<SEC-DOCUMENT>0000844059-26-000026.txt : 20260331
<SEC-HEADER>0000844059-26-000026.hdr.sgml : 20260331
<ACCEPTANCE-DATETIME>20260331170155
ACCESSION NUMBER:		0000844059-26-000026
CONFORMED SUBMISSION TYPE:	NT 10-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251231
FILED AS OF DATE:		20260331
DATE AS OF CHANGE:		20260331
EFFECTIVENESS DATE:		20260331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRP HOLDINGS, INC.
		CENTRAL INDEX KEY:			0000844059
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				472449198
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NT 10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36769
		FILM NUMBER:		26823171

	BUSINESS ADDRESS:	
		STREET 1:		200 W. FORSYTH ST.
		STREET 2:		7TH FLOOR
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32202
		BUSINESS PHONE:		9043965733

	MAIL ADDRESS:	
		STREET 1:		200 W. FORSYTH ST.
		STREET 2:		7TH FLOOR
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PATRIOT TRANSPORTATION HOLDING INC
		DATE OF NAME CHANGE:	20010425

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FRP PROPERTIES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>NT 10-K
<SEQUENCE>1
<FILENAME>form12b-25xntform10xkfy2025.htm
<DESCRIPTION>NT 10-K
<TEXT>
<html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2026 Workiva -->
<title>Document</title></head><body><div id="i9b17783363f146c3a06767ae4da9cd9c_1"></div><div style="min-height:72pt;width:100%"><div style="margin-bottom:10pt"><font><br></font></div></div><div style="padding-right:-2.22pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:16pt;font-weight:700;line-height:120%">UNITED STATES</font></div><div style="margin-top:0.05pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:16pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="margin-top:0.4pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:120%">WASHINGTON, D.C. 20549</font></div><div><font><br></font></div><div style="margin-top:0.25pt"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:16pt;font-weight:700;line-height:120%">FORM 12b-25</font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">NOTIFICATION OF LATE FILING</font></div><div style="margin-top:0.85pt"><font><br></font></div><div style="padding-right:-1pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">(</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Check One</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">)&#58; &#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9746; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">Form 10-K    </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9744; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">Form 20-F    </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9744; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">Form 11-K    </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9744; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">Form 10-Q &#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9744; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">Form 10-D&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9744; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">Form N-CEN </font></div><div style="padding-left:36pt;padding-right:-1pt;text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9744; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">Form N-CSR</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">Commission File Number&#58; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:120%;text-decoration:underline">001-36769</font></div><div style="margin-top:0.2pt"><font><br></font></div><div style="padding-left:173pt;padding-right:-1pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">For Period Ended&#58; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:120%;text-decoration:underline">December 31, 2025</font></div><div style="margin-top:0.45pt"><font><br></font></div><div style="padding-left:171.35pt;padding-right:-1pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9744; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">Transition Report on Form 10-K</font></div><div style="padding-left:171.35pt;padding-right:-1pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9744; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">Transition Report on Form 20-F</font></div><div style="padding-left:171.35pt;padding-right:-1pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9744; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">Transition Report on Form 11-K</font></div><div style="padding-left:171.35pt;padding-right:-1pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9744; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">Transition Report on Form 10-Q</font></div><div style="padding-left:171.35pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9744; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">Transition Report on Form N-SAR </font></div><div style="padding-left:171.35pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">For the Transaction Period Ended&#58; __________________</font></div><div style="padding-left:171.35pt"><font><br></font></div><div style="margin-bottom:10pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:5.02pt;padding-right:5.02pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Read Instruction (on back page) Before Preparing Form. Please Print or Type.</font></div><div style="padding-right:-6.23pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:120%">Nothing in this form shall be construed to imply that the commission has verified any information contained herein.</font></div></td></tr></table></div><div><font><br></font></div><div style="padding-right:-1pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates&#58;</font></div><div><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:700;line-height:120%">PART I &#8212; REGISTRANT INFORMATION</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:20pt;font-weight:700;line-height:120%">FRP HOLDINGS, INC.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Full Name of Registrant</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">N&#47;A</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Former Name if Applicable</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">200 W. Forsyth Street, 7th Floor</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Address of Principal Executive Office (Street and Number)</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Jacksonville, Florida 32202</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">City, State and Zip Code</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">PART II &#8212; RULES 12b-25(b) AND (c)</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)</font></div><div style="padding-left:54pt;padding-right:26pt"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:10pt"><font><br></font></div></div><div style="margin-bottom:10pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:4.708%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:93.092%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-top:0.7pt;padding-left:2.77pt;padding-right:2.77pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:10.00pt">&#9746;</font></div></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-top:1.6pt;padding-left:20.07pt;padding-right:-2.48pt;text-align:justify;text-indent:-18pt"><font style="color:#231f20;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:7.15pt">The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense&#59;</font></div><div style="padding-left:20.07pt;padding-right:-2.48pt;text-align:justify;text-indent:-18pt"><font style="color:#231f20;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:6.69pt">The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date&#59; or the subject quarterly report of transition report on Form 10-Q, or portion thereof will be filed on or before the fifth calendar day following the prescribed due date&#59; and</font></div><div style="padding-left:20.07pt;padding-right:-2.48pt;text-align:justify;text-indent:-18pt"><font style="color:#231f20;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(c)</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:7.72pt">The accountant&#8217;s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.</font></div></td></tr></table></div><div style="margin-top:0.7pt"><font><br></font></div><div style="margin-top:1.55pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">PART III &#8212; NARRATIVE</font></div><div style="margin-top:0.5pt"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:122%">State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q, N-SAR, or the transition report or portion thereof, could not be filed within the prescribed time period.</font></div><div style="margin-top:0.95pt"><font><br></font></div><div style="padding-right:2.55pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:122%">FRP Holdings, Inc. (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:122%">Company</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:122%">&#8221;) has determined that it is unable, without unreasonable effort or expense, to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:122%">Form 10-K</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:122%">&#8221;) by the prescribed due date. The Company requires additional time to finalize its consolidated financial statements and related disclosures, and the auditor requires additional time to complete the audit of the Company&#8217;s consolidated financial statements as of and for the year ended December 31, 2025. The Company anticipates that it will file its Form 10-K within the fifteen-day grace period provided by Rule 12b-25 under the Securities Exchange Act of 1934, as amended. This delay in filing is not the result of any disagreements with the Company&#8217;s independent auditors on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.</font></div><div style="padding-right:2.55pt;text-align:justify"><font><br></font></div><div style="padding-right:2.55pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:122%">In accordance with Rule 12b-25 of the Securities Exchange Act of 1934, the Registrant will file its Form 10-K no later than the fifteenth calendar day following the prescribed due date. </font></div><div style="padding-right:2.55pt;text-align:justify"><font><br></font></div><div style="padding-right:2.55pt;text-align:justify"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">PART IV &#8212; OTHER INFORMATION</font></div><div style="margin-top:0.85pt"><font><br></font></div><div style="padding-left:18pt;padding-right:-1pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(1) &#160;&#160;&#160;&#160;Name and telephone number of person to contact in regard to this notification</font></div><div style="padding-left:36pt;padding-right:-1pt;text-indent:-36pt"><font><br></font></div><div style="margin-bottom:10pt;padding-left:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:92.307%"><tr><td style="width:1.0%"></td><td style="width:40.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.902%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><div style="margin-bottom:8pt;padding-left:1.38pt;padding-right:1.38pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Matthew McNulty</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">904</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><div style="margin-bottom:8pt;padding-left:1.38pt;padding-right:1.38pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">858-9100</font></div></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 2.38pt;text-align:center;vertical-align:top"><div style="margin-bottom:8pt;padding-left:1.38pt;padding-right:1.38pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(Name)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 2.38pt;text-align:center;vertical-align:top"><div style="margin-bottom:8pt;padding-left:1.38pt;padding-right:1.38pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(Area Code)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 2.38pt;text-align:center;vertical-align:top"><div style="margin-bottom:8pt;padding-left:1.38pt;padding-right:1.38pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(Telephone Number)</font></div></td></tr></table></div><div style="padding-left:36pt;padding-right:-1pt"><font><br></font></div><div style="padding-left:36pt;padding-right:18.55pt;text-indent:-36pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:119%">(2) &#160;&#160;&#160;&#160;Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed&#63; If answer is no, identify report(s).    </font></div><div style="padding-left:41.2pt;padding-right:18.55pt;text-indent:-0.7pt"><font><br></font></div><div style="padding-left:360pt;padding-right:18.55pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:119%">&#9746;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:119%"> Yes    </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:119%">&#9744;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:119%"> No</font></div><div><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:12.30pt">(3) &#160;&#160;&#160;&#160;Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof&#63;    </font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:360pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.30pt">&#9746; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:12.30pt">Yes     </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.30pt">&#9744;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:12.30pt"> No</font></div><div style="margin-top:0.05pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:122%">If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:122%">For the fourth quarter of 2025, the Company expects to report a $1.3M decrease in net income versus the fourth quarter of 2024 ($0.4 million vs $1.7 million) due to expenses related to the Altman Logistics platform acquisition ($0.5 million), increased general and administrative expenses due to the Altman new hires, </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:10pt"><font><br></font></div></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:122%">underperformance at Dock and Maren, industrial vacancies and added depreciation at Chelsea partially offset by higher mining royalties and improved results in Equity in Loss of Joint Ventures.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:122%">For the full year, the Company expects to report a $3.1M decrease in Net Income ($3.3 million vs $6.4 million) primarily due to $2.5 million of expenses related to acquiring the Altman Logistics platform.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="margin-top:0.45pt"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">FRP Holdings, Inc.</font></div><div style="margin-top:0.55pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(Name of Registrant as Specified in Charter)</font></div><div style="margin-top:0.2pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:24.60pt">has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized. </font></div><div style="margin-bottom:10pt"><font><br></font></div><div style="margin-bottom:10pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:3.852%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:43.788%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.094%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.866%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Date&#58;</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">March 31, 2026</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">By&#58;</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:125%">&#47;s&#47; Matthew McNulty</font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-right:-2.63pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Name&#58; Matthew McNulty</font></div><div style="padding-right:-2.63pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Title&#58; Chief Financial Officer </font></div></td></tr></table></div><div style="margin-bottom:8pt"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
