-K for 2025. We are evaluating the impact of this standard on our income tax disclosures.
In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The ASU requires the disaggregated disclosure of specific expense categories, including employee compensation, depreciation, and amortization, within relevant income statement captions. The ASU is effective beginning with our 10-K for 2027. We are evaluating the impact of this standard on our disclosures.
In July 2025, H.R. 1 (referred to as the "One Big Beautiful Bill Act") was signed into law. The comprehensive legislative package contains, among other topics, significant tax law changes and regulatory compliance updates, with various effective dates, including provisions related to limitations of interest expense deductions and the reinstatement of bonus depreciation for qualified property. These provisions of the One Big Beautiful Bill Act have had a positive impact on our current income taxes beginning in the third quarter of 2025, and we continue to evaluate the anticipated impacts to our financial position, results of operations, and/or cash flows on a go-forward basis.
(3) Business Segments.
Our Chief Executive Officer, as the CODM, organizes our company, manages resource allocations and measures performance among our four reportable segments: Industrial and Commercial, Mining Royalty Lands, Development, and Multifamily, as described below.
The Industrial and Commercial Segment owns, leases and manages in-service commercial properties. Currently this includes nine warehouses in two business parks, an office building partially occupied by the Company, and two ground leases all wholly owned by the Company. This segment will also include joint ventures of commercial properties when they are stabilized.
Our Mining Royalty Lands Segment owns several properties totaling approximately 16,640 acres currently under lease for mining rents or royalties (this does not include the 4,280 acres owned in our Brooksville joint venture with Vulcan Materials). Other than one location in Virginia, all of these properties are located in Florida and Georgia.
Through our Development Segment, we own and are continuously assessing the highest and best use of several parcels of land that are in various stages of development. Our overall strategy in this segment is to convert all of our non-income producing lands into income production through (i) an orderly process of constructing new buildings for us to own and operate or (ii) a sale to, or joint venture with, third parties. Additionally, our Development segment will acquire or form joint ventures on new land for development not previously owned by the Company. Three of our joint ventures in the segment, Lakeland Logistics Park Venture, LLC ("Lakeland"), Davie Logistics Park Venture, LLC ("Davie"), and Camp Lake Venture IA ("Camp Lake", LLC are consolidated.
The Multifamily Segment includes joint ventures which own, lease and manage buildings that have met our initial lease-up criteria. Two of our joint ventures in the segment, Riverfront Investment Partners I, LLC (“Dock 79”) and Riverfront Investment Partners II, LLC (“The Maren”) are consolidated.
Our CODM uses revenues, operating profit before general and administrative expense, depreciation and amortization, and identifiable assets to allocate operating and capital resources and assesses performance of each segment by comparing actual results to historical, budgeted, and forecasted financial information. We do not believe that an allocation of general and administrative expense to each segment is relevant to our CODM's assessments due to the market excluding those costs in property valuation and the materiality of expenditures related to future opportunities.
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Operating results and certain other financial data for the Company’s business segments are as follows (in thousands):

| Three Months ended |  | Nine Months ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |  |
Industrial and commercial | $ | 1,229 |  |  | 1,455 |  |  | $ | 3,950 |  |  | 4,353 |  |
Mining royalty lands | 3,689 |  |  | 3,199 |  |  | 10,532 |  |  | 9,393 |  |
Development | 301 |  |  | 297 |  |  | 902 |  |  | 905 |  |
Multifamily | 5,556 |  |  | 5,682 |  |  | 16,547 |  |  | 16,592 |  |
| $ | 10,775 |  |  | 10,633 |  |  | $ | 31,931 |  |  | 31,243 |  |
Operating profit (loss): |  |  |  |  |  |  |  |
Before general and administrative expenses: |  |  |  |  |  |  |  |
Industrial and commercial | $ | 341 |  |  | 842 |  |  | $ | 1,427 |  |  | 2,484 |  |
Mining royalty lands | 3,384 |  |  | 2,946 |  |  | 9,689 |  |  | 8,655 |  |
Development | (1,189) |  |  | 25 |  |  | (1,802) |  |  | 102 |  |
Multifamily | 1,155 |  |  | 1,559 |  |  | 3,821 |  |  | 4,427 |  |
Operating profit before G&A | 3,691 |  |  | 5,372 |  |  | 13,135 |  |  | 15,668 |  |
Total general and administrative expenses | 2,328 |  |  | 2,289 |  |  | 7,790 |  |  | 6,883 |  |
| $ | 1,363 |  |  | 3,083 |  |  | $ | 5,345 |  |  | 8,785 |  |
Interest expense | $ | 739 |  |  | $ | 742 |  |  | $ | 2,258 |  |  | 2,482 |  |
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |
Industrial and commercial | $ | 567 |  |  | 360 |  |  | $ | 1,529 |  |  | 1,083 |  |
Mining royalty lands | 213 |  |  | 163 |  |  | 568 |  |  | 471 |  |
Development | 43 |  |  | 43 |  |  | 129 |  |  | 128 |  |
Multifamily | 2,002 |  |  | 1,985 |  |  | 5,932 |  |  | 5,947 |  |
| $ | 2,825 |  |  | 2,551 |  |  | $ | 8,158 |  |  | 7,629 |  |
Capital expenditures: |  |  |  |  |  |  |  |
Industrial and commercial | $ | 129 |  |  | 235 |  |  | $ | 267 |  |  | 628 |  |
Mining royalty lands | 297 |  |  | 18 |  |  | 525 |  |  | 60 |  |
Development | 24,523 |  |  | 34,265 |  |  | 32,697 |  |  | 46,146 |  |
Multifamily | 44 |  |  | 53 |  |  | 665 |  |  | 255 |  |
| $ | 24,993 |  |  | 34,571 |  |  | $ | 34,154 |  |  | 47,089 |  |

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Identifiable net assets | September 30, 2025 |  | December 31, 2024
Industrial and commercial | $ | 62,534 |  |  | 37,527 |
Mining royalty lands | 47,828 |  |  | 47,527 |
Development | 149,038 |  |  | 144,832 |
Multifamily | 333,268 |  |  | 347,172 |
Cash items | 135,819 |  |  | 149,935 |
Unallocated corporate assets | 2,773 |  |  | 1,492 |
| $ | 731,260 |  |  | 728,485 |

(4) Long-Term Debt.
The Company’s outstanding debt, net of unamortized debt issuance costs, consisted of the following (in thousands):

| September 30, 2025 |  | December 31, 2024
Fixed rate mortgage loans, 3.03% interest only, matures 4/1/2033 | $ | 180,070 |  |  |  | 180,070 |  |
Variable rate construction/stabilization loans | 7,591 |  |  |  | — |  |
Unamortized debt issuance costs | (2,323) |  |  |  | (1,217) |  |
Credit agreement | — |  |  |  | — |  |
| $ | 185,338 |  |  |  | 178,853 |  |

On July 21, 2025, the Company entered into a 2025 Amended and Restated Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, N.A. (“Wells Fargo”), effective July 21, 2025. The Credit Agreement modifies the Company’s prior Credit Agreement with Wells Fargo dated December 22, 2023. The Credit Agreement establishes a five-year revolving credit facility with a maximum facility amount of $50 million. The interest rate under the Credit Agreement will be 2.25% over the Daily Simple SOFR in effect. A commitment fee of 0.35% per annum is payable quarterly on the unused portion of the commitment. As of September 30, 2025, there was no debt outstanding on this revolver, $449,000 outstanding under letters of credit and $49,551,000 available for borrowing. The letters of credit were issued to guarantee certain obligations to state agencies related to real estate development. Most of the letters of credit are irrevocable for a period of one year and typically are automatically extended for additional one-year periods. The letter of credit fee is 2.25% and applicable interest rate would have been 6.41% on September 30, 2025. The credit agreement contains affirmative financial covenants and negative covenants, including a minimum tangible net worth. As of September 30, 2025, these covenants would have limited our ability to pay dividends to a maximum of $93.0 million combined.
On March 19, 2021, the Company refinanced Dock 79 and The Maren pursuant to separate Loan Agreements and Deed of Trust Notes entered into with Teachers Insurance and Annuity Association of America, LLC. Dock 79 and The Maren borrowed principal sums of $92,070,000 and $88,000,000 respectively, in connection with the refinancing. The loans are separately secured by the Dock 79 and The Maren real property and improvements, bear a fixed interest rate of 3.03% per annum, and require monthly payments of interest only with the principal due in full April 1, 2033. Either loan may be prepaid subsequent to April 1, 2024, subject to yield maintenance premiums. Either loan may be transferred to a qualified buyer as part of a one-time sale subject to a 60% loan to value, minimum of 7.5% debt yield and a 0.75% transfer fee.
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On March 7, 2025 the Lakeland partnership secured a $16.0 million loan with a floating rate equal to SOFR plus 2.75% from Seacoast National Bank. It is a three-year construction/stabilization loan with a two-year conditional extension at SOFR plus 2.50% with an interest rate swap conversion option.
On March 13, 2025 the Davie partnership secured a $31.9 million loan with a floating rate equal to SOFR plus 2.75% from Synovus National Bank. The applicable rate at September 30, 2025 was 6.90%. It is a three-year construction/stabilization loan with a two-year conditional extension at SOFR plus 2.25%.
On July 23, 2025 the Camp Lake partnership secured a $33.0 million loan at SOFR plus 2.75% from Pinnacle Bank. It is a three-year construction/stabilization loan with 2 one-year conditional extensions.
Debt cost amortization of $113,000 and $45,000 was recorded during the three months ended September 30, 2025 and 2024, respectively. During the three months ended September 30, 2025 and 2024 the Company capitalized interest costs of $711,000 and $705,000, respectively. During the nine months ended September 30, 2025 and 2024 the Company capitalized interest costs of $2,070,000 and $1,855,000, respectively. Debt cost amortization of $296,000 and $134,000 was recorded during the nine months ended September 30, 2025 and 2024, respectively.
The Company was in compliance with all debt covenants as of September 30, 2025.
(5) Earnings per Share.
The following details the computations of the basic and diluted earnings per common share as adjusted for the 2 for 1 stock split that occurred in April 2024 (in thousands, except per share amounts):

| Three Months ended | Nine Months ended
| September 30, | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Weighted average common shares outstanding during the period – shares used for basic earnings per common share | 18,976 |  | 18,887 |  | 18,963 |  | 18,877 |
Common shares issuable under share-based payment plans which are potentially dilutive | 50 |  | 85 |  | 60 |  | 90 |
Common shares used for diluted earnings per common share | 19,026 |  | 18,972 |  | 19,023 |  | 18,967 |
Net income attributable to the Company | $ | 662 |  |  | 1,361 |  | $ | 2,950 |  |  | 4,706 |
Earnings per common share: |  |  |  |  |  |  |  |
-basic | $ | .03 |  |  | .07 |  | $ | .16 |  |  | .25 |
-diluted | $ | .03 |  |  | .07 |  | $ | .16 |  |  | .25 |

For the nine months ended September 30, 2025, the Company had 73,905 shares of stock options outstanding which were not used in the calculation above because the effect would have been anti-dilutive.
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(6) Stock-Based Compensation Plans.
The Company has two Stock Option Plans (the 2006 Stock Incentive Plan and the 2016 Equity Incentive Option Plan) under which stock options, restricted stock, and stock awards were granted to directors, officers and key employees. The 2016 plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, or stock awards. The options awarded under the plans have similar characteristics. All stock options are non-qualified and expire ten years from the date of grant. Stock based compensation awarded to directors, officers and employees are exercisable immediately or become exercisable in cumulative installments of 20% or 25% at the end of each year following the date of grant. When stock options are exercised, the Company issues new shares after receipt of exercise proceeds and taxes due, if any, from the grantee. The number of common shares available for future issuance was 472,512 at September 30, 2025.
The Company utilizes the Black-Scholes valuation model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated based upon assumptions at the time of grant. The assumptions were no dividend yield, expected volatility between 28.5% and 41.2%, risk-free interest rate of 2.0% to 4.5% and expected life of 5.0 to 7.0 years.
The dividend yield of zero is based on the fact that the Company does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility is estimated based on the Company’s historical experience over a period equivalent to the expected life in years. The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the expected life of the options granted. The expected life calculation is based on the observed and expected time to exercise options by the employees.
The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands):

| Three Months ended | Nine Months ended
| September 30, | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Stock option grants | $ | 39 |  |  | $ | 19 |  |  | $ | 116 |  |  | $ | 58 |  |
Restricted stock awards | 323 |  |  | 314 |  |  | 972 |  |  | 955 |  |
Annual director stock award | — |  |  | — |  |  | 600 |  |  | 600 |  |
| $ | 362 |  |  | $ | 333 |  |  | $ | 1,688 |  |  | $ | 1,613 |  |

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A summary of changes in outstanding options is presented below (in thousands, except share and per share amounts):

Options | Number Of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Term (yrs) |  | Weighted Average Grant Date Fair Value(000's) |
Outstanding at January 1, 2025 | 142,990 |  |  | $ | 23.35 |  |  |  | 3.3 |  | $ | 1,281 |  |
Time-based awards granted | 12,005 |  |  | 30.63 |  |  |  |  |  | 150 |  |
Performance-based awards granted | 20,010 |  |  | 30.63 |  |  |  |  |  | 250 |  |
Outstanding at September 30, 2025 | 175,005 |  |  | $ | 24.68 |  |  |  | 2.8 |  | $ | 1,681 |  |
Exercisable at September 30, 2025 | 113,510 |  |  | $ | 21.24 |  |  |  | 2.2 |  | $ | 918 |  |
Vested during six months ended September 30, 2025 | — |  |  |  |  |  |  |  | $ | — |  |

The aggregate intrinsic value of exercisable in-the-money options was $375,000 and the aggregate intrinsic value of outstanding in-the-money options was $375,000 based on the market closing price of $24.36 on September 30, 2025 less exercise prices.
The unrecognized compensation cost of options granted to FRP employees but not yet vested as of September 30, 2025 was $506,000, which is expected to be recognized over a weighted-average period of 3.4 years.
A summary of changes in restricted stock awards is presented below (in thousands, except share and per share amounts):

Restricted stock | Number Of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Term (yrs) |  | Weighted Average Grant Date Fair Value(000's)
Non-vested at January 1, 2025 | 102,678 |  |  | $ | 28.44 |  |  |  | 2.7 |  | $ | 2,920 |  |
Time-based awards granted | 15,344 |  |  | 30.63 |  |  |  |  |  | 470 |  |
Performance-based awards granted | 25,096 |  |  | 30.72 |  |  |  |  |  | 771 |  |
Vested | (10,432) |  |  | 27.99 |  |  |  |  |  | (292) |  |
Non-vested at September 30, 2025 | 132,686 |  |  | $ | 29.16 |  |  |  | 2.4 |  | $ | 3,869 |  |

Total unrecognized compensation cost of restricted stock granted but not yet vested as of September 30, 2025 was $2,504,000 which is expected to be recognized over a weighted-average period of 2.8 years.
(7) Contingent Liabilities.
The Company may be involved in litigation on a number of matters and is subject to certain claims which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses
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for third party liability and property damage. In the opinion of management, none of these matters are expected to have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows.
The Company is subject to numerous environmental laws and regulations. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that previous environmental studies with respect to its properties have revealed all potential environmental contaminants; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the properties will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company.
As of September 30, 2025, there was $449,000 outstanding under letters of credit. The letters of credit were issued to guarantee certain obligations to state agencies related to real estate development.
The Company and MidAtlantic Realty Partners (MRP) provided a guaranty for the interest carry cost of the $110 million loan on the Bryant Street Partnerships issued in December 2023. The Company and MRP have a side agreement limiting the Company’s guarantee to its proportionate ownership. The value of the guarantee was calculated at $1.5 million based on the present value of our assumption of 0.8% interest savings over the anticipated 36-month term. This amount is included as part of the Company’s investment basis and is amortized to expense over the 36 months. The Company will evaluate the guarantee liability based upon the success of the project and assuming no payments are made under the guarantee, the Company will have a gain of $1.5 million when the loan is paid in full.
(8) Concentrations.
The mining royalty lands segment has a total of five tenants currently leasing mining locations and one lessee that accounted for 25.8% of the Company’s consolidated revenues during the nine months ended September 30, 2025, and $761,000 of accounts receivable at September 30, 2025. The termination of these lessees’ underlying leases could have a material adverse effect on the Company. The Company places its cash and cash equivalents with Wells Fargo Bank and TD Bank. At times, such amounts may exceed FDIC limits.
(9) Fair Value Measurements.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level 3 means the use of inputs are those that are unobservable and significant to the overall fair value measurement.
The fair values of the Company’s fixed rate mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities. At September 30, 2025, the carrying amount and fair value of such other long-term debt was $180,070,000 and $148,080,000, respectively. At December 31, 2024, the carrying amount and fair value of such other long-term debt was $180,070,000 and $141,302,000, respectively.
(10) Investments in Joint Ventures.
The Company has investments in joint ventures, primarily with other real estate developers. Joint ventures where FRP is not the primary beneficiary are not consolidated and are reflected in the line “Investment in joint ventures” on the balance sheet and “Equity in loss of joint ventures” on the income statement. The assets of
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these joint ventures are restricted to use by the joint ventures and their obligations are non-recourse to FRP as to their principal balances and can only be settled by their assets.
The following table summarizes the Company’s investments in unconsolidated joint ventures (in thousands):

| FRP Ownership |  | The Company's Total Investment |  | Total Assets of The Partnership |  | Profit (Loss) Of the Partnership |  | The Company's Share of Profit (Loss) of the Partnership
As of September 30, 2025 |  |  |  |  |  |  |  |  |
Brooksville Quarry, LLC | 50.00 | % |  | $ | 7,541 |  |  | 14,489 |  |  | (72) |  |  | (36) |
BC FRP Realty, LLC | 50.00 | % |  | 4,865 |  |  | 23,647 |  |  | 518 |  |  | 259 |
Buzzard Point Sponsor, LLC | 50.00 | % |  | 2,536 |  |  | 5,072 |  |  | — |  |  | — |
Bryant Street Partnerships | 72.08 | % |  | 60,938 |  |  | 188,200 |  |  | (5,111) |  |  | (4,058) |
Lending ventures |  |  | 13,749 |  |  | 10,339 |  |  | — |  |  | — |
Estero Partnership | 16.00 | % |  | 6,971 |  |  | 55,257 |  |  | — |  |  | — |
The Verge Partnership | 61.37 | % |  | 34,922 |  |  | 122,840 |  |  | (3,127) |  |  | (1,919) |
Greenville Partnerships | 56.52 | % |  | 11,776 |  |  | 108,044 |  |  | (2,203) |  |  | (881) |
Total |  |  | $ | 143,298 |  |  | 527,888 |  |  | (9,995) |  |  | (6,635) |

The major classes of assets, liabilities and equity of the Company’s Investments in unconsolidated Joint Ventures as of September 30, 2025 are summarized in the following two tables (in thousands):

| As of September 30, 2025 |  |
| Buzzard Point Sponsor, LLC |  | Bryant Street Partnerships |  | Estero Partnership |  | Verge Partnership |  | Greenville Partnerships |  | Total Multifamily JV’s |
Investments in real estate, net | $ | 0 |  |  | 175,779 |  |  | 48,532 |  |  | 120,932 |  |  | 103,252 |  |  | $ | 448,495 |  |
Cash and restricted cash | 0 |  |  | 4,071 |  |  | 6,725 |  |  | 1,509 |  |  | 4,597 |  |  | 16,902 |  |
Unrealized rents & receivables | 0 |  |  | 6,956 |  |  | 0 |  |  | 217 |  |  | 76 |  |  | 7,249 |  |
Deferred costs | 5,072 |  |  | 1,394 |  |  | 0 |  |  | 182 |  |  | 119 |  |  | 6,767 |  |
Total Assets | $ | 5,072 |  |  | 188,200 |  |  | 55,257 |  |  | 122,840 |  |  | 108,044 |  |  | $ | 479,413 |  |
Secured notes payable | $ | 0 |  |  | 108,512 |  |  | 8,000 |  |  | 68,434 |  |  | 80,034 |  |  | $ | 264,980 |  |
Other liabilities | 0 |  |  | 2,570 |  |  | 427 |  |  | 1,085 |  |  | 5,016 |  |  | 9,098 |  |
Capital – FRP | 2,536 |  |  | 58,338 |  |  | 6,828 |  |  | 32,648 |  |  | 10,898 |  |  | 111,248 |  |
Capital – Third Parties | 2,536 |  |  | 18,780 |  |  | 40,002 |  |  | 20,673 |  |  | 12,096 |  |  | 94,087 |  |
Total Liabilities and Capital | $ | 5,072 |  |  | 188,200 |  |  | 55,257 |  |  | 122,840 |  |  | 108,044 |  |  | $ | 479,413 |  |

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|  | Brooksville Quarry, LLC |  | BC FRP Realty, LLC |  | Lending Ventures |  | Multifamily JV’s |  | Grand Total |
Investments in real estate, net |  | $ | 14,351 |  |  | 21,467 |  |  | 10,339 |  |  | 448,495 |  |  | $ | 494,652 |  |
Cash and restricted cash |  | 136 |  |  | 1,317 |  |  | 0 |  |  | 16,902 |  |  | 18,355 |  |
Unrealized rents & receivables |  | 0 |  |  | 483 |  |  | 0 |  |  | 7,249 |  |  | 7,732 |  |
Deferred costs |  | 2 |  |  | 380 |  |  | 0 |  |  | 6,767 |  |  | 7,149 |  |
Total Assets |  | $ | 14,489 |  |  | 23,647 |  |  | 10,339 |  |  | 479,413 |  |  | $ | 527,888 |  |
Secured notes payable |  | $ | 0 |  |  | 13,878 |  |  | (3,596) |  |  | 264,980 |  |  | $ | 275,262 |  |
Other liabilities |  | 65 |  |  | 285 |  |  | 187 |  |  | 9,098 |  |  | 9,635 |  |
Capital – FRP |  | 7,541 |  |  | 4,742 |  |  | 13,748 |  |  | 111,248 |  |  | 137,279 |  |
Capital – Third Parties |  | 6,883 |  |  | 4,742 |  |  | 0 |  |  | 94,087 |  |  | 105,712 |  |
Total Liabilities and Capital |  | $ | 14,489 |  |  | 23,647 |  |  | 10,339 |  |  | 479,413 |  |  | $ | 527,888 |  |

The Company’s capital recorded by the unconsolidated Joint Ventures is $6,019,000 less than the Investment in Joint Ventures reported in the Company’s consolidated balance sheet due primarily to capitalized interest.
The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of December 31, 2024 are summarized in the following two tables (in thousands):

| As of December 31, 2024 |  |
| Buzzard Point Sponsor, LLC |  | Bryant Street Partnership |  | Estero Partnership |  | Verge Partnership |  | Greenville Partnership |  | Total Multifamily JV’s |
Investments in real estate, net | $ | 0 |  |  | 180,928 |  |  | 40,733 |  |  | 124,010 |  |  | 94,020 |  |  | $ | 439,691 |  |
Cash and restricted cash | 0 |  |  | 5,348 |  |  | 613 |  |  | 2,001 |  |  | 3,104 |  |  | 11,066 |  |
Unrealized rents & receivables | 0 |  |  | 6,708 |  |  | 0 |  |  | 250 |  |  | 258 |  |  | 7,216 |  |
Deferred costs | 4,892 |  |  | 1,406 |  |  | 0 |  |  | 138 |  |  | 195 |  |  | 6,631 |  |
Total Assets | $ | 4,892 |  |  | 194,390 |  |  | 41,346 |  |  | 126,399 |  |  | 97,577 |  |  | $ | 464,604 |  |
Secured notes payable | $ | 0 |  |  | 108,084 |  |  | 16,000 |  |  | 68,242 |  |  | 79,829 |  |  | $ | 272,155 |  |
Other liabilities | 0 |  |  | 3,126 |  |  | 856 |  |  | 1,209 |  |  | 2,158 |  |  | 7,349 |  |
Capital – FRP | 2,446 |  |  | 63,241 |  |  | 3,600 |  |  | 34,874 |  |  | 4,870 |  |  | 109,031 |  |
Capital – Third Parties | 2,446 |  |  | 19,939 |  |  | 20,890 |  |  | 22,074 |  |  | 10,720 |  |  | 76,069 |  |
Total Liabilities and Capital | $ | 4,892 |  |  | 194,390 |  |  | 41,346 |  |  | 126,399 |  |  | 97,577 |  |  | $ | 464,604 |  |

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| As of December 31, 2024 |  |
| Brooksville Quarry, LLC |  | BC FRP Realty, LLC |  | Lending Ventures |  | Multifamily JV’s |  | Grand Total
Investments in real estate, net | $ | 14,354 |  |  | 20,956 |  |  | 16,007 |  |  | 439,691 |  |  | $ | 491,008 |
Cash and restricted cash | 143 |  |  | 144 |  |  | 0 |  |  | 11,066 |  |  | 11,353 |
Unrealized rents & receivables | 0 |  |  | 517 |  |  | 0 |  |  | 7,216 |  |  | 7,733 |
Deferred costs | 1 |  |  | 313 |  |  | 0 |  |  | 6,631 |  |  | 6,945 |
Total Assets | $ | 14,498 |  |  | 21,930 |  |  | 16,007 |  |  | 464,604 |  |  | $ | 517,039 |
Secured notes payable | $ | 0 |  |  | 10,315 |  |  | (10,157) |  |  | 272,155 |  |  | $ | 272,313 |
Other liabilities | 0 |  |  | 285 |  |  | 0 |  |  | 7,349 |  |  | 7,634 |
Capital – FRP | 7,579 |  |  | 5,665 |  |  | 26,164 |  |  | 109,031 |  |  | 148,439 |
Capital - Third Parties | 6,919 |  |  | 5,665 |  |  | 0 |  |  | 76,069 |  |  | 88,653 |
Total Liabilities and Capital | $ | 14,498 |  |  | 21,930 |  |  | 16,007 |  |  | 464,604 |  |  | $ | 517,039 |

The amount of consolidated retained earnings (accumulated deficit) for these joint ventures was $(35,589,000) and $(30,513,000) as of September 30, 2025 and December 31, 2024, respectively.
The income statements of the Bryant Street Partnerships are as follows (in thousands):

| Bryant Street Partnerships Total JV |  | Bryant Street Partnerships Total JV |  | Bryant Street Partnerships Company Share |  | Bryant Street Partnerships Company Share
| Nine months ended |  | Nine months ended |  | Nine months ended |  | Nine months ended
| September 30, |  | September 30, |  | September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Lease revenue | 12,362 |  |  | 11,814 |  |  | 8,911 |  |  | 8,510 |
Depreciation and amortization | 5,211 |  |  | 5,139 |  |  | 3,756 |  |  | 3,702 |
Operating expenses | 4,472 |  |  | 4,394 |  |  | 3,229 |  |  | 3,165 |
Property taxes | 1,041 |  |  | 1,051 |  |  | 749 |  |  | 757 |
Cost of operations | 10,724 |  |  | 10,584 |  |  | 7,734 |  |  | 7,624 |
Total operating profit | 1,638 |  |  | 1,230 |  |  | 1,177 |  |  | 886 |
Interest expense | (6,749) |  |  | (7,978) |  |  | (5,235) |  |  | (5,855) |
Net loss before tax | $ | (5,111) |  |  | $ | (6,748) |  |  | $ | (4,058) |  |  | $ | (4,969) |

Interest expense for the nine months ended September 30, 2025 and 2024 for the the Company share includes $372,000 loan guarantee expense.
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The income statements of the Greenville Partnerships are as follows (in thousands):

| Greenville Partnerships Total JV |  | Greenville Partnerships Total JV |  | Greenville Partnerships Company Share |  | Greenville Partnerships Company Share
| Nine months ended |  | Nine months ended |  | Nine months ended |  | Nine months ended
| September 30, |  | September 30, |  | September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Lease revenue | 7,893 |  |  | 7,276 |  |  | 3,157 |  |  | 2,910 |
Depreciation and amortization | 2,636 |  |  | 2,625 |  |  | 1,055 |  |  | 1,050 |
Operating expenses | 2,142 |  |  | 1,958 |  |  | 856 |  |  | 782 |
Property taxes | 1,468 |  |  | 1,129 |  |  | 587 |  |  | 452 |
Cost of operations | 6,246 |  |  | 5,712 |  |  | 2,498 |  |  | 2,284 |
Total operating profit | 1,647 |  |  | 1,564 |  |  | 659 |  |  | 626 |
Interest expense | (3,850) |  |  | (3,509) |  |  | (1,540) |  |  | (1,404) |
Net loss before tax | $ | (2,203) |  |  | $ | (1,945) |  |  | $ | (881) |  |  | $ | (778) |

The income statements of The Verge Partnership are as follows (in thousands):

| The Verge Partnership Total JV |  | The Verge Partnership Total JV |  | The Verge Partnership Company Share |  | The Verge Partnership Company Share
| Nine months ended |  | Nine months ended |  | Nine months ended |  | Nine months ended
| September 30, |  | September 30, |  | September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Lease revenue | 6,774 |  |  | 6,116 |  |  | 4,157 |  |  | 3,753 |
Depreciation and amortization | 3,190 |  |  | 3,250 |  |  | 1,957 |  |  | 1,995 |
Operating expenses | 2,402 |  |  | 2,301 |  |  | 1,475 |  |  | 1,411 |
Property taxes | 1,008 |  |  | 743 |  |  | 618 |  |  | 456 |
Cost of operations | 6,600 |  |  | 6,294 |  |  | 4,050 |  |  | 3,862 |
Total operating profit/(loss) | 174 |  |  | (178) |  |  | 107 |  |  | (109) |
Interest expense | (3,301) |  |  | (3,791) |  |  | (2,026) |  |  | (2,327) |
Net loss before tax | $ | (3,127) |  |  | $ | (3,969) |  |  | $ | (1,919) |  |  | $ | (2,436) |

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(11) Subsequent Events.
On October 21, 2025, subsequent to quarters end, the Company completed the closing on its Purchase and Sales Agreement to acquire the business operations and development pipeline of Altman Logistics Properties, LLC, an operating platform of BBX Capital. Altman Logistics held minority interests in a portfolio of institutional-grade industrial assets under various stages of development (including the Company’s industrial developments in Lakeland and Broward County, FL) as well as a contract for the purchase of an industrial land parcel.
The purchase price was $33.5 million, which included a $10.0 million reimbursement to Altman for the assignment of a bank account held by a special purpose entity that is the guarantor for approximately $49.0 million on $121.8 million in construction debt. As a result, the net cash requirement was $23.5 million. At closing, $45.3 million of the $121.8 million in total construction financing had been drawn, resulting in a $5.2 million share of debt attributable to the Company. In addition, the Company expects to record additional liabilities related to employee compensation tied to promote participation upon stabilization and sale of the projects.
The following table details the projects purchased and the square feet (SF) of the warehouses:

City | Street Address | 36’ Clear Height SF | Ownership Acquired | Status
Delray Beach, FL | 14130 S State Rd. 7 | 199,476 | 10%(1) | Substantial completion Q4 2025
Delray Beach, FL | 14130 S State Rd. 7 | 392,976 | 10% (1) | Land for 2 warehouses
Hamilton, NJ | 600 Horizon Dr. | 170,800 | 8.5% (1) | Substantial completion Q4 2025
Parsippany, NJ | 8 Lanidex Plaza W. | 140,031 | 10% (1) | Substantial completion Q1 2026
Lakeland, FL | 8161 State Rd. 33 | 201,420 | 10% (2) | Substantial completion Q2 2026
Davie, FL | 6900 W. State Rd 84 | 182,773 | 20% (2) | Substantial completion Q2 2026
|  | 1,287,476 |  |
Southwest Ranches, FL | SW 202 nd Ave. & Sheridan St. | 335,617 |  | Land acquisition contract 2026

(1)General Partner investment, distributions will be based upon waterfall model.
(2)FRP already owns the remaining portion.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying unaudited consolidated financial statements and related notes in Item 1 and with the audited consolidated financial statements and the related notes included in our annual report on Form 10-K. The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including the risks and uncertainties described in “Forward-Looking Statements” below and “Risk Factors” on page 5 of our annual report on Form 10-K. Our actual results may differ materially from those contained in or implied by any forward-looking statements. We assume no obligation to revise or publicly release any revision to any forward-looking statements contained in this quarterly report on Form 10-Q, unless required by law.
The following discussion includes non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission to supplement the financial results as reported in accordance with GAAP. The non-GAAP financial measures discussed are operating profit before G&A and pro rata net operating income (NOI), adjusted pro rata net operating income, and adjusted net income. The Company uses these metrics to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance. These measures are not, and should not be viewed as, a substitute for GAAP financial measures. Refer to “Non-GAAP Financial Measure” below in this quarterly report for a more detailed discussion, including reconciliations of this non-GAAP financial measure to its most directly comparable GAAP financial measure.
Executive Overview - FRP Holdings, Inc. is a real estate development, asset management and operating company business. Our properties are located in the Mid-Atlantic and southeastern United States and consist of:
Residential apartments and retail spaces in Washington, D.C. and Greenville, SC;
Warehouse or office properties in Maryland and Florida either existing or under development;
Mining royalty lands, some of which will have second lives as development properties;
Mixed use properties under development in Washington, D.C., Greenville, SC and Florida; and
Properties held for sale.
We believe our present capital structure, liquidity and land provide us with years of opportunities to increase recurring revenue and long-term value for our shareholders. We intend to focus on our core business activity of real estate development, asset management and operations. We are developing a broad range of asset types that we believe will provide acceptable rates of return, grow recurring revenues and support future business. Capital commitments will be funded with cash proceeds from completed projects, existing cash, owned-land, partner capital and financing arrangements. Timing of projects may be subject to delays caused by factors beyond our control.
Reportable Segments
We conduct primarily all of our business in the following four reportable segments: (1) multifamily (2) industrial and commercial (3) mining royalty lands and (4) development.
Multifamily Segment.
As of September 30, 2025, the Multifamily segment included six stabilized joint ventures which own and manage apartment buildings and any associated retail. These assets create revenue and cash flows through
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tenant rental payments and reimbursements for building operating costs. The Company’s residential units typically lease for 12 – 15-month lease terms. If no notice to move out or renew is made, then the leases go month-to-month until notification of termination or renewal is received. Renewal terms are typically 9 – 12 months. The Company also leases retail spaces at apartment/mixed-use properties. The retail leases are typically 10 - 15-year leases with options to renew for another five years. Retail leases at these properties also include percentage rents which collect on average 3-6% of annual sales when a tenant exceeds a breakpoint stipulated by each individual lease. All base rent revenue is recognized on a straight-line basis. The major cash outlays incurred in this segment are for property taxes, full service maintenance, property management, utilities and marketing. The six multifamily properties are as follows:

Property and Occupancy | JV Partners | Method of Accounting | % Ownership
Dock 79, Washington, D.C., 305 apartment units and 14,430 square feet of retail | MRP Realty & Steuart Investment Company | Consolidated | 52.8%
The Maren, Washington, D.C., 264 residential units and 6,811 square feet of retail | MRP Realty & Steuart Investment Company | Consolidated | 56.33%
The Verge, Washington, D.C., 344 apartments and 8,536 square feet of retail. | MRP Realty | Equity Method | 61.37%
Riverside, Greenville, SC, 200 apartment units | Woodfield Development | Equity Method | 40%
Bryant Street, Washington D.C., 487 apartments, 91,520 square feet of retail | MRP Realty | Equity Method | 72.10%
.408 Jackson, Greenville, SC, 227 apartments, 4,539 square feet of retail. | Woodfield Development | Equity Method | 40%

Industrial and Commercial Segment.
The Industrial and Commercial segment owns, leases and manages commercial properties. These assets create revenue and cash flows through tenant rental payments, lease management fees and reimbursements for building operating costs. The Company’s industrial warehouses typically lease for terms ranging from 3 – 10 years often with one or two renewal options. All base rent revenue is recognized on a straight-lined basis. All of the commercial warehouse leases are triple net and common area maintenance costs (CAM Revenue) are billed monthly, and insurance and real estate taxes are billed annually. Office leases are also recognized on a straight-lined basis. The major cash outlays incurred in this segment are for operating expenses, real estate taxes, building repairs, lease commissions and other lease closing costs, construction of tenant improvements, capital to acquire existing operating buildings and closing costs related thereto and personnel costs of our property management team.
As of September 30, 2025, the Industrial and Commercial Segment includes five commercial properties owned by the Company in fee simple as follows:
1)34 Loveton Circle in suburban Baltimore County, MD consists of one office building totaling 33,708 square feet which is 59.3% occupied (25% of the space is occupied by the Company for use as our Baltimore headquarters). The property is subject to commercial leases with various tenants.
2)155 E. 21 st Street in Duval County, FL was an office building property that remains under lease through March 2026. We permitted the tenant to demolish all structures on the property during 2018.
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3)Cranberry Run Business Park in Harford County, MD consists of five industrial buildings totaling 267,737 square feet which are 46.8% leased and occupied. The property is subject to commercial leases with various tenants.
4)Hollander 95 Business Park in Baltimore City, MD consists of three industrial buildings totaling 247,340 square feet and two ground leases that are 100.0% leased and occupied.
5)755 Chelsea Road in Harford County, MD is a 258,279 square foot speculative industrial building. Our Development segment completed construction and it moved to this segment as of April 1, 2025.
Management focuses on several factors to measure our success on a comparative basis in this segment. The major factors we focus on are (1) net operating income growth, (2) growth in occupancy, (3) average annual occupancy rate (defined as the occupied square feet at the end of each month during a fiscal year divided by the number of months to date in that fiscal year as a percentage of the average number of square feet in the portfolio over that same time period), (4) tenant retention success rate (as a percentage of total square feet to be renewed), (5) building and refurbishing assets to meet Class A and Class B institutional grade classifications, and (6) reducing complexities and deferred capital expenditures to maximize sale price.
Mining Royalty Lands Segment.
Our Mining Royalty Lands segment owns several properties comprising approximately 16,640 acres currently under lease for mining rents or royalties (excluding the 4,280 acres owned by our Brooksville joint venture with Vulcan Materials). Other than one location in Virginia, all of these properties are located in Florida and Georgia. The Company leases land under long-term leases that grant the lessee the right to mine and sell sand and stone deposits from our property in exchange for royalty payments. A typical lease has an option to extend the lease for additional terms. The typical lease in this segment requires the tenant to pay us a royalty based on the number of tons of mined materials sold from our property during a given fiscal year multiplied by a percentage of the average annual sales price per ton sold. As a result of this royalty payment structure, we do not bear the cost risks associated with the mining operations, however, we are subject to the cyclical nature of the construction markets in these states as both volumes and prices tend to fluctuate through those cycles. In certain locations, typically where the sand and stone deposits on our property have been depleted but the tenant still has a need for the leased land, we collect a minimum annual rental amount. In the year ended December 31, 2024, aggregate royalty tons sold were 9.6 million.
The major expenses in this segment are comprised of collection and accounting for royalties, management’s oversight of the mining leases, land entitlement for post-mining uses and property taxes at our non-leased locations and at our Grandin location which, unlike our other leased mining locations, are not entirely paid by the tenant. As such, our costs in this business are very low as a percentage of revenue, are relatively stable and are not affected by increases in production at our locations. Our current mining tenants are Vulcan Materials, Martin Marietta, Cemex, Summit Materials and The Concrete Company.
Additionally, these locations provide us with opportunities for valuable “second lives” for these assets through proper land planning and entitlement.
Significant “Second life” Mining Lands:

Location | Acreage | Status
Brooksville, FL | 4,280 +/- | Development of Regional Impact and County Land Use and Master Zoning in place for 5,800 residential unit, mixed-use development
Ft. Myers, FL | 1,907 +/- | Seeking to rezone and obtain entitlements to allow residential development following mining operations and the extension of Alico Road
Total | 6,187 +/- |

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In late 2023, the Central Florida Expressway Authority (CFX) used its eminent domain power to take title to approximately 27.6 acres from the southern boundary of a parcel of the Company’s approximately 1,196-acre Lake Louisa property that is leased to Cemex. As required by Florida law, CFX deposited $2,582,000 into the registry of the Court, representing CFX’s good faith estimate of the value of the condemned property. As the Company’s tenant, Cemex is claiming a portion of the funds ultimately paid by CFX as business damages. The Company is litigating with CFX over the value of the condemned property. The condemnation proceeding is not expected to impact the lease with Cemex.
Development Segment.
Through our Development segment, we own and are continuously monitoring for their “highest and best use” several parcels of land that are in various stages of development. Our overall strategy in this segment is to convert all our non-income producing lands into income production through (i) an orderly process of constructing new commercial and residential buildings for us to own and operate or (ii) a sale to, or joint venture with, third parties. Additionally, our Development segment will purchase land or form joint ventures on new developments of land not previously owned by the Company.
Revenues in this segment are generated predominately from land sales and interim property rents. The significant cash outlays incurred in this segment are for land acquisition costs, entitlement costs, property taxes, design and permitting, the personnel costs of our in-house management team and horizontal and vertical construction costs.
Development Segment – Industrial and Commercial Projects under Development.
At September 30, 2025, this segment owned the following future development parcels:
1)54 acres of land that will be capable of supporting up to 635,000 square feet of industrial product located at 1001 Old Philadelphia Road in Aberdeen, MD (Crouse land adjacent to Cranberry Business Park).
2)170 acres of land located at 765 Mechanics Valley Road in Cecil County, MD that can accommodate 900,000 square feet of industrial development.
We also have three properties that were either spun off to us from Florida Rock Industries in 1986 or acquired by us from unrelated third parties. These properties, as a result of our “highest and best use” studies, are being prepared for income generation through sale or joint venture with third parties, and in certain cases we are leasing these properties on an interim basis for an income stream while we wait for the development market to mature.
Development Segment - Significant Investment Lands Inventory:

Location | Approx. Acreage | Status | NBV
Riverfront on the Anacostia Phases III-IV | 2.25 | Conceptual design program ongoing | $8,722,000
Hampstead Trade Center, MD | 118 | Seeking PUD in preparation for sale | $12,484,000
Square 664E, on the Anacostia River in DC | 2.1 | Under lease to Vulcan Materials as a concrete batch plant through 2026 | $7,076,000
Total | 122.4 |  | $28,282,000

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Development Segment - Investments in Joint Ventures
The third leg of our Development Segment consists of investments in joint ventures for properties in development. The Company has investments in joint ventures, primarily with other real estate developers which are summarized below:

Property | JV Partner | Status | % Ownership
Brooksville Quarry, LLC near Brooksville, FL | Vulcan Materials Company | Future planned residential development of 4,280 acres which are currently subject to mining lease | 50%
BC FRP Realty, LLC for 35 acres in Maryland | St John Properties | 100,030 square-foot, multi-building business park in lease-up and predevelopment activities for 153 rental townhomes, 4 retail pad sites, and an assisted living pad site | 50%
Aberdeen Overlook residential development in Harford County, MD |  | $31.1 million in exchange for an interest rate of 10% and a 20% preferred return after which the Company is also entitled to a portion of proceeds from sale | Financing
Estero, FL | Woodfield Development | Pre-development activities for a mixed-use project with 596 multifamily units, 70,000 square feet of commercial space, 40,000 square feet of office space and a boutique 170-key hotel | 16%
FRP/MRP Buzzard Point Sponsor, LLC | MRP Realty | Pre-development activities for first phase of property owned by Steuart Investment Company (SIC) under a Contribution and Pre-Development Agreement between this partnership and SIC | 50%
Villages of West Greenville, Woven property in Greensville, SC | Woodfield Development | Pre-development activities for a mixed-use project with approximately 214 multifamily units and 13,500 square feet of retail space | 65%
Lakeland, FL | Altman Logistics | Construction commenced second quarter 2025 on a 201,420 square foot class A warehouse | 90%
Broward County, FL | Altman Logistics | Construction commenced second quarter 2025 on 182,773 square feet of industrial product | 80%
Lake County, FL | Strategic Real Estate Partners ("SREP") | Construction commenced third quarter 2025 on the first building of 377,892 square feet of industrial product | 95%

Joint ventures where FRP is not the primary beneficiary (including those in the Multifamily Segment) are not consolidated and are reflected in the line “Investment in joint ventures” on the balance sheet and “Equity in loss
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of joint ventures” on the income statement. The following table summarizes the Company’s investments in unconsolidated joint ventures (in thousands):

| FRP Ownership |  | The Company's Total Investment in Partnership |  | The Company's Share of Assets of the Partnership |  | The Company's Share of Debt of the Partnership |  | The Company's Share of Profit (Loss) of the Partnership
As of September 30, 2025 |  |  |  |  |  |  |  |  |
Brooksville Quarry, LLC | 50.00 | % |  | $ | 7,541 |  |  | 7,245 |  |  | — |  |  | (36) |
BC FRP Realty, LLC | 50.00 | % |  | 4,865 |  |  | 11,824 |  |  | 6,939 |  |  | 259 |
Buzzard Point Sponsor, LLC | 50.00 | % |  | 2,536 |  |  | 2,536 |  |  | — |  |  | — |
Bryant Street Partnerships | 72.08 | % |  | 60,938 |  |  | 135,645 |  |  | 78,210 |  |  | (4,058) |
Lending ventures | 100.00 | % |  | 13,749 |  |  | 10,339 |  |  | (1,798) |  |  | — |
Greenville Woven | 64.85 | % |  | 10,192 |  |  | 11,763 |  |  | — |  |  | — |
Estero Partnership | 16.00 | % |  | 6,971 |  |  | 8,841 |  |  | 1,280 |  |  | — |
The Verge Partnership | 61.37 | % |  | 34,922 |  |  | 75,387 |  |  | 41,998 |  |  | (1,919) |
Greenville Partnerships | 40.00 | % |  | 1,584 |  |  | 35,962 |  |  | 32,014 |  |  | (881) |
Total |  |  | $ | 143,298 |  |  | 299,542 |  |  | 158,643 |  |  | (6,635) |

The major classes of assets, liabilities and equity of the Company’s unconsolidated joint ventures as of September 30, 2025 are summarized in the following two tables (in thousands):

| As of September 30, 2025 |  |
| Buzzard Point Sponsor, LLC |  | Bryant Street Partnerships |  | Estero Partnership |  | Verge Partnership |  | Greenville Partnerships |  | Total Multifamily JV’s |
Investments in real estate, net | $ | 0 |  |  | 175,779 |  |  | 48,532 |  |  | 120,932 |  |  | 103,252 |  |  | $ | 448,495 |  |
Cash and restricted cash | 0 |  |  | 4,071 |  |  | 6,725 |  |  | 1,509 |  |  | 4,597 |  |  | 16,902 |  |
Unrealized rents & receivables | 0 |  |  | 6,956 |  |  | 0 |  |  | 217 |  |  | 76 |  |  | 7,249 |  |
Deferred costs | 5,072 |  |  | 1,394 |  |  | 0 |  |  | 182 |  |  | 119 |  |  | 6,767 |  |
Total Assets | $ | 5,072 |  |  | 188,200 |  |  | 55,257 |  |  | 122,840 |  |  | 108,044 |  |  | $ | 479,413 |  |
Secured notes payable | $ | 0 |  |  | 108,512 |  |  | 8,000 |  |  | 68,434 |  |  | 80,034 |  |  | $ | 264,980 |  |
Other liabilities | 0 |  |  | 2,570 |  |  | 427 |  |  | 1,085 |  |  | 5,016 |  |  | 9,098 |  |
Capital – FRP | 2,536 |  |  | 58,338 |  |  | 6,828 |  |  | 32,648 |  |  | 10,898 |  |  | 111,248 |  |
Capital – Third Parties | 2,536 |  |  | 18,780 |  |  | 40,002 |  |  | 20,673 |  |  | 12,096 |  |  | 94,087 |  |
Total Liabilities and Capital | $ | 5,072 |  |  | 188,200 |  |  | 55,257 |  |  | 122,840 |  |  | 108,044 |  |  | $ | 479,413 |  |

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|  | Brooksville Quarry, LLC |  | BC FRP Realty, LLC |  | Lending Ventures |  | Multifamily JV’s |  | Grand Total |
Investments in real estate, net |  | $ | 14,351 |  |  | 21,467 |  |  | 10,339 |  |  | 448,495 |  |  | $ | 494,652 |  |
Cash and restricted cash |  | 136 |  |  | 1,317 |  |  | 0 |  |  | 16,902 |  |  | 18,355 |  |
Unrealized rents & receivables |  | 0 |  |  | 483 |  |  | 0 |  |  | 7,249 |  |  | 7,732 |  |
Deferred costs |  | 2 |  |  | 380 |  |  | 0 |  |  | 6,767 |  |  | 7,149 |  |
Total Assets |  | $ | 14,489 |  |  | 23,647 |  |  | 10,339 |  |  | 479,413 |  |  | $ | 527,888 |  |
Secured notes payable |  | $ | 0 |  |  | 13,878 |  |  | (3,596) |  |  | 264,980 |  |  | $ | 275,262 |  |
Other liabilities |  | 65 |  |  | 285 |  |  | 187 |  |  | 9,098 |  |  | 9,635 |  |
Capital – FRP |  | 7,541 |  |  | 4,742 |  |  | 13,748 |  |  | 111,248 |  |  | 137,279 |  |
Capital – Third Parties |  | 6,883 |  |  | 4,742 |  |  | 0 |  |  | 94,087 |  |  | 105,712 |  |
Total Liabilities and Capital |  | $ | 14,489 |  |  | 23,647 |  |  | 10,339 |  |  | 479,413 |  |  | $ | 527,888 |  |

The following table presents the calculation of the Company's pro rata share of certain balance sheet items by segment as of September 30, 2025:

Pro rata balance sheet (in thousands) | Multifamily |  | Industrial and Commercial |  | Mining Royalty Lands |  | Development |  | Corporate |  | Total
Consolidated assets | $ | 333,268 |  |  | 62,534 |  |  | 47,828 |  |  | 149,038 |  |  | 138,592 |  |  | $ | 731,260 |
Investments in unconsolidated joint ventures | (97,444) |  |  |  |  | (7,541) |  |  | (38,313) |  |  |  |  | (143,298) |
Company's share of assets in unconsolidated joint ventures | 246,994 |  |  |  |  | 7,245 |  |  | 45,303 |  |  |  |  | 299,542 |
Noncontrolling interest in consolidated assets | (106,971) |  |  |  |  |  |  | (9,041) |  |  | (1,931) |  |  | (117,943) |
Pro rata assets | $ | 375,847 |  |  | 62,534 |  |  | 47,532 |  |  | 146,987 |  |  | 136,661 |  |  | $ | 769,561 |
Consolidated secured notes payable | 178,964 |  |  |  |  |  |  | 6,374 |  |  |  |  | 185,338 |
Company's share of debt in unconsolidated joint ventures | 152,222 |  |  |  |  |  |  | 6,421 |  |  |  |  | 158,643 |
Noncontrolling interest in consolidated debt | (81,390) |  |  |  |  |  |  | (1,324) |  |  |  |  | (82,714) |
Pro rata debt | $ | 249,796 |  |  | — |  |  | — |  |  | 11,471 |  |  | — |  |  | $ | 261,267 |
Pro rata assets less debt | $ | 126,051 |  |  | 62,534 |  |  | 47,532 |  |  | 135,516 |  |  | 136,661 |  |  | $ | 508,294 |
Deferred income taxes |  |  |  |  |  |  |  |  |  |  | (67,655) |
Other liabilities and noncontrolling interest adjustment |  |  |  |  |  |  |  |  |  |  | (12,921) |
Consolidated shareholder's equity |  |  |  |  |  |  |  |  |  |  | $ | 427,718 |

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Third Quarter Highlights and Recent Developments
•51% decrease in Net Income ($0.7 million vs $1.4 million) due largely to expenses related to the Altman Logistics platform acquisition ($1.3 million) partially offset by higher mining royalties and improved results in Equity in Loss of Joint Ventures (excluding the Altman acquisition expenses, adjusted Net Income was up $0.3 million).
•16% decrease in pro rata NOI ($9.5 million vs $11.3 million) primarily due to a non-recurring $1.9 million minimum royalty payment in last year's third quarter. This one-time, catch-up payment applied to the prior twenty-four months when the tenant failed to meet a production requirement contained in the lease. The revenue from this payment was straight-lined over the life of the lease. Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $0.1 million this quarter versus last year's same quarter.
•3% decrease in the Multifamily segment’s pro rata NOI primarily due to lower NOI at the Maren from higher uncollectable revenue along with higher operating costs and property taxes.
•25% decrease in Industrial and Commercial segment NOI primarily due to vacancies from an eviction of one tenant and lease expirations.
•26% decrease in Mining Royalty Lands segment NOI from the aforementioned $1.9 million minimum royalty payment in the third quarter of 2024. Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $0.5 million or 16% this quarter versus last year's same quarter.
•Entered into a joint venture agreement with Strategic Real Estate Partners ("SREP"), a private real estate development firm which specializes in industrial real estate development, to develop 377,892 square feet in two warehouses in Lake County, Florida near Orlando, with options for investment in additional industrial warehouses on adjacent properties in the future.
•Subsequent to the end of the quarter, on October 21, 2025, the Company acquired the business operations and development pipeline of Altman Logistics Property, LLC, including two projects already majority-owned by FRP Holdings as well as minority interests in a portfolio of institutional grade assets under development.
Executive Summary and Analysis
Results for the first nine months were in line with the expectations we outlined earlier this year. Net income is down for this calendar year primarily due to legal expenses associated with our recently announced acquisition of Altman Logistics. On an NOI basis, year-to-date results trailed our 2024 performance primarily due to the one-time $1.9 million catch-up payment received in the third quarter of last year.
Looking forward to next quarter and beyond, we are focused on laying the foundation for long-term earnings and NOI growth. Leasing and occupying the industrial and commercial vacancies accumulated over the past year will be key drivers of both these metrics. Over the next five years, though, our most significant growth will come from executing on projects within our development pipeline. This includes advancing development entitlements in Maryland to ensure these projects are shovel-ready in 2026, continuing to deliver on our active developments in Florida and South Carolina, and filling the newly developed spaces with tenants.
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Essential to any discussion of future growth for the Company is our acquisition of Altman Logistics, which closed subsequent to the end of the quarter. Altman was the Company’s partner on our first two industrial joint venture in Florida. This transaction is an important step toward scaling the Company and expanding beyond our traditional in-house development footprint into key growth markets, especially Florida and New Jersey. The additional cashflows generated from the future sale of our minority interests acquired in the Altman transaction will help fuel our newly expanded development platform. This combination will be the driver for the Company’s next decade of growth.
Comparative Results of Operations for the three months ended September 30, 2025 and 2024
Consolidated Results

(dollars in thousands) | Three Months Ended September 30,
| 2025 |  | 2024 |  | Change |  | %
Revenues: |  |  |  |  |  |  |  |  |  |  |
Lease revenue | $ | 7,086 |  |  |  | 7,434 |  |  |  | $ | (348) |  |  |  | -4.7 | % |
Mining royalty and rents | 3,689 |  |  |  | 3,199 |  |  |  | 490 |  |  |  | 15.3 | % |
Total revenues | 10,775 |  |  |  | 10,633 |  |  |  | 142 |  |  |  | 1.3 | % |
Cost of operations: |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization | 2,825 |  |  |  | 2,551 |  |  |  | 274 |  |  |  | 10.7 | % |
Operating expenses | 3,304 |  |  |  | 1,860 |  |  |  | 1,444 |  |  |  | 77.6 | % |
Property taxes | 955 |  |  |  | 850 |  |  |  | 105 |  |  |  | 12.4 | % |
General and administrative | 2,328 |  |  |  | 2,289 |  |  |  | 39 |  |  |  | 1.7 | % |
Total cost of operations | 9,412 |  |  |  | 7,550 |  |  |  | 1,862 |  |  |  | 24.7 | % |
Total operating profit | 1,363 |  |  |  | 3,083 |  |  |  | (1,720) |  |  |  | -55.8 | % |
Net investment income | 2,369 |  |  |  | 2,304 |  |  |  | 65 |  |  |  | 2.8 | % |
Interest expense | (739) |  |  |  | (742) |  |  |  | 3 |  |  |  | -.4 | % |
Equity in loss of joint ventures | (2,225) |  |  |  | (2,839) |  |  |  | 614 |  |  |  | -21.6 | % |
Income before income taxes | 768 |  |  |  | 1,806 |  |  |  | (1,038) |  |  |  | -57.5 | % |
Provision for income taxes | 203 |  |  |  | 427 |  |  |  | (224) |  |  |  | -52.5 | % |
Net income | 565 |  |  |  | 1,379 |  |  |  | (814) |  |  |  | -59.0 | % |
Income (loss) attributable to noncontrolling interest | (97) |  |  |  | 18 |  |  |  | (115) |  |  |  | -638.9 | % |
Net income attributable to the Company | $ | 662 |  |  |  | 1,361 |  |  |  | $ | (699) |  |  |  | -51.4 | % |

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Net income for the third quarter of 2025 was $662,000 or $.03 per share versus $1,361,000 or $.07 per share in the same period last year. Excluding the Altman acquisition expenses, adjusted Net Income was up $281,000 . Pro rata NOI for the third quarter of 2025 was $9,523,000 versus $11,272,000 in the same period last year. Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $104,000 this quarter versus last year's same quarter. The third quarter of 2025 was impacted by the following items:
•Operating profit decreased $1,720,000 primarily due to $1,281,000 of expenses related to the Altman Logistics platform acquisition. The pro rata operating profit of the Multifamily segment increased however the consolidated portion of the Multifamily segment (Dock/Maren) decreased $404,000 due to uncollectable revenue and higher operating expenses and property taxes. The Industrial and Commercial segment operating profit declined $501,000 due to $207,000 higher depreciation from completion of our new Chelsea warehouse along with lower occupancy due to a tenant default and non-renewing leases. Mining Royalty Land's segment operating profit increased $438,000 due to higher royalty tons and revenues less related depletion.
•Net investment income increased $65,000 because of higher income from our lending ventures ($465,000) mostly offset by reduced e arnings on cash equivalents ($400,000).
•Equity in loss of Joint Ventures improved $614,000 due to improved results of our unconsolidated joint ventures. Results improved at Bryant Street ($255,000) and BC Realty ($401,000) both due to higher revenues and lower variable rate interest expense.
•Pro rata NOI decreased $1,749,000 primarily due to the same quarter last year including a catch-up, minimum royalty payment of $1.9 million that applied to the prior twenty-four months as the tenant failed to meet a production requirement contained in the lease. This revenue was straight-lined over the life of the lease. Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $104,000 this quarter versus last year's same quarter.
Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)

| Three months ended September 30 |  |  |  |  |  |
(dollars in thousands) | 2025 |  | % |  | 2024 |  | % |  | Change |  | % |
Lease revenue | $ | 8,466 |  |  |  | 100.0 | % |  |  | 8,226 |  |  |  | 100.0 | % |  |  | 240 |  |  |  | 2.9 | % |
Depreciation and amortization | 3,347 |  |  |  | 39.5 | % |  |  | 3,353 |  |  |  | 40.8 | % |  |  | (6) |  |  |  | -.2 | % |
Operating expenses | 2,842 |  |  |  | 33.6 | % |  |  | 2,841 |  |  |  | 34.5 | % |  |  | 1 |  |  |  | — | % |
Property taxes | 1,021 |  |  |  | 12.1 | % |  |  | 865 |  |  |  | 10.5 | % |  |  | 156 |  |  |  | 18.0 | % |
Cost of operations | 7,210 |  |  |  | 85.2 | % |  |  | 7,059 |  |  |  | 85.8 | % |  |  | 151 |  |  |  | 2.1 | % |
Operating profit before G&A | $ | 1,256 |  |  |  | 14.8 | % |  |  | 1,167 |  |  |  | 14.2 | % |  |  | 89 |  |  |  | 7.6 | % |
Depreciation and amortization | 3,347 |  |  |  |  |  |  | 3,353 |  |  |  |  |  |  | (6) |  |  |  |  |
Unrealized rents & other | (33) |  |  |  |  |  |  | 202 |  |  |  |  |  |  | (235) |  |  |  |  |
Net operating income | $ | 4,570 |  |  |  | 54.0 | % |  |  | 4,722 |  |  |  | 57.4 | % |  |  | (152) |  |  |  | -3.2 | % |

The combined consolidated and unconsolidated pro rata net operating income this quarter for this segment was $4,570,000, down $152,000 or 3% compared to $4,722,000 in the same quarter last year. Most of this decrease
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was from $177,000 lower NOI at the Maren due to increased uncollectable revenue along with higher operating costs and property taxes.

Apartment Building | Units | Pro rata NOI Q3 2025 | Pro rata NOI Q3 2024 | Avg. Occupancy Q3 2025 | Avg. Occupancy Q3 2024 | Renewal Success Rate Q3 2025 | Renewal % increase Q3 2025
Dock 79 Anacostia DC | 305 | $938,000 | $964,000 | 93.8 | % | 94.0 | % | 68.1 | % | 2.8 | %
Maren Anacostia DC | 264 | $796,000 | $973,000 | 94.1 | % | 94.9 | % | 56.5 | % | 2.7 | %
Riverside Greenville | 200 | $213,000 | $243,000 | 92.0 | % | 94.0 | % | 55.6 | % | 4.9 | %
Bryant Street DC | 487 | $1,649,000 | $1,537,000 | 93.4 | % | 91.5 | % | 67.2 | % | 2.7 | %
.408 Jackson Greenville | 227 | $358,000 | $362,000 | 92.5 | % | 94.5 | % | 59.1 | % | 3.1 | %
Verge Anacostia DC | 344 | $616,000 | $643,000 | 92.0 | % | 90.1 | % | 64.8 | % | 1.9 | %
Multifamily Segment | 1,827 | $4,570,000 | $4,722,000 | 93.0 | % | 92.8 | % |  |

Multifamily Segment (Consolidated - Dock 79 & The Maren)

| Three months ended September 30 |  |  |  |  |  |
(dollars in thousands) | 2025 |  | % |  | 2024 |  | % |  | Change |  | % |
Lease revenue | $ | 5,556 |  |  |  | 100.0 | % |  |  | 5,682 |  |  |  | 100.0 | % |  |  | (126) |  |  |  | -2.2 | % |
Depreciation and amortization | 2,002 |  |  |  | 36.1 | % |  |  | 1,985 |  |  |  | 35.0 | % |  |  | 17 |  |  |  | .9 | % |
Operating expenses | 1,763 |  |  |  | 31.7 | % |  |  | 1,573 |  |  |  | 27.7 | % |  |  | 190 |  |  |  | 12.1 | % |
Property taxes | 636 |  |  |  | 11.4 | % |  |  | 565 |  |  |  | 9.9 | % |  |  | 71 |  |  |  | 12.6 | % |
Cost of operations | 4,401 |  |  |  | 79.2 | % |  |  | 4,123 |  |  |  | 72.6 | % |  |  | 278 |  |  |  | 6.7 | % |
Operating profit before G&A | $ | 1,155 |  |  |  | 20.8 | % |  |  | 1,559 |  |  |  | 27.4 | % |  |  | (404) |  |  |  | -25.9 | % |

Total revenues for our two consolidated joint ventures were $5,556,000, a decrease of $126,000 versus $5,682,000 in the same period last year. Total operating profit before G&A for the consolidated joint ventures was $1,155,000, a decrease of $404,000, or 26% versus $1,559,000 in the same period last year primarily due to increased uncollectable revenue along with higher operating costs and property taxes at the Maren.
Multifamily Segment (Pro rata unconsolidated)
Our Multifamily Segment has four unconsolidated joint ventures (Bryant Street, The Verge, Riverside, and .408 Jackson). Riverside was moved from the Development segment to the Multifamily segment in 2022, Bryant Street and .408 Jackson moved as of the beginning of 2024 and The Verge moved effective July 1, 2024, each upon reaching lease up stabilization.
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| Three months ended September 30 |  |  |  |  |  |
(dollars in thousands) | 2025 |  | % |  | 2024 |  | % |  | Change |  | % |
Lease revenue | $ | 5,440 |  |  |  | 100.0 | % |  |  | 5,129 |  |  |  | 100.0 | % |  |  | 311 |  |  |  | 6.1 | % |
Depreciation and amortization | 2,250 |  |  |  | 41.4 | % |  |  | 2,265 |  |  |  | 44.2 | % |  |  | (15) |  |  |  | -.7 | % |
Operating expenses | 1,894 |  |  |  | 34.8 | % |  |  | 1,985 |  |  |  | 38.7 | % |  |  | (91) |  |  |  | -4.6 | % |
Property taxes | 675 |  |  |  | 12.4 | % |  |  | 557 |  |  |  | 10.9 | % |  |  | 118 |  |  |  | 21.2 | % |
Cost of operations | 4,819 |  |  |  | 88.6 | % |  |  | 4,807 |  |  |  | 93.7 | % |  |  | 12 |  |  |  | .2 | % |
Operating profit before G&A | $ | 621 |  |  |  | 11.4 | % |  |  | 322 |  |  |  | 6.3 | % |  |  | 299 |  |  |  | 92.9 | % |

For our four unconsolidated joint ventures, pro rata revenues were $5,440,000, an increase of $311,000 or 6% compared to $5,129,000 in the same period last year. Pro rata operating profit before G&A was $621,000, an increase of $299,000 or 93% versus $322,000 in the same period last year. The increase was due to improved occupancy at The Verge and Bryant Street and higher revenues at .408 Jackson.
Industrial and Commercial Segment

| Three months ended September 30 |  |  |  |  |  |
(dollars in thousands) | 2025 |  | % |  | 2024 |  | % |  | Change |  | % |
Lease revenue | $ | 1,229 |  |  |  | 100.0 | % |  |  | 1,455 |  |  |  | 100.0 | % |  |  | (226) |  |  |  | (15.5 | %) |
Depreciation and amortization | 567 |  |  |  | 46.2 | % |  |  | 360 |  |  |  | 24.7 | % |  |  | 207 |  |  |  | 57.5 | % |
Operating expenses | 224 |  |  |  | 18.2 | % |  |  | 185 |  |  |  | 12.7 | % |  |  | 39 |  |  |  | 21.1 | % |
Property taxes | 97 |  |  |  | 7.9 | % |  |  | 68 |  |  |  | 4.7 | % |  |  | 29 |  |  |  | 42.6 | % |
Cost of operations | 888 |  |  |  | 72.3 | % |  |  | 613 |  |  |  | 42.1 | % |  |  | 275 |  |  |  | 44.9 | % |
Operating profit before G&A | $ | 341 |  |  |  | 27.7 | % |  |  | 842 |  |  |  | 57.9 | % |  |  | (501) |  |  |  | (59.5 | %) |
Depreciation and amortization | 567 |  |  |  |  |  |  | 360 |  |  |  |  |  |  | 207 |  |  |  |  |
Unrealized revenues | (4) |  |  |  |  |  |  | 7 |  |  |  |  |  |  | (11) |  |  |  |  |
Net operating income | $ | 904 |  |  |  | 73.6 | % |  |  | $ | 1,209 |  |  |  | 83.1 | % |  |  | $ | (305) |  |  |  | (25.2 | %) |

Shell construction on our 258,279 square foot spec warehouse project in Aberdeen, MD on Chelsea Road was completed effective April 1, 2025 and is in the lease-up phase. We have ten buildings in service at four different locations totaling 773,356 square feet of industrial and 33,708 square feet of office of which 48.6% was leased and occupied at September 30, 2025. Excluding Chelsea these assets were 72.4% leased and occupied during the quarter compared to 95.6% leased and occupied during the same quarter last year primarily due to an eviction for failure to pay rent by one tenant and lease expirations. Total revenues in this segment were $1,229,000, down $226,000 or 16%, over the same period last year. Operating profit before G&A was $341,000, down $501,000 or 60% over the same quarter last year due to $216,000 of depreciation and $40,000 of operating costs at Chelsea along with the lower occupancy. Net operating income in this segment was $904,000, down $305,000 or 25% compared to the same quarter last year.
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Mining Royalty Lands Segment Results

| Three months ended September 30 |  |  |  |  |  |
(dollars in thousands) | 2025 |  | % |  | 2024 |  | % |  | Change |  | %
Mining royalty and rent revenue | $ | 3,689 |  |  |  | 100.0 | % |  |  | 3,199 |  |  |  | 100.0 | % |  |  | 490 |  |  |  | 15.3 | % |
Depreciation, depletion and amortization | 213 |  |  |  | 5.8 | % |  |  | 163 |  |  |  | 5.1 | % |  |  | 50 |  |  |  | 30.7 | % |
Operating expenses | 17 |  |  |  | 0.5 | % |  |  | 20 |  |  |  | 0.6 | % |  |  | (3) |  |  |  | -15.0 | % |
Property taxes | 75 |  |  |  | 2.0 | % |  |  | 70 |  |  |  | 2.2 | % |  |  | 5 |  |  |  | 7.1 | % |
Cost of operations | 305 |  |  |  | 8.3 | % |  |  | 253 |  |  |  | 7.9 | % |  |  | 52 |  |  |  | 20.6 | % |
Operating profit before G&A | $ | 3,384 |  |  |  | 91.7 | % |  |  | 2,946 |  |  |  | 92.1 | % |  |  | 438 |  |  |  | 14.9 | % |
Depreciation and amortization | 213 |  |  |  |  |  |  | 163 |  |  |  |  |  |  | 50 |  |  |  |  |
Unrealized revenues | 159 |  |  |  |  |  |  | 1,994 |  |  |  |  |  |  | (1,835) |  |  |  |  |
Net operating income | $ | 3,756 |  |  |  | 101.8 | % |  |  | $ | 5,103 |  |  |  | 159.5 | % |  |  | $ | (1,347) |  |  |  | (26.4 | %) |

Total revenues in this segment were $3,689,000, an increase of $490,000 or 15% versus $3,199,000 in the same period last year. Royalty tons were up 6.5%. Royalty revenue per ton increased 5% over the same period last year. Total operating profit before G&A in this segment was $3,384,000, an increase of $438,000 versus $2,946,000 in the same period last year. Net operating income was $3,756,000, down $1,347,000 or 26% compared to the same quarter last year as higher revenues were more than offset by a $1,835,000 decrease in unrealized revenues. The unrealized revenue decrease is due to the same quarter last year including a catch-up, minimum royalty payment of $1.9 million that applied to the prior twenty-four months as the tenant failed to meet a production requirement contained in the lease. This revenue was straight-lined over the life of the lease.
Development Segment Results

| Three months ended September 30 |  |  |
(dollars in thousands) | 2025 |  |  |  |  | 2024 |  |  |  |  | Change
Lease revenue | $ | 301 |  |  |  |  |  |  | 297 |  |  |  |  |  |  | 4 |  |
Depreciation, depletion and amortization | 43 |  |  |  |  |  |  | 43 |  |  |  |  |  |  | — |  |
Operating expenses | 1,300 |  |  |  |  |  |  | 82 |  |  |  |  |  |  | 1,218 |  |
Property taxes | 147 |  |  |  |  |  |  | 147 |  |  |  |  |  |  | — |  |
Cost of operations | 1,490 |  |  |  |  |  |  | 272 |  |  |  |  |  |  | 1,218 |  |
Operating profit before G&A | $ | (1,189) |  |  |  |  |  |  | 25 |  |  |  |  |  |  | (1,214) |  |

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With respect to ongoing Development Segment projects:
▪We are the principal capital source to develop 344 residential lots on 110 acres in Harford County, MD. We have funded $27.5 million of our $31.1 million total commitment. A national homebuilder is under contract to purchase all 222 townhome lots and 122 single family lots. At quarter-end, 180 lots have been sold and $24.8 million has been returned to the company of which $6.1 million was booked as profit to the Company.
▪We entered into two new joint venture agreements in early 2024 with Altman Logistics. The first joint venture is a 201,420 square-foot warehouse development project in Lakeland, FL, and the second joint venture is a two building 183,215 square-foot warehouse redevelopment project in Broward County, FL. We closed on both construction loans in March, 2025 and construction commenced in the second quarter of 2025. Substantial completion of both projects is expected in the second quarter of 2026.
▪On May 30, 2025, we secured construction financing for our multifamily joint venture with Woodfield Development, known as Woven. This is our third multifamily project in Greenville, SC. This is an $87.8M project with 214 units and 13,500 square feet of ground floor retail that is eligible to receive South Carolina Textile Rehabilitation Credits upon substantial completion and received Special Source Credits equal to 50% of the real estate taxes for a period of 20 years. The project broke ground during the 3rd quarter and substantial completion of the project is expected in late 2027.
▪On July 23,2025, we entered into a joint venture agreement with Strategic Real Estate Partners (“SREP”), a private real estate development firm which specializes in industrial real estate development, to develop 377,892 square feet in two warehouses in Lake County, Florida near Orlando, with options for investment in additional industrial warehouses on adjacent properties in the future. Substantial completion of the first warehouse is expected in the fourth quarter of 2026,
▪ On September 12, 2025, we secured construction financing for the first phase (296 multifamily units and 28,745 square feet of retail) of our Estero joint venture with Woodfield Development, located between Naples and Ft. Myers. Substantial completion is expected late 2027.
Nine Month Highlights
•37% decrease in Net Income ($3.0 million vs $4.7 million) due to $2 million of expenses related to acquiring the Altman Logistics platform. Excluding the $2 million of Altman acquisition expenses, adjusted Net income was down $0.2 million.
•1.6% decrease in pro rata NOI ($28.6 million vs $29.0 million). Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $1.4 million this year.
•Multifamily segment’s pro rata NOI was up slightly as improved results at Bryant Street, .408 Jackon and The Verge were mostly offset by uncollectable revenue along with higher operating costs and property taxes at the Maren.
•9% decrease in Industrial and Commercial revenue and 14% decrease in that segment’s NOI
•1.7% decrease in the Mining Royalty Lands' Segment's NOI. Excluding the $1.9 million paynent in last year, adjusted pro rata NOI in this segment was up $1.7 million or 18%.
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Comparative Results of Operations for the Nine months ended September 30, 2025 and 2024
Consolidated Results

(dollars in thousands) | Nine Months Ended September 30,
| 2025 |  | 2024 |  | Change |  | %
Revenues: |  |  |  |  |  |  |  |  |  |  |
Lease revenue | $ | 21,399 |  |  |  | 21,850 |  |  |  | $ | (451) |  |  |  | -2.1 | % |
Mining royalty and rents | 10,532 |  |  |  | 9,393 |  |  |  | 1,139 |  |  |  | 12.1 | % |
Total revenues | 31,931 |  |  |  | 31,243 |  |  |  | 688 |  |  |  | 2.2 | % |
Cost of operations: |  |  |  |  |  |  |  |  |  |  |
Depreciation/depletion/amortization | 8,158 |  |  |  | 7,629 |  |  |  | 529 |  |  |  | 6.9 | % |
Operating expenses | 7,743 |  |  |  | 5,429 |  |  |  | 2,314 |  |  |  | 42.6 | % |
Property taxes | 2,895 |  |  |  | 2,517 |  |  |  | 378 |  |  |  | 15.0 | % |
General and administrative | 7,790 |  |  |  | 6,883 |  |  |  | 907 |  |  |  | 13.2 | % |
Total cost of operations | 26,586 |  |  |  | 22,458 |  |  |  | 4,128 |  |  |  | 18.4 | % |
Total operating profit | 5,345 |  |  |  | 8,785 |  |  |  | (3,440) |  |  |  | -39.2 | % |
Net investment income | 7,278 |  |  |  | 8,795 |  |  |  | (1,517) |  |  |  | -17.2 | % |
Interest expense | (2,258) |  |  |  | (2,482) |  |  |  | 224 |  |  |  | -9.0 | % |
Equity in loss of joint ventures | (6,635) |  |  |  | (8,582) |  |  |  | 1,947 |  |  |  | -22.7 | % |
Income before income taxes | 3,730 |  |  |  | 6,516 |  |  |  | (2,786) |  |  |  | -42.8 | % |
Provision for income taxes | 907 |  |  |  | 1,743 |  |  |  | (836) |  |  |  | -48.0 | % |
Net income | 2,823 |  |  |  | 4,773 |  |  |  | (1,950) |  |  |  | -40.9 | % |
Income (loss) attributable to noncontrolling interest | (127) |  |  |  | 67 |  |  |  | (194) |  |  |  | -289.6 | % |
Net income attributable to the Company | $ | 2,950 |  |  |  | $ | 4,706 |  |  |  | $ | (1,756) |  |  |  | -37.3 | % |

Net income for the first nine months of 2025 was $2,950,000 or $.16 per share versus $4,706,000 or $.25 per share in the same period last year. Excluding the $2 million of Altman acquisition expenses, adjusted Net Income was down $231,000. Pro rata NOI for the first nine months of 2025 was $28,575,000 versus $29,036,000 in the same period last year. Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $1.4 million this year. The first nine months of 2025 were impacted by the following items:
•Operating profit decreased $3,440,000 p rimarily due to $1,993,000 of expenses related to the Altman Logistics platform acquisition and higher General and administrative expense ($907,000). General and administrative expense increased primarily due to overlapping compensation as a result of the implementation of our executive succession and transition plan that commenced in June, 2024. Industrial and commercial segment operating profit declined $1,057,000 because of a $446,000 increase in depreciation expense from completion of our new Chelsea warehouse, as well as lower occupancy due
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to a tenant default and non-renewing leases. Mining Royalty Land's segment operating profit increased $1,034,000 due to higher royalty revenues and the prior year's overpayment deduction of $566,000.
•Net investment income decreased $1,517,000 from reduced earnings on cash equivalents ($1,303,000) and reduced income from our lending ventures ($214,000) primarily due to fewer residential lot sales.
•Interest expense decreased $224,000 compared to the same period last year as we capitalized $215,000 more interest. More interest was capitalized due to increased in-house and joint venture projects under development this quarter compared to last year.
•Equity in loss of Joint Ventures improved $1,947,000 because of improved results at our unconsolidated joint ventures. Results improved at The Verge ($517,000) due to lower rent concessions, improved occupancy and lower interest expense, and also at Bryant Street ($911,000) and BC Realty ($623,000) because of higher revenues and lower variable rate interest expense.
Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)
For ease of comparison all the figures in the tables below include the results for The Verge from prior periods (when this project was still in our Development segment).

| Nine months ended September 30 |  |  |  |  |  |
(dollars in thousands) | 2025 |  | % |  | 2024 |  | % |  | Change |  | % |
Lease revenue | $ | 25,238 |  |  |  | 100.0 | % |  |  | 24,222 |  |  |  | 100.0 | % |  |  | 1,016 |  |  |  | 4.2 | % |
Depreciation and amortization | 10,020 |  |  |  | 39.7 | % |  |  | 10,042 |  |  |  | 41.5 | % |  |  | (22) |  |  |  | -.2 | % |
Operating expenses | 8,158 |  |  |  | 32.3 | % |  |  | 7,913 |  |  |  | 32.7 | % |  |  | 245 |  |  |  | 3.1 | % |
Property taxes | 2,999 |  |  |  | 11.9 | % |  |  | 2,666 |  |  |  | 11.0 | % |  |  | 333 |  |  |  | 12.5 | % |
Cost of operations | 21,177 |  |  |  | 83.9 | % |  |  | 20,621 |  |  |  | 85.1 | % |  |  | 556 |  |  |  | 2.7 | % |
Operating profit before G&A | $ | 4,061 |  |  |  | 16.1 | % |  |  | 3,601 |  |  |  | 14.9 | % |  |  | 460 |  |  |  | 12.8 | % |
Depreciation and amortization | 10,020 |  |  |  |  |  |  | 10,042 |  |  |  |  |  |  | (22) |  |  |  |  |
Unrealized rents & other | (144) |  |  |  |  |  |  | 248 |  |  |  |  |  |  | (392) |  |  |  |  |
Net operating income | $ | 13,937 |  |  |  | 55.2 | % |  |  | 13,891 |  |  |  | 57.3 | % |  |  | 46 |  |  |  | .3 | % |

The combined consolidated and unconsolidated pro rata net operating income this quarter for this segment was $13,937,000, up $46,000 compared to $13,891,000 in the same period last year. The NOI increase was primarily due to improved results at Bryant Street, .408 Jackson, and The Verge mostly offset by underperformance at Maren due to increased uncollectable revenue along with higher operating costs and property taxes.
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Apartment Building | Units | Pro rata NOI YTD 2025 | Pro rata NOI YTD 2024 | Avg. Occupancy YTD 2025 | Avg. Occupancy YTD 2024 | Renewal Success Rate YTD 2025 | Renewal % increase YTD 2025
Dock 79 Anacostia DC | 305 | $2,838,000 | $2,842,000 | 95.0 | % | 94.1 | % | 69.3 | % | 3.8 | %
Maren Anacostia DC | 264 | $2,541,000 | $2,820,000 | 93.8 | % | 94.5 | % | 55.1 | % | 3.9 | %
Riverside Greenville | 200 | $650,000 | $682,000 | 92.6 | % | 93.6 | % | 56.3 | % | 4.9 | %
Bryant Street DC | 487 | $4,730,000 | $4,588,000 | 93.5 | % | 91.9 | % | 58.8 | % | 2.4 | %
.408 Jackson Greenville | 227 | $1,076,000 | $1,000,000 | 94.9 | % | 94.6 | % | 59.0 | % | 4.0 | %
Verge Anacostia DC | 344 | $2,102,000 | $1,959,000 | 92.9 | % | 89.7 | % | 67.6 | % | 2.5 | %
Multifamily Segment | 1,827 | $13,937,000 | $13,891,000 | 93.7 | % | 92.7 | % |  |

Multifamily Segment (Consolidated - Dock 79 and The Maren)

| Nine months ended September 30 |  |  |  |  |  |
(dollars in thousands) | 2025 |  | % |  | 2024 |  | % |  | Change |  | % |
Lease revenue | $ | 16,547 |  |  |  | 100.0 | % |  |  | 16,592 |  |  |  | 100.0 | % |  |  | (45) |  |  |  | -.3 | % |
Depreciation and amortization | 5,932 |  |  |  | 35.8 | % |  |  | 5,947 |  |  |  | 35.9 | % |  |  | (15) |  |  |  | -.3 | % |
Operating expenses | 4,875 |  |  |  | 29.5 | % |  |  | 4,553 |  |  |  | 27.4 | % |  |  | 322 |  |  |  | 7.1 | % |
Property taxes | 1,919 |  |  |  | 11.6 | % |  |  | 1,665 |  |  |  | 10.0 | % |  |  | 254 |  |  |  | 15.3 | % |
Cost of operations | 12,726 |  |  |  | 76.9 | % |  |  | 12,165 |  |  |  | 73.3 | % |  |  | 561 |  |  |  | 4.6 | % |
Operating profit before G&A | $ | 3,821 |  |  |  | 23.1 | % |  |  | 4,427 |  |  |  | 26.7 | % |  |  | (606) |  |  |  | -13.7 | % |

Total revenues for our two consolidated joint ventures were $16,547,000, an decrease of $45,000 versus $16,592,000 in the same period last year. Total operating profit before G&A for the consolidated joint ventures was $3,821,000, a decrease of $606,000, or 14% versus $4,427,000 in the same period last year primarily due to higher operating expenses ($322,000) and property taxes ($254,000).
Multifamily Segment (Pro rata unconsolidated)
Our Multifamily Segment has four unconsolidated joint ventures (Bryant Street, The Verge, Riverside, and .408 Jackson). Riverside was moved from the Development segment to the Multifamily segment in 2022, Bryant Street and .408 Jackson moved as of the beginning of 2024 and The Verge moved effective July 1, 2024, each upon reaching lease up stabilization.
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| Nine months ended September 30 |  |  |  |  |  |
(dollars in thousands) | 2025 |  | % |  | 2024 |  | % |  | Change |  | % |
Lease revenue | $ | 16,225 |  |  |  | 100.0 | % |  |  | 15,180 |  |  |  | 100.0 | % |  |  | 1,045 |  |  |  | 6.9 | % |
Depreciation and amortization | 6,768 |  |  |  | 41.7 | % |  |  | 6,783 |  |  |  | 44.7 | % |  |  | (15) |  |  |  | -.2 | % |
Operating expenses | 5,560 |  |  |  | 34.3 | % |  |  | 5,437 |  |  |  | 35.8 | % |  |  | 123 |  |  |  | 2.3 | % |
Property taxes | 1,954 |  |  |  | 12.0 | % |  |  | 1,761 |  |  |  | 11.6 | % |  |  | 193 |  |  |  | 11.0 | % |
Cost of operations | 14,282 |  |  |  | 88.0 | % |  |  | 13,981 |  |  |  | 92.1 | % |  |  | 301 |  |  |  | 2.2 | % |
Operating profit | $ | 1,943 |  |  |  | 12.0 | % |  |  | 1,199 |  |  |  | 7.9 | % |  |  | 744 |  |  |  | 62.1 | % |

For our four unconsolidated joint ventures, pro rata revenues were $16,225,000, an increase of $1,045,000 or 7% compared to $15,180,000 in the same period last year. Pro rata operating profit before G&A was $1,943,000, an increase of $744,000, or 62% versus $1,199,000 in the same period last year. The increase was due to lease up at The Verge and higher revenues at Bryant Street and .408 Jackson.
Industrial and Commercial Segment

| Nine months ended September 30 |  |  |  |  |  |
(dollars in thousands) | 2025 |  | % |  | 2024 |  | % |  | Change |  | % |
Lease revenue | $ | 3,950 |  |  |  | 100.0 | % |  |  | 4,353 |  |  |  | 100.0 | % |  |  | (403) |  |  |  | (9.3 | %) |
Depreciation and amortization | 1,529 |  |  |  | 38.7 | % |  |  | 1,083 |  |  |  | 24.8 | % |  |  | 446 |  |  |  | 41.2 | % |
Operating expenses | 687 |  |  |  | 17.4 | % |  |  | 591 |  |  |  | 13.6 | % |  |  | 96 |  |  |  | 16.2 | % |
Property taxes | 307 |  |  |  | 7.8 | % |  |  | 195 |  |  |  | 4.5 | % |  |  | 112 |  |  |  | 57.4 | % |
Cost of operations | 2,523 |  |  |  | 63.9 | % |  |  | 1,869 |  |  |  | 42.9 | % |  |  | 654 |  |  |  | 35.0 | % |
Operating profit before G&A | $ | 1,427 |  |  |  | 36.1 | % |  |  | 2,484 |  |  |  | 57.1 | % |  |  | (1,057) |  |  |  | (42.6 | %) |
Depreciation and amortization | 1,529 |  |  |  |  |  |  | 1,083 |  |  |  |  |  |  | 446 |  |  |  |  |
Unrealized revenues | 97 |  |  |  |  |  |  | (12) |  |  |  |  |  |  | 109 |  |  |  |  |
Net operating income | $ | 3,053 |  |  |  | 77.3 | % |  |  | $ | 3,555 |  |  |  | 81.7 | % |  |  | $ | (502) |  |  |  | (14.1 | %) |

Total revenues in this segment were $3,950,000, down $403,000 or 9%, over the same period last year. Operating profit before G&A was $1,427,000, down $1,057,000 or 43% from $2,484,000 in the same period last year due to $432,000 of depreciation and $70,000 of operating costs at our spec Chelsea warehouse placed in service in April, a write-off of $118,000 unrealized rent receivable and $34,000 deferred leasing commission related to a tenant that defaulted, and the related lower occupancy. Net operating income in this segment was $3,053,000, down $502,000 or 14% compared to the same period last year.
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Mining Royalty Lands Segment Results

| Nine months ended September 30 |  |  |  |  |  |
(dollars in thousands) | 2025 |  | % |  | 2024 |  | % |  | Change |  | %
Mining royalty and rent revenue | $ | 10,532 |  |  |  | 100.0 | % |  |  | 9,393 |  |  |  | 100.0 | % |  |  | 1,139 |  |  |  | 12.1 | % |
Depreciation, depletion and amortization | 568 |  |  |  | 5.4 | % |  |  | 471 |  |  |  | 5.0 | % |  |  | 97 |  |  |  | 20.6 | % |
Operating expenses | 49 |  |  |  | 0.5 | % |  |  | 53 |  |  |  | 0.6 | % |  |  | (4) |  |  |  | -7.5 |  |
Property taxes | 226 |  |  |  | 2.1 | % |  |  | 214 |  |  |  | 2.3 | % |  |  | 12 |  |  |  | 5.6 | % |
Cost of operations | 843 |  |  |  | 8.0 | % |  |  | 738 |  |  |  | 7.9 | % |  |  | 105 |  |  |  | 14.2 | % |
Operating profit before G&A | $ | 9,689 |  |  |  | 92.0 | % |  |  | 8,655 |  |  |  | 92.1 | % |  |  | 1,034 |  |  |  | 11.9 | % |
Depreciation and amortization | 568 |  |  |  |  |  |  | 471 |  |  |  |  |  |  | 97 |  |  |  |  |
Unrealized revenues | 448 |  |  |  |  |  |  | 1,765 |  |  |  |  |  |  | (1,317) |  |  |  |  |
Net operating income | $ | 10,705 |  |  |  | 101.6 | % |  |  | $ | 10,891 |  |  |  | 115.9 | % |  |  | $ | (186) |  |  |  | (1.7 | %) |

Total revenues in this segment were $10,532,000, an increase of $1,139,000 or 12% versus $9,393,000 in the same period last year. Royalty revenues in the prior year were impacted by the deduction of royalties to resolve an $842,000 overpayment which we referenced previously. Through the nine months of last year, the tenant withheld $619,000 in royalties otherwise due to the Company. Royalty tons were down 5% primarily due to a decrease at one location that had one-time project specific rail shipments in the prior year. The revenue reduction from the decreased volume was more than offset by increased royalties per ton (up 10.6% excluding the prior year payment deduction) along with the overpayment reduction in the prior year. Total operating profit before G&A in this segment was $9,689,000, an increase of $1,034,000 versus $8,655,000 in the same period last year. Net operating income in this segment was $10,705,000, down $186,000 or 2% compared to the same period last year as higher revenues were more than offset by a $1,317,000 decrease in unrealized revenues (see discussion in the Mining segment's quarterly analysis.
Development Segment Results

| Nine months ended September 30 |  |  |
(dollars in thousands) | 2025 |  |  |  |  | 2024 |  |  |  |  | Change
Lease revenue | $ | 902 |  |  |  |  |  |  | 905 |  |  |  |  |  |  | (3) |  |
Depreciation, depletion and amortization | 129 |  |  |  |  |  |  | 128 |  |  |  |  |  |  | 1 |  |
Operating expenses | 2,132 |  |  |  |  |  |  | 232 |  |  |  |  |  |  | 1,900 |  |
Property taxes | 443 |  |  |  |  |  |  | 443 |  |  |  |  |  |  | — |  |
Cost of operations | 2,704 |  |  |  |  |  |  | 803 |  |  |  |  |  |  | 1,901 |  |
Operating profit before G&A | $ | (1,802) |  |  |  |  |  |  | 102 |  |  |  |  |  |  | (1,904) |  |

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Liquidity and Capital Resources. The growth of the Company’s businesses requires significant cash needs to acquire and develop land or operating buildings and to construct new buildings and tenant improvements. As of September 30, 2025, we had $134,853,000 of cash and cash equivalents. As of September 30, 2025 we had no debt borrowed under our $50 million Wells Fargo revolver, $449,000 outstanding under letters of credit and $49,551,000 available to borrow under the revolver.
Cash Flows - The following table summarizes our cash flows from operating, investing and financing activities for each of the periods presented (in thousands of dollars):

| Nine Months Ended September 30,
| 2025 |  | 2024
Total cash provided by (used for): |  |  |  |  |
Operating activities | $ | 21,252 |  |  |  | 21,404 |  |
Investing activities | (29,826) |  |  |  | (46,974) |  |
Financing activities | (5,193) |  |  |  | 12,696 |  |
Increase (decrease) in cash and cash equivalents | $ | (13,767) |  |  |  | (12,874) |  |
Outstanding debt at the beginning of the period | 178,853 |  |  |  | 178,705 |  |
Outstanding debt at the end of the period | 185,338 |  |  |  | 178,779 |  |

Operating Activities - Net cash provided by operating activities for the nine months ended September 30, 2025 was $21,252,000 versus $21,404,000 in the same period last year. The decrease was primarily due to lower net income, less loss in equity of joint ventures, higher income tax payments, mostly offset by higher accounts payable and accrued liabilities due to the timing of construction in progress payments.
Investing Activities - Net cash used in investing activities for the nine months ended September 30, 2025 was $29,826,000 versus $46,974,000 in the same period last year. The $17.1 million decrease was due to a $12.9 million decrease in investment in properties from winding up the Chelsea warehouse construction combined with a $1.0 million decrease in investments in joint ventures due to lower capital calls and lending activity, partially offset by a $4.8 million increase in return of capital from joint ventures. Return of capital from joint ventures increased primarily due to $5.8 million loan repayment and $1.5 million distribution from BC Realty's third party financing, $1.1 million distributions from our Greenville properties while the prior year included a $5 million return from permanent financing at .408 Jackson and higher residential lot sales.
Financing Activities – Net cash used in financing activities was $5,193,000 versus $12,696,000 provided by financing activities in the same period last year due to $12.6 million distribution to noncontrolling interests related to the the planned increase in ownership of our partnerships with Altman Logistics at the construction/stabilization loan closings. Also related to these closings there was $1.4 million paid in debt issuance costs and $7.6 million draws on the loans.
Credit Facilities - On July 21, 2025, the Company entered into a 2023 Amended and Restated Credit Agreement (the "Credit Agreement") with Wells Fargo Bank, N.A. (“Wells Fargo”). The Credit Agreement modifies the Company’s prior Credit Agreement with Wells Fargo, dated December 22, 2023. The Credit Agreement establishes a three-year revolving credit facility with a maximum facility amount of $50 million. The interest rate under the Credit Agreement will be 2.25% over Daily Simple SOFR. A commitment fee of 0.35% per annum is payable quarterly on the unused portion of the commitment. The credit agreement contains certain conditions and financial covenants, including a minimum tangible net worth and dividend restriction. As of September 30, 2025, these covenants would have limited our ability to pay dividends to a maximum of $93.0 million combined.
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On March 19, 2021, the Company refinanced Dock 79 and The Maren projects pursuant to separate Loan Agreements and Deed of Trust Notes entered into with Teachers Insurance and Annuity Association of America, LLC. Dock 79 and The Maren borrowed principal sums of $92,070,000 and $88,000,000 respectively, in connection with the refinancing. The loans bear a fixed interest rate of 3.03% per annum, and require monthly payments of interest only with the principal in full due April 1, 2033.
On July 25, 2022 the Greenville partnership at Riverside secured a $32,000,000 loan with a fixed rate of 4.92% from Synovus Bank, replacing the $22,800,000 loan with Truist Bank. It is an eight year loan maturing July 25, 2030. The term coincides with when the opportunity zone holding period lapses in 2030, when a sale could take place and the tax on gain is forgiven.
On December 4, 2023 the Bryant Street partnership secured a $110,000,000 loan with a floating rate equal to SOFR plus 2.9% from Rialto Capital Management, replacing the $132,000,000 loan with Capital One. It is a three year loan with two one-year extensions. A SOFR rate cap was secured at 5.35% from Chatham Financial creating an effective interest rate ceiling of 8.25%. The loan has a floor interest rate of 6.90%. FRP will look to secure a fixed permanent loan in the future when interest rates are more favorable.
On January 30, 2024 the Greenville partnership at .408 Jackson secured a $49,450,000 loan with a fixed rate of 5.59% from Fannie Mae, replacing the $36,000,000 loan with First National Bank. It is a seven year loan maturing February 1, 2031. The interest rate was favorable given the current market conditions and the term coincides with when the opportunity zone holding period lapses in 2030, when a sale could take place and the tax on gain is forgiven. As a result of refinancing, the Company received a $5 million return of capital.
On April 25, 2024 the Verge partnership secured a $68,862,000 loan with a fixed rate of 5.72% from Fannie Mae, replacing the $72,823,000 loan with Truist Bank. It is a seven year loan maturing May 1, 2031. The opportunity zone holding period lapses in 2030, when a sale could take place and the tax on gain is forgiven.
On March 7, 2025 the Lakeland partnership secured a $16.0 million loan with a floating rate equal to SOFR plus 2.75% from Seacoast National Bank. It is a three-year construction/stabilization loan with a two-year conditional extension at SOFR plus 2.50% with an interest rate swap conversion.
On March 13, 2025 the Davie partnership secured a $31.9 million loan with a floating rate equal to SOFR plus 2.75% from Synovus National Bank. It is a three-year construction/stabilization loan with a two-year conditional extension at SOFR plus 2.25%.
On May 30, 2025 the Woven partnership secured a $42.9 million loan with a floating rate equal to SOFR plus 2.85% from Bank of Texas and First Horizon Bank. It is a four-year construction/stabilization loan and includes a one-year conditional extension with principal and interest payments.
On June 16, 2025 the BC Realty partnership refinanced our FRP provided floating rate construction loans on our two office buildings with Symetra Life Insurance Company. This is a 10 year, fully amortizing $10.5M permanent loan, at a fixed interest rate of 6.40%.
On July 23, 2025 the Camp Lake partnership secured a $33.0 million loan at SOFR plus 2.75% from Pinnacle Bank. It is a three-year construction/stabilization loan with two one-year conditional extensions.
On September 15, 2025 the Estero partnership secured a $81.5 million loan at SOFR plus 2.75% from Santander Bank. It is a four-year construction/stabilization loan with two one-year conditional extensions. In addition, there is an $8 million loan at SOFR plus 4.25% from Santander Bank related to future phases.
Cash Requirements – The Company expects to invest $31 million into our existing real estate holdings and joint ventures during the remainder of 2025 and $161 million beyond 2025 for projects currently in our pipeline, with such capital being funded from cash and investments on hand, cash generated from operations, property sales, distributions from joint ventures, or borrowings under our credit facilities.
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Non-GAAP Financial Measures.
To supplement the financial results presented in accordance with GAAP, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. We provide Pro rata net operating income (NOI), adjusted Pro rata net operating income, and adjusted Net income because we believe they assist investors and analysts in estimating our economic interest in our consolidated and unconsolidated partnerships, when read in conjunction with our reported results under GAAP. In this quarter, we provided an adjusted Net Income to adjust for the impact of one-time expenses of the Altman Logistics acquisition, which is a material business combination unlike our historical real estate acquisitions or joint ventures where expenses are capitalized. We also provided adjusted net operating income to adjust for the impact of the one-time material royalty payment in the third quarter of 2024 to better depict the comparable results in both the quarter and year to date. Management believes these adjustments provide a more accurate comparison of our on-going business operations and results over time due to the non-recurring, material and unusual nature of these two specific items. These measures are not, and should not be viewed as, a substitute for GAAP financial measures. For ease of comparison all the figures in the tables below include the results for The Verge in the Multifamily segment for all periods shown.

Pro rata Net Operating Income Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nine months ending 9/30/25 (in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Industrial and Commercial Segment |  | Development Segment |  | Multifamily Segment |  | Mining Royalties Segment |  | Unallocated Corporate Expenses |  | FRP Holdings Totals
Net income (loss) | $ | 1,092 |  |  |  | 948 |  |  |  | (3,940) |  |  |  | 7,385 |  |  |  | (2,662) |  |  |  | 2,823 |  |
Income tax allocation | 335 |  |  |  | 291 |  |  |  | (1,221) |  |  |  | 2,269 |  |  |  | (767) |  |  |  | 907 |  |
Income (loss) before income taxes | 1,427 |  |  |  | 1,239 |  |  |  | (5,161) |  |  |  | 9,654 |  |  |  | (3,429) |  |  |  | 3,730 |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized rents | — |  |  |  |  |  |  | — |  |  |  | — |  |  |  |  |  |  | — |  |
Interest income |  |  |  | 2,782 |  |  |  | 10 |  |  |  |  |  |  | 4,486 |  |  |  | 7,278 |  |
Plus: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized rents | 97 |  |  |  | — |  |  |  | 20 |  |  |  | 448 |  |  |  | — |  |  |  | 565 |  |
Professional fees |  |  |  | 1,975 |  |  |  | 114 |  |  |  |  |  |  |  |  |  | 2,089 |  |
Equity in loss of joint ventures | — |  |  |  | (259) |  |  |  | 6,859 |  |  |  | 35 |  |  |  |  |  |  | 6,635 |  |
Interest expense | — |  |  |  | — |  |  |  | 2,133 |  |  |  | — |  |  |  | 125 |  |  |  | 2,258 |  |
Depreciation/amortization | 1,529 |  |  |  | 129 |  |  |  | 5,932 |  |  |  | 568 |  |  |  |  |  |  | 8,158 |  |
General and administrative | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,790 |  |  |  | 7,790 |  |
Net operating income (loss) | 3,053 |  |  |  | 302 |  |  |  | 9,887 |  |  |  | 10,705 |  |  |  | — |  |  |  | 23,947 |  |
NOI of noncontrolling interest |  |  |  |  |  |  | (4,508) |  |  |  |  |  |  |  |  |  | (4,508) |  |
Pro rata NOI from unconsolidated joint ventures |  |  |  | 578 |  |  |  | 8,558 |  |  |  |  |  |  |  |  |  | 9,136 |  |
Pro rata net operating income | $ | 3,053 |  |  |  | 880 |  |  |  | 13,937 |  |  |  | 10,705 |  |  |  | — |  |  |  | 28,575 |  |

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Pro rata Net Operating Income Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nine months ended 09/30/24 (in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Industrial and Commercial Segment |  | Development Segment |  | Multifamily Segment |  | Mining Royalties Segment |  | Unallocated Corporate Expenses |  | FRP Holdings Totals
Net income (loss) | $ | 1,222 |  |  |  | (2,498) |  |  |  | (3,951) |  |  |  | 5,884 |  |  |  | 4,116 |  |  |  | 4,773 |  |
Income tax allocation | 376 |  |  |  | (767) |  |  |  | (1,224) |  |  |  | 1,808 |  |  |  | 1,550 |  |  |  | 1,743 |  |
Income (loss) before income taxes | 1,598 |  |  |  | (3,265) |  |  |  | (5,175) |  |  |  | 7,692 |  |  |  | 5,666 |  |  |  | 6,516 |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized rents | 12 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12 |  |
Interest income |  |  |  | 2,995 |  |  |  |  |  |  |  |  |  | 5,800 |  |  |  | 8,795 |  |
Plus: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized rents | — |  |  |  | — |  |  |  | — |  |  |  | 1,765 |  |  |  | — |  |  |  | 1,765 |  |
Professional fees | — |  |  |  | — |  |  |  | 15 |  |  |  | — |  |  |  | — |  |  |  | 15 |  |
Equity in loss of joint ventures | — |  |  |  | 2,081 |  |  |  | 6,466 |  |  |  | 35 |  |  |  | — |  |  |  | 8,582 |  |
Interest expense | — |  |  |  | — |  |  |  | 2,348 |  |  |  | — |  |  |  | 134 |  |  |  | 2,482 |  |
Depreciation/amortization | 1,083 |  |  |  | 128 |  |  |  | 5,947 |  |  |  | 471 |  |  |  | — |  |  |  | 7,629 |  |
General and administrative | 886 |  |  |  | 4,281 |  |  |  | 788 |  |  |  | 928 |  |  |  | — |  |  |  | 6,883 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |
Net operating income (loss) | 3,555 |  |  |  | 230 |  |  |  | 10,389 |  |  |  | 10,891 |  |  |  | — |  |  |  | 25,065 |  |
NOI of noncontrolling interest | — |  |  |  | — |  |  |  | (4,727) |  |  |  | — |  |  |  | — |  |  |  | (4,727) |  |
Pro rata NOI from unconsolidated joint ventures | — |  |  |  | 469 |  |  |  | 8,229 |  |  |  | — |  |  |  | — |  |  |  | 8,698 |  |
Pro rata net operating income | $ | 3,555 |  |  |  | 699 |  |  |  | 13,891 |  |  |  | 10,891 |  |  |  | — |  |  |  | 29,036 |  |

| THREE MONTHS ENDED |  | NINE MONTHS ENDED |
| SEPTEMBER 30 |  | SEPTEMBER 30 |
| 2025 |  | 2024 |  | 2025 | 2024
Reconciliation of net Income to adjusted net income: |  |  |  |  |  |  |  |
Net income attributable to the Company | $ | 662 |  |  | $ | 1,361 |  |  | $ | 2,950 |  |  | $ | 4,706 |  |
Adjustments related to Altman acquisition expenses: |  |  |  |  |  |  |  |
Operating expenses | 1,263 |  |  | — |  |  | 1,975 |  |  | — |  |
General and administrative | 18 |  |  | — |  |  | 18 |  |  | — |  |
Total adjustments to net income before income taxes | 1,281 |  |  | — |  |  | 1,993 |  |  | — |  |
Income tax effect on non-GAAP adjustment | (301) |  |  | — |  |  | (468) |  |  | — |  |
Adjusted net income attributable to the Company | $ | 1,642 |  |  | $ | 1,361 |  |  | $ | 4,475 |  |  | $ | 4,706 |  |
Reconciliation of NOI to adjusted NOI: |  |  |  |  |  |  |  |
Pro rata net operating income | $ | 9,523 |  |  | $ | 11,272 |  |  | $ | 28,575 |  |  | $ | 29,036 |  |
Minimum royalty payment applicable to prior 24 months | — |  |  | (1,853) |  |  | — |  |  | (1,853) |  |
Adjusted pro rata net operating income | $ | 9,523 |  |  | $ | 9,419 |  |  | $ | 28,575 |  |  | $ | 27,183 |  |

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Critical Accounting Policies – Management’s Discussion and Analysis of Financial Condition and Results of Operations is based upon our condensed consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP”). The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions that could affect the reported amounts in our condensed consolidated financial statements. Actual results could differ
from these estimates. Please refer to the section of our Annual Report on Form 10-K for the year ended December 31, 2024, entitled "Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies” for a discussion of our critical accounting policies. During the nine months ended September 30, 2025, there were no material changes to these policies.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS
Interest Rate Risk - We are exposed to the impact of interest rate changes through our variable-rate borrowings under our Credit Agreement with Wells Fargo and our variable rate construction/stabilization loans.
Applicable margin for borrowings at September 30, 2025 under the Wells Fargo Credit Agreement was Daily simple SOFR plus 2.25%. and under our variable rate construction/stabilization loans was Daily SOFR plus 2.75%.
The Company did not have a material amount of variable rate debt at September 30, 2025, so a sensitivity analysis was not performed to determine the impact of hypothetical changes in interest rates on the Company’s results of operations and cash flows.
ITEM 4. CONTROLS AND PROCEDURES
CONCLUSION REGARDING THE EFFECTIVENESS OF DISCLOSURE CONTROLS AND PROCEDURES
The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company’s reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Company’s Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosure.
The Company also maintains a system of internal accounting controls over financial reporting that are designed to provide reasonable assurance to the Company’s management and Board of Directors regarding the preparation and fair presentation of published financial statements.
All control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving the desired control objectives.
As of September 30, 2025, the Company, under the supervision and with the participation of the Company's management, including the CEO, CFO and CAO, carried out an evaluation of the effectiveness of the design and operation of the Company's disclosure controls and procedures. Based on this evaluation, the Company’s CEO, CFO and CAO concluded that the Company's disclosure controls and procedures are effective in alerting them in a timely manner to material information required to be included in periodic SEC filings.
There have been no changes in the Company’s internal controls over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II. OTHER INFORMATION
Item 1A. RISK FACTORS
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, which could materially affect our business, financial condition or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.
Item 2. PURCHASES OF EQUITY SECURITIES BY THE ISSUER

Period |  | Total Number of Shares Purchased |  | Average Price Paid per Share |  | Total Number of Shares Purchased As Part of Publicly Announced Plans or Programs |  | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1)
July 1 through July 31 |  | — |  | $ | — |  |  | — |  |  | $ | 7,363,000 |  |
August 1 through August 31 |  | — |  | $ | — |  |  | — |  |  | $ | 7,363,000 |  |
September 1 through September 30 |  | — |  | $ | — |  |  | — |  |  | $ | 7,363,000 |  |
Total |  | — |  | $— |  | — |  |  |  |

(1)On February 4, 2015, the Board of Directors authorized management to expend up to $5,000,000 to repurchase shares of the Company’s common stock from time to time as opportunities arise. On December 5, 2018, the Board of Directors approved a $10,000,000 increase in the Company’s stock repurchase authorization. On August 5, 2019, the Board of Directors approved a $10,000,000 increase in the Company’s stock repurchase authorization. On May 6, 2020, the Board of Directors approved a $10,000,000 increase in the Company’s stock repurchase authorization. On August 26, 2020, the Board of Directors approved a $10,000,000 increase in the Company’s stock repurchase authorization.
Item 6. EXHIBITS
(a)Exhibits. The response to this item is submitted as a separate Section entitled "Exhibit Index", on page 34.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

|  | FRP Holdings, Inc. |
Date: November 7, 2025 | By | JOHN D. BAKER III |
|  | John D. Baker III |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |
| By | MATTHEW C. MCNULTY |
|  | Matthew C. McNulty |
|  | Chief Financial Officer & Treasurer |
|  | (Principal Financial Officer) |
| By | JOHN D. KLOPFENSTEIN |
|  | John D. Klopfenstein |
|  | Controller and Chief Accounting |
|  | Officer (Principal Accounting Officer) |

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FRP HOLDINGS, INC.
FORM 10-Q FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025
EXHIBIT INDEX

(31)(a) | Certification of John D. Baker III.
(31)(b) | Certification of Matthew C. McNulty
(31)(c) | Certification of John D. Klopfenstein.
(32) | Certification of Chief Executive Officer, Chief Financial Officer, and Controller and Chief Accounting Officer under Section 906 of the Sarbanes-Oxley Act of 2002.
101.XSD | XBRL Taxonomy Extension Schema
101.CAL | XBRL Taxonomy Extension Calculation Linkbase
101.DEF | XBRL Taxonomy Extension Definition Linkbase
101.LAB | XBRL Taxonomy Extension Label Linkbase
101.PRE | XBRL Taxonomy Extension Presentation Linkbase
104. | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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