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Investments in Joint Ventures (Tables) | 3 Months Ended
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Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Investments in Unconsolidated Joint Ventures | 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) |
Schedule of Investments in Multifamily Joint Ventures | 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 |  |
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 |  |
Schedule of Investments in Joint Ventures |
|  | 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 |  |
|  |  | 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 |
Schedule of Income Statements of Bryant Street Partnerships | 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) |
Schedule of Income Statements of Greenville Partnerships | 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) |
Schedule of Income Statements of Verge Partnership | 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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