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Investments in Joint Ventures | 3 Months Ended
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Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Joint Ventures | 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” a long with $921,000 in Other liabilities on the balance sheet and “Equity in loss of joint ventures” on the income statement. The assets of 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 March 31, 2026 |  |  |  |  |  |  |  |  |
Brooksville Quarry, LLC | 50.00 | % |  | $ | 7,517 |  |  | 14,400 |  |  | (24) |  |  | (12) |
BC FRP Realty, LLC | 50.00 | % |  | 5,103 |  |  | 23,738 |  |  | 144 |  |  | 72 |
Buzzard Point Sponsor, LLC | 50.00 | % |  | 2,678 |  |  | 5,356 |  |  | — |  |  | — |
Bryant Street Partnerships | 72.10 | % |  | 57,873 |  |  | 183,718 |  |  | (2,176) |  |  | (1,693) |
Industrial Partnerships | 9.63 | % |  | 8,428 |  |  | 119,975 |  |  | (387) |  |  | (39) |
Lending ventures |  |  | 16,575 |  |  | 13,200 |  |  | — |  |  | — |
Estero Partnership | 16.00 | % |  | 9,371 |  |  | 75,795 |  |  | — |  |  | — |
The Verge Partnership | 61.37 | % |  | 33,529 |  |  | 120,877 |  |  | (1,135) |  |  | (697) |
Greenville Partnerships | 58.47 | % |  | 13,070 |  |  | 115,144 |  |  | (615) |  |  | (246) |
Total |  |  | $ | 154,144 |  |  | 672,203 |  |  | (4,193) |  |  | (2,615) |
The major classes of assets, liabilities and equity of the Company’s Investments in unconsolidated Joint Ventures as of March 31, 2026 are summarized in the following two tables (in thousands):
| As of March 31, 2026 |  |
| Buzzard Point Sponsor, LLC |  | Bryant Street Partnerships |  | Estero Partnership |  | Verge Partnership |  | Greenville Partnerships |  | Total Multifamily JV’s |
Investments in real estate, net | $ | 0 |  |  | 172,986 |  |  | 70,448 |  |  | 118,898 |  |  | 112,715 |  |  | $ | 475,047 |  |
Cash and restricted cash | 0 |  |  | 2,521 |  |  | 5,111 |  |  | 1,463 |  |  | 2,172 |  |  | 11,267 |  |
Unrealized rents & receivables | 0 |  |  | 7,042 |  |  | 236 |  |  | 420 |  |  | 116 |  |  | 7,814 |  |
Deferred costs | 5,356 |  |  | 1,169 |  |  | 0 |  |  | 96 |  |  | 141 |  |  | 6,762 |  |
Total Assets | $ | 5,356 |  |  | 183,718 |  |  | 75,795 |  |  | 120,877 |  |  | 115,144 |  |  | $ | 500,890 |  |
Secured notes payable | $ | 0 |  |  | 108,576 |  |  | 8,235 |  |  | 68,562 |  |  | 86,371 |  |  | $ | 271,744 |  |
Other liabilities | 0 |  |  | 1,927 |  |  | 5,280 |  |  | 1,263 |  |  | 4,855 |  |  | 13,325 |  |
Capital – FRP | 2,678 |  |  | 55,274 |  |  | 9,509 |  |  | 31,255 |  |  | 12,139 |  |  | 110,855 |  |
Capital – Third Parties | 2,678 |  |  | 17,941 |  |  | 52,771 |  |  | 19,797 |  |  | 11,779 |  |  | 104,966 |  |
Total Liabilities and Capital | $ | 5,356 |  |  | 183,718 |  |  | 75,795 |  |  | 120,877 |  |  | 115,144 |  |  | $ | 500,890 |  |
|  | Industrial Partnerships |  | Brooksville Quarry, LLC |  | BC FRP Realty, LLC |  | Lending Ventures |  | Multifamily JV’s |  | Grand Total |
Investments in real estate, net |  | $ | 119,215 |  |  | 14,349 |  |  | 21,633 |  |  | 13,200 |  |  | 475,047 |  |  | $ | 643,444 |  |
Cash and restricted cash |  | 760 |  |  | 44 |  |  | 1,409 |  |  | 0 |  |  | 11,267 |  |  | 13,480 |  |
Unrealized rents & receivables |  | 0 |  |  | 0 |  |  | 451 |  |  | 0 |  |  | 7,814 |  |  | 8,265 |  |
Deferred costs |  | 0 |  |  | 7 |  |  | 245 |  |  | 0 |  |  | 6,762 |  |  | 7,014 |  |
Total Assets |  | $ | 119,975 |  |  | 14,400 |  |  | 23,738 |  |  | 13,200 |  |  | 500,890 |  |  | $ | 672,203 |  |
Secured notes payable |  | $ | 46,843 |  |  | 0 |  |  | 13,580 |  |  | (3,375) |  |  | 271,744 |  |  | $ | 328,792 |  |
Other liabilities |  | 6,163 |  |  | 21 |  |  | 274 |  |  | 0 |  |  | 13,325 |  |  | 19,783 |  |
Capital – FRP |  | 7,239 |  |  | 7,517 |  |  | 4,942 |  |  | 16,575 |  |  | 110,855 |  |  | 147,128 |  |
Capital – Third Parties |  | 59,730 |  |  | 6,862 |  |  | 4,942 |  |  | 0 |  |  | 104,966 |  |  | 176,500 |  |
Total Liabilities and Capital |  | $ | 119,975 |  |  | 14,400 |  |  | 23,738 |  |  | 13,200 |  |  | 500,890 |  |  | $ | 672,203 |  |
The Company’s capital recorded by the unconsolidated Joint Ventures is $7,016,000 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, 2025 are summarized in the following two tables (in thousands):
| As of December 31, 2025 |  |
| Buzzard Point Sponsor, LLC |  | Bryant Street Partnership |  | Estero Partnership |  | Verge Partnership |  | Greenville Partnership |  | Total Multifamily JV’s |
Investments in real estate, net | $ | 0 |  |  | 174,479 |  |  | 59,843 |  |  | 119,954 |  |  | 107,656 |  |  | $ | 461,932 |  |
Cash and restricted cash | 0 |  |  | 3,643 |  |  | 7,406 |  |  | 1,728 |  |  | 3,109 |  |  | 15,886 |  |
Unrealized rents & receivables | 0 |  |  | 6,783 |  |  | 235 |  |  | 374 |  |  | 92 |  |  | 7,484 |  |
Deferred costs | 5,138 |  |  | 1,284 |  |  | 0 |  |  | 138 |  |  | 201 |  |  | 6,761 |  |
Total Assets | $ | 5,138 |  |  | 186,189 |  |  | 67,484 |  |  | 122,194 |  |  | 111,058 |  |  | $ | 492,063 |  |
Secured notes payable | $ | 0 |  |  | 108,760 |  |  | 8,235 |  |  | 68,498 |  |  | 81,865 |  |  | $ | 267,358 |  |
Other liabilities | 0 |  |  | 2,363 |  |  | 3,331 |  |  | 1,509 |  |  | 4,660 |  |  | 11,863 |  |
Capital – FRP | 2,569 |  |  | 56,735 |  |  | 6,828 |  |  | 31,952 |  |  | 12,385 |  |  | 110,469 |  |
Capital – Third Parties | 2,569 |  |  | 18,331 |  |  | 49,090 |  |  | 20,235 |  |  | 12,148 |  |  | 102,373 |  |
Total Liabilities and Capital | $ | 5,138 |  |  | 186,189 |  |  | 67,484 |  |  | 122,194 |  |  | 111,058 |  |  | $ | 492,063 |  |
|  |  | As of December 31, 2025 |  |
| Industrial Partnerships |  | Brooksville Quarry, LLC |  | BC FRP Realty, LLC |  | Lending Ventures |  | Multifamily JV’s |  | Grand Total
Investments in real estate, net | $ | 119,215 |  |  | $ | 14,350 |  |  | 21,539 |  |  | 11,318 |  |  | 461,932 |  |  | $ | 628,354 |
Cash and restricted cash | 760 |  |  | 53 |  |  | 1,347 |  |  | 0 |  |  | 15,886 |  |  | 18,046 |
Unrealized rents & receivables | 0 |  |  | 0 |  |  | 548 |  |  | 0 |  |  | 7,484 |  |  | 8,032 |
Deferred costs | 0 |  |  | 1 |  |  | 325 |  |  | 0 |  |  | 6,761 |  |  | 7,087 |
Total Assets | $ | 119,975 |  |  | $ | 14,404 |  |  | 23,759 |  |  | 11,318 |  |  | 492,063 |  |  | $ | 661,519 |
Secured notes payable | $ | 46,843 |  |  | $ | 0 |  |  | 13,731 |  |  | (3,484) |  |  | 267,358 |  |  | $ | 324,448 |
Other liabilities | 6,163 |  |  | 0 |  |  | 288 |  |  | 0 |  |  | 11,863 |  |  | 18,314 |
Capital – FRP | 7,239 |  |  | 7,530 |  |  | 4,870 |  |  | 14,802 |  |  | 110,469 |  |  | 144,910 |
Capital - Third Parties | 59,730 |  |  | 6,874 |  |  | 4,870 |  |  | 0 |  |  | 102,373 |  |  | 173,847 |
Total Liabilities and Capital | $ | 119,975 |  |  | $ | 14,404 |  |  | 23,759 |  |  | 11,318 |  |  | 492,063 |  |  | $ | 661,519 |
The amount of consolidated retained earnings (accumulated deficit) for these joint ventures was $(39,478,000) and $(37,478,000) as of March 31, 2026 and December 31, 2025, 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
| Three months ended |  | Three months ended |  | Three months ended |  | Three months ended
| March 31, |  | March 31, |  | March 31, |  | March 31,
| 2026 |  | 2025 |  | 2026 |  | 2025
Lease revenue | 3,836 |  |  | 4,042 |  |  | 2,765 |  |  | 2,914 |
Depreciation and amortization | 1,767 |  |  | 1,659 |  |  | 1,274 |  |  | 1,196 |
Operating expenses | 1,622 |  |  | 1,453 |  |  | 1,171 |  |  | 1,049 |
Property taxes | 282 |  |  | 317 |  |  | 203 |  |  | 228 |
Cost of operations | 3,671 |  |  | 3,429 |  |  | 2,648 |  |  | 2,473 |
Total operating profit | 165 |  |  | 613 |  |  | 117 |  |  | 441 |
Interest expense | (2,341) |  |  | (2,307) |  |  | (1,810) |  |  | (1,697) |
Net loss before tax | $ | (2,176) |  |  | $ | (1,694) |  |  | $ | (1,693) |  |  | $ | (1,256) |
Interest expense for the three months ended March 31, 2026 and 2025 for the the Company share includes $124,000 loan guarantee expense. 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
| Three months ended |  | Three months ended |  | Three months ended |  | Three months ended
| March 31, |  | March 31, |  | March 31, |  | March 31,
| 2026 |  | 2025 |  | 2026 |  | 2025
Lease revenue | 2,695 |  |  | 2,599 |  |  | 1,078 |  |  | 1,040 |
Depreciation and amortization | 879 |  |  | 878 |  |  | 352 |  |  | 352 |
Operating expenses | 728 |  |  | 676 |  |  | 291 |  |  | 270 |
Property taxes | 525 |  |  | 491 |  |  | 210 |  |  | 196 |
Cost of operations | 2,132 |  |  | 2,045 |  |  | 853 |  |  | 818 |
Total operating profit | 563 |  |  | 554 |  |  | 225 |  |  | 222 |
Interest expense | (1,178) |  |  | (1,216) |  |  | (471) |  |  | (487) |
Net loss before tax | $ | (615) |  |  | $ | (662) |  |  | $ | (246) |  |  | $ | (265) |
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
| Three months ended |  | Three months ended |  | Three months ended |  | Three months ended
| March 31, |  | March 31, |  | March 31, |  | March 31,
| 2026 |  | 2025 |  | 2026 |  | 2025
Lease revenue | 2,180 |  |  | 2,273 |  |  | 1,338 |  |  | 1,395 |
Depreciation and amortization | 1,059 |  |  | 1,053 |  |  | 650 |  |  | 646 |
Operating expenses | 835 |  |  | 751 |  |  | 512 |  |  | 461 |
Property taxes | 334 |  |  | 326 |  |  | 205 |  |  | 200 |
Cost of operations | 2,228 |  |  | 2,130 |  |  | 1,367 |  |  | 1,307 |
Total operating profit/(loss) | (48) |  |  | 143 |  |  | (29) |  |  | 88 |
Interest expense | (1,087) |  |  | (1,070) |  |  | (668) |  |  | (657) |
Net loss before tax | $ | (1,135) |  |  | $ | (927) |  |  | $ | (697) |  |  | $ | (569) |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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