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Investments in Joint Ventures (Tables)

3 Months Ended

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)