{"url_path":"/sec/frph/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-14","source_url":"https://www.sec.gov/Archives/edgar/data/844059/0000844059-26-000069-index.html","accession_number":"0000844059-26-000069","cik":"0000844059","ticker":"FRPH","issuer_name":"FRP HOLDINGS, INC.","edgar_url":"https://www.sec.gov/Archives/edgar/data/844059/0000844059-26-000069-index.html","primary_entity_key":"0000844059","primary_entity_name":"FRP HOLDINGS, 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of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n_____________________\n\nFORM 10-Q\n\n_____________________\n\n(Mark One)\n\n[X ]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)\n OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nor\n\n[_]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)\n OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from_________ to _________\n\nCommission File Number: 001-36769\n\n_____________________\n\nFRP HOLDINGS, INC.\n\n(Exact name of registrant as specified in its charter)\n\n_____________________\n\nFlorida47-2449198\n\n(State or other jurisdiction of\nincorporation or organization)(I.R.S. Employer Identification No.)\n\n200 W. Forsyth St., 7th Floor,\n\nJacksonville,FL\n32202\n\n(Address of principal executive offices)(Zip Code)\n\n904- 858-9100\n\n(Registrant’s telephone number, including area code)\n\nTitle of each classTrading SymbolName of each exchange on which registered\n\nCommon Stock, $.10 par valueFRPHNASDAQ\n\nIndicate 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 [_]\n\nIndicate 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 [_]\n\nIndicate 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.\n\nLarge accelerated filer [_]Accelerated filer [_]\n\nNon-accelerated filer [x]\n\nSmaller reporting company [x]\n\nEmerging growth company [_]\n\nIf 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. [_]\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [_] No [x]\n\nIndicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.\n\nClass\nOutstanding at May 13, 2026\n\nCommon Stock, $.10 par value per share\n19,170,275 shares\n\n1\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\nFRP HOLDINGS, INC.\n\nFORM 10-Q\n\nQUARTER ENDED MARCH 31, 2026\n\nCONTENTS\n\nPage No.\n\n[Preliminary Note Regarding Forward-Looking Statements](#if70e202bc16341cd97d08b06df73fbe1_10)\n\n[3](#if70e202bc16341cd97d08b06df73fbe1_10)\n\n[Part I. Financial Information](#if70e202bc16341cd97d08b06df73fbe1_13)\n\n[Item 1.](#if70e202bc16341cd97d08b06df73fbe1_16)\n\n[Financial Statements](#if70e202bc16341cd97d08b06df73fbe1_16)\n\n[Consolidated Balance Sheets](#if70e202bc16341cd97d08b06df73fbe1_19)\n\n[4](#if70e202bc16341cd97d08b06df73fbe1_19)\n\n[Consolidated Statements of Income](#if70e202bc16341cd97d08b06df73fbe1_22)\n\n[5](#if70e202bc16341cd97d08b06df73fbe1_22)\n\n[Consolidated Statements of Comprehensive Income](#if70e202bc16341cd97d08b06df73fbe1_25)\n\n[6](#if70e202bc16341cd97d08b06df73fbe1_25)\n\n[Consolidated Statements of Cash Flows](#if70e202bc16341cd97d08b06df73fbe1_28)\n\n[7](#if70e202bc16341cd97d08b06df73fbe1_28)\n\n[Consolidated Statements of Shareholders’ Equity](#if70e202bc16341cd97d08b06df73fbe1_31)\n\n[8](#if70e202bc16341cd97d08b06df73fbe1_31)\n\n[Condensed Notes to Consolidated Financial Statements](#if70e202bc16341cd97d08b06df73fbe1_34)\n\n[9](#if70e202bc16341cd97d08b06df73fbe1_34)\n\n[Item 2.](#if70e202bc16341cd97d08b06df73fbe1_70)\n\n[Management's Discussion and Analysis of Financial Condition and Results of Operations](#if70e202bc16341cd97d08b06df73fbe1_70)\n\n[22](#if70e202bc16341cd97d08b06df73fbe1_70)\n\n[Item 3.](#if70e202bc16341cd97d08b06df73fbe1_88)\n\n[Quantitative and Qualitative Disclosures about Market Risks](#if70e202bc16341cd97d08b06df73fbe1_88)\n\n[40](#if70e202bc16341cd97d08b06df73fbe1_88)\n\n[Item 4.](#if70e202bc16341cd97d08b06df73fbe1_91)\n\n[Controls and Procedures](#if70e202bc16341cd97d08b06df73fbe1_91)\n\n[41](#if70e202bc16341cd97d08b06df73fbe1_91)\n\n[Part II. Other Information](#if70e202bc16341cd97d08b06df73fbe1_94)\n\n[Item 1A.](#if70e202bc16341cd97d08b06df73fbe1_97)\n\n[Risk Factors](#if70e202bc16341cd97d08b06df73fbe1_97)\n\n[42](#if70e202bc16341cd97d08b06df73fbe1_97)\n\n[Item 2.](#if70e202bc16341cd97d08b06df73fbe1_100)\n\n[Purchase of Equity Securities by the Issuer](#if70e202bc16341cd97d08b06df73fbe1_100)\n\n[42](#if70e202bc16341cd97d08b06df73fbe1_100)\n\n[Item 6.](#if70e202bc16341cd97d08b06df73fbe1_103)\n\n[Exhibits](#if70e202bc16341cd97d08b06df73fbe1_103)\n\n[42](#if70e202bc16341cd97d08b06df73fbe1_103)\n\n[Signatures](#if70e202bc16341cd97d08b06df73fbe1_106)\n\n[43](#if70e202bc16341cd97d08b06df73fbe1_106)\n\n[Exhibit 31](#ib653a1aa85c34610b13d221250547e37_0-1-1-1-45749)\n\n[Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](#ib653a1aa85c34610b13d221250547e37_0-1-1-1-45749)\n\n[45](#ib653a1aa85c34610b13d221250547e37_0-1-1-1-45749)\n\n[Exhibit 32](#ib653a1aa85c34610b13d221250547e37_3-1-1-1-45749)\n\n[Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](#ib653a1aa85c34610b13d221250547e37_3-1-1-1-45749)\n\n[45](#ib653a1aa85c34610b13d221250547e37_3-1-1-1-45749)\n\n2\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\nPreliminary Note Regarding Forward-Looking Statements.\n\nThis 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; 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.    \n\n3\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\nPART I. FINANCIAL INFORMATION, ITEM 1. FINANCIAL STATEMENTS\n\nFRP HOLDINGS, INC. AND SUBSIDIARIES\n\nCONSOLIDATED BALANCE SHEETS\n\n(Unaudited) (In thousands, except share data)\n\nAssets:March 31\n2026December 31\n2025\n\nReal estate investments at cost:\n\nLand$182,887 182,936 \n\nBuildings and improvements 310,168 309,132 \n\nProjects under construction57,354 45,032 \n\nTotal investments in properties550,409 537,100 \n\nLess accumulated depreciation and depletion91,412 88,558 \n\nNet investments in properties458,997 448,542 \n\nReal estate held for investment, at cost12,741 12,626 \n\nInvestments in joint ventures155,065 153,084 \n\nNet real estate investments626,803 614,252 \n\nCash, cash equivalents and restricted cash including $10,889 and $11,394 of restricted cash at March 31, 2026 and December 31, 2025, respectively\n107,859 105,361 \n\nAccounts receivable, net1,950 1,874 \n\nFederal and state income taxes receivable1,279 1,071 \n\nUnrealized rents1,299 1,264 \n\nDeferred costs3,637 3,768 \n\nGoodwill\n6,893 6,893 \n\nOther assets669 662 \n\nTotal assets$750,389 735,145 \n\nLiabilities:\n\nNotes payable, net$203,916 192,554 \n\nAccounts payable and accrued liabilities17,122 12,148 \n\nOther liabilities2,407 2,317 \n\nDeferred revenue3,401 3,356 \n\nDeferred income taxes66,901 66,900 \n\nDeferred compensation1,546 1,524 \n\nTenant security deposits699 689 \n\nTotal liabilities295,992 279,488 \n\nCommitments and contingencies\n\nEquity:\n\nCommon stock, $.10 par value\n\n25,000,000 shares authorized,\n\n19,170,275 and 19,109,541 shares issued\n\nand outstanding, respectively\n1,917 1,911 \n\nCapital in excess of par value71,730 71,368 \n\nRetained earnings354,523 355,210 \n\nAccumulated other comprehensive income, net8 24 \n\nTotal shareholders’ equity428,178 428,513 \n\nNoncontrolling interests26,219 27,144 \n\nTotal equity454,397 455,657 \n\nTotal liabilities and equity$750,389 735,145 \n\nSee accompanying notes.\n\n4\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\nFRP HOLDINGS, INC. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF INCOME\n\n(In thousands except per share amounts)\n\n(Unaudited)\n\nTHREE MONTHS ENDED\n\nMARCH 31,\n\n20262025\n\nRevenues:\n\nLease revenue$6,713 7,072 \n\nMining royalty and rents3,717 3,234 \n\nJoint venture management fee revenue\n164 — \n\nTotal revenues10,594 10,306 \n\nCost of operations:\n\nDepreciation/depletion/amortization2,842 2,607 \n\nOperating expenses2,130 1,859 \n\nProperty taxes1,025 938 \n\nGeneral and administrative4,085 2,577 \n\nTotal cost of operations10,082 7,981 \n\nTotal operating profit512 2,325 \n\nNet investment income1,688 2,561 \n\nInterest expense(708)(695)\n\nEquity in loss of joint ventures(2,615)(2,031)\n\nIncome (loss) before income taxes(1,123)2,160 \n\nProvision for income taxes(202)526 \n\nNet income (loss)(921)1,634 \n\nIncome (loss) attributable to noncontrolling interest(234)(76)\n\nNet income (loss) attributable to the Company$(687)1,710 \n\nEarnings per common share:\n\nNet income attributable to the Company-\n\nBasic$(.04).09\n\nDiluted$(.04).09\n\nNumber of shares (in thousands) used in computing:\n\n -basic earnings per common share19,01618,947\n\n -diluted earnings per common share19,03419,012\n\nSee accompanying notes.\n\n5\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\nFRP HOLDINGS, INC. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME\n\n(In thousands except per share amounts)\n\n(Unaudited)\n\nTHREE MONTHS ENDED\n\nMARCH 31\n\n20262025\n\nNet income (loss)$(921)1,634 \n\nOther comprehensive income (loss) net of tax:\n\nMinimum pension liability, net of income tax effect of $5, $3\n(16)(8)\n\nComprehensive income (loss)$(937)1,626 \n\nLess comp. income (loss) attributable to noncontrolling interests(234)(76)\n\nComprehensive income (loss) attributable to the Company$(703)1,702 \n\nSee accompanying notes\n\n6\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\nFRP HOLDINGS, INC. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n\nTHREE MONTHS ENDED MARCH 31, 2026 AND 2025\n\n(In thousands) (Unaudited)\n\n20262025\n\nCash flows from operating activities:\n\nNet income (loss)\n$(921)1,634 \n\nAdjustments to reconcile net income (loss) to net cash provided by operating activities:\n\nDepreciation, depletion and amortization3,027 2,716 \n\nDeferred income taxes1 (33)\n\nEquity in loss of joint ventures2,615 2,031 \n\nStock-based compensation368 365 \n\nNet changes in operating assets and liabilities:\n\nAccounts receivable(76)67 \n\nDeferred costs and other assets(187)(168)\n\nAccounts payable and accrued liabilities5,019 (2,610)\n\nIncome taxes payable and receivable(208)508 \n\nOther long-term liabilities32 (7)\n\nNet cash provided by operating activities9,670 4,503 \n\nCash flows from investing activities:\n\nInvestments in properties(13,424)(3,100)\n\nInvestments in joint ventures(8,370)(1,215)\n\nReturn of capital from investments in joint ventures3,863 4,780 \n\nNet cash (used in) provided by investing activities(17,931)465 \n\nCash flows from financing activities:\n\nProceeds from long-term debt11,450 718 \n\nDebt issue costs— (1,379)\n\nDistributions to noncontrolling interests\n(821)(10,736)\n\nContributions from noncontrolling interests\n130 128 \n\nNet cash (used in) provided by financing activities10,759 (11,269)\n\nNet increase (decrease) in cash, cash equivalents, and restricted cash2,498 (6,301)\n\nCash, cash equivalents and restricted cash at beginning of year105,361 149,935 \n\nCash, cash equivalents and restricted cash at end of the year$107,859 143,634 \n\nSupplemental disclosure of cash flow information:\n\nCash paid during the period for:\n\nInterest$663 $650 \n\nIncome taxes, federal\n4 — \n\n Income taxes, state\n— 15 \n\nSee accompanying notes.\n\n7\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\nFRP HOLDINGS, INC. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY\n\nTHREE MONTHS ENDED MARCH 31, 2026 AND 2025\n\n(In thousands, except share amounts) (Unaudited)\n\nCommon StockCapital in\nExcess of\nPar ValueRetained\nEarningsAccum.\nOther Comp-\nrehensive\nIncome\n(loss), netTotal\nShare\nholders’\nEquityNon-\nControlling\nInterestsTotal\nEquity\n\nSharesAmount\n\nBalance at December 31, 202519,109,541$1,911 $71,368 $355,210 $24 $428,513 $27,144 $455,657 \n\nEquity-based compensation\n—— 368 — — 368 — 368 \n\nRestricted stock award62,5246 (6)— — — — — \n\nForfeiture of restricted stock award(1,790)— — — — — — — \n\nNet income (loss)—— — (687)— (687)(234)(921)\n\nContributions from partner—— — — — — 130 130 \n\nDistributions to partners—— — — — — (821)(821)\n\nMinimum pension liability,net—— — — (16)(16)— (16)\n\nBalance at March 31, 202619,170,275$1,917 $71,730 $354,523 $8 $428,178 $26,219 $454,397 \n\nBalance at December 31, 202419,046,894$1,905 $68,876 $352,267 $55 $423,103 $46,010 $469,113 \n\nEquity-based compensation—— 365 — — 365 — 365 \n\nRestricted stock award40,4404 (4)— — — — — \n\nNet income (loss)\n—— — 1,710 — 1,710 (76)1,634 \n\nContributions from partner—— — — — — 128 128 \n\nDistributions to partners—— — — — — (10,736)(10,736)\n\nMinimum pension liability, net—— — — (8)(8)— (8)\n\nBalance at March 31, 202519,087,334$1,909 $69,237 $353,977 $47 $425,170 $35,326 $460,496 \n\n8\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\nFRP HOLDINGS, INC. AND SUBSIDIARIES\n\nCONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\n\nMARCH 31, 2026\n\n(Unaudited)\n\n(1) Description of Business and Basis of Presentation.\n\nFRP 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.\n\nThe 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, 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, and Camp Lake Venture IA, LLC includes a noncontrolling interest representing the ownership of our partners. Our consolidated financial statements included a non-controlling interest for Lakeland Logistics Park Venture, LLC and Davie Logistics Park Venture, LLC from their formation in 2024 through October 21, 2025 when we purchased the noncontrolling interest from our partner. All significant intercompany balances and transactions are eliminated in the consolidated financial statements. Certain items in the 2025 financial statements have been reclassified for comparability purposes with the 2026 financials. These reclassifications had no effect on previously reported net income or equity.\n\nThese 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 three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. 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, 2025.\n\n(2) Recently Issued Accounting Standards.\n\nIn 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.\n\n(3) Business Segments.\n\nOur 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.\n\n9\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\nThe Industrial and Commercial Segment owns, leases and manages in-service commercial properties. Currently this includes ten warehouses in three 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.\n\nOur 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 50/50 in our Brooksville joint venture with Vulcan Materials). Other than one location in Virginia, all of these properties are located in Florida and Georgia.\n\nThrough 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 were consolidated until we purchased the noncontrolling interest of Lakeland and Davie as part of the Altman Logistics acquisition on October 21, 2025. In conjunction with this acquisition, the Company assumed contracts with its real estate joint ventures to provide management services during development, construction, lease up, and stabilization. The Company recognizes Joint venture management fee revenues, net of intercompany amounts, over time using the percentage completion method based upon costs incurred to date relative to total estimated costs. The joint venture agreements provide for promote distributions in excess of the Company's percentage ownership based upon total return of the investments over certain financial hurdles (waterfalls). Promote revenues are recognized when earned under the waterfall provisions.\n\nThe 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.\n\nOur 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.\n\nOperating results and certain other financial data for the Company’s business segments are as follows (in thousands):\n\nThree Months ended\n\nMarch 31,\n\n20262025\n\nRevenues:\n\nIndustrial and commercial$1,200 1,347 \n\nMining royalty lands3,717 3,234 \n\nDevelopment482 301 \n\nMultifamily5,195 5,424 \n\n$10,594 10,306 \n\n10\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\nOperating profit (loss):\n\nBefore general and administrative expenses:\n\nIndustrial and commercial$181 643 \n\nMining royalty lands3,397 2,965 \n\nDevelopment167 85 \n\nMultifamily852 1,209 \n\nOperating profit before G&A4,597 4,902 \n\nTotal general and administrative expenses4,085 2,577 \n\n$512 2,325 \n\nInterest expense$708 $695 \n\nDepreciation, depletion and amortization:\n\nIndustrial and commercial$566 391 \n\nMining royalty lands226 178 \n\nDevelopment43 43 \n\nMultifamily2,007 1,995 \n\n$2,842 2,607 \n\nOperating expenses:\n\nIndustrial and commercial$326 233 \n\nMining royalty lands19 16 \n\nDevelopment59 25 \n\nMultifamily1,726 1,585 \n\n$2,130 1,859 \n\nProperty taxes:\n\nIndustrial and commercial$127 80 \n\nMining royalty lands75 75 \n\nDevelopment213 148 \n\nMultifamily610 635 \n\n$1,025 938 \n\nCapital expenditures:\n\nIndustrial and commercial$4 100 \n\nMining royalty lands148 48 \n\nDevelopment13,150 2,650 \n\nMultifamily122 302 \n\n$13,424 3,100 \n\n11\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\nIdentifiable net assetsMarch 31,\n2026December 31,\n2025\n\nIndustrial and commercial$62,205 62,260 \n\nMining royalty lands47,683 47,729 \n\nDevelopment204,113 187,237 \n\nMultifamily325,139 329,303 \n\nCash items107,859 105,361 \n\nUnallocated corporate assets3,390 3,255 \n\n$750,389 735,145 \n\n(4) Long-Term Debt.\n\nThe Company’s outstanding debt, net of unamortized debt issuance costs, consisted of the following (in thousands):\n\nMarch 31,\n2026December 31,\n2025\n\nFixed rate mortgage loans, 3.03% interest only, matures 4/1/2033\n$180,070 180,070 \n\nVariable rate construction/stabilization loans18,838 13,888 \n\nUnamortized debt issuance costs(1,492)(1,404)\n\nCredit agreement6,500 — \n\n$203,916 192,554 \n\nUnamortized debt issuance costs - undrawn loans included in Deferred costs in the Company's consolidated balance sheets\n$1,582 1,780 \n\nOn 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 March 31, 2026, there was $6,500,000 debt outstanding on this revolver, $410,000 outstanding under letters of credit and $43,090,000 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 was 5.88% on March 31, 2026. The credit agreement contains affirmative financial covenants and negative covenants, including a minimum tangible net worth. As of March 31, 2026, these covenants would have limited our ability to pay dividends to a maximum of $87.0 million combined.\n\nOn 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.\n\n12\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\nOn 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. The applicable rate at March 31, 2026 was 6.42%. 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.\n\nOn 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 March 31, 2026 was 6.42%. It is a three-year construction/stabilization loan with a two-year conditional extension at SOFR plus 2.25%.\n\nOn 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 1-year conditional extensions.\n\nDebt cost amortization of $109,000 and $65,000 was recorded during the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2026 and 2025 the Company capitalized interest costs of $777,000 and $744,000, respectively.\n\nThe Company was in compliance with all debt covenants as of March 31, 2026.\n\n(5) Earnings per Share.\n\nThe following details the computations of the basic and diluted earnings per common share (in thousands, except per share amounts):\n\nThree Months ended\n\nMarch 31,\n\n20262025\n\nWeighted average common shares outstanding\nduring the period – shares used for basic\nearnings per common share19,01618,947\n\nCommon shares issuable under share-based\n\npayment plans which are potentially dilutive\n1865\n\nCommon shares used for diluted\n\nearnings per common share\n19,03419,012\n\nNet income (loss) attributable to the Company$(687)1,710\n\nEarnings per common share:\n\n -basic$(.04).09\n\n -diluted$(.04).09\n\nFor the three months ended March 31, 2026 and March 31, 2025, the Company had 87,390 and 73,905 shares, respectively, of stock options outstanding which were not used in the calculation above because the effect would have been anti-dilutive.\n\n13\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\n(6) Stock-Based Compensation Plans.\n\nThe Company has two Equity Compensation Plans (the 2016 Equity Incentive Plan and it's replacement, the 2026 Equity Incentive Plan) under which outstanding stock options, restricted stock, and stock awards were granted to directors, officers and key employees. The plans permit 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 411,224 at March 31, 2026.\n\nOn October 21, 2025, 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. The Company offered the hired Altman employees project profits interests grants that can be settled in Company stock at the Company’s discretion. These interests were valued by a 3rd party specialist at $796,000 of which $344,000 was earned prior to the acquisition and treated as goodwill on the balance sheet.\n\nThe 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.\n\nThe 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.\n\nThe Company recorded the following stock compensation expense in its consolidated statements of income (in thousands):\n\nThree Months ended\n\nMarch 31,\n\n20262025\n\nStock option grants$31 $39 \n\nRestricted stock awards292 326 \n\nProfits interests grants\n45 — \n\n$368 $365 \n\n14\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\nA summary of changes in outstanding options is presented below (in thousands, except share and per share amounts):\n\nOptionsNumber\nOf\nSharesWeighted\nAverage\nExercise\nPriceWeighted\nAverage\nRemaining\nTerm (yrs)Weighted\nAverage\nGrant Date\nFair Value(000's)\n\nOutstanding at December 31, 2025160,165$25.52 4.7$1,575 \n\nTime-based awards granted\n\nPerformance-based awards granted\n\nPerformance-based awards forfeited(5,466)31.44 (67)\n\nOutstanding at March 31, 2026154,699$25.31 4.3$1,508 \n\nExercisable at March 31, 2026108,438$22.92 2.6$933 \n\nVested during three months ended\nMarch 31, 20263,716$46 \n\nThe aggregate intrinsic value of exercisable in-the-money options was $64,000 and the aggregate intrinsic value of outstanding in-the-money options was $64,000 based on the market closing price of $21.88 on March 31, 2026 less exercise prices.\n\nThe unrecognized compensation cost of options granted to FRP employees but not yet vested as of March 31, 2026 was $419,000, which is expected to be recognized over a weighted-average period of 3.0 years.\n\nA summary of changes in restricted stock awards is presented below (in thousands, except share and per share amounts):\n\nRestricted stockNumber\nOf\nSharesWeighted\nAverage\nGrant Date\nFair Value Per ShareWeighted\nAverage\nRemaining\nTerm (yrs)Weighted\nAverage\nGrant Date\nFair Value(000's)\n\nNon-vested at December 31, 202594,627$29.73 2.7$2,813 \n\nTime-based awards granted28,95222.79 660 \n\nPerformance-based awards granted33,57222.79 765 \n\nPerformance-based awards forfeited(1,790)31.44 (56)\n\nVested(4,742)31.21 (148)\n\nNon-vested at March 31, 2026150,619$26.78 3.2$4,034 \n\nTotal unrecognized compensation cost of restricted stock granted but not yet vested as of March 31, 2026 was $3,363,000 which is expected to be recognized over a weighted-average period of 3.3 years.\n\n15\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\n(7) Contingencies.\n\nThe 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 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.\n\nThe 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.\n\nAs of March 31, 2026, there was $410,000 outstanding under letters of credit. The letters of credit were issued to guarantee certain obligations to state agencies related to real estate development.\n\nThe 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.\n\nOn October 21, 2025 in conjunction with the Altman Logistics platform acquisition, FRP Guaranty, LLC (wholly owned by the Company) provided repayment, construction completion, and cost overrun guarantees to the construction lenders at Lakeland, Davie, Delray, Hamilton and Parsippany and the joint venture partners at Delray, Hamilton and Parsippany. As of March 31, 2026, the maximum amount of future payments that FRP Guaranty, LLC could be required to make under its repayment guarantees is $25.0 million on aggregate joint venture indebtedness of $121.7 million. FRP Guaranty, LLC would be required to perform on the guarantees upon a default on a construction loan by a joint venture or to ensure the completion of the construction of a joint venture project. As of March 31, 2026, FRP Guaranty, LLC has been funded with $10.0 million in cash and cash equivalents. The Company believes that the fair values of these guarantees are minimal based on various factors, including the collateral values securing the loans, the status of the applicable development projects, and current expectations regarding the probability of payments being made pursuant to such guarantees.\n\nIn November 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. Management believes that the Company is entitled to compensation in excess of the carrying value of the property. Under the applicable accounting guidance, the Company has not recognized any gain related to this matter in the consolidated financial statements. The ultimate amount and timing of any gain will depend on the final settlement with CFX and Cemex. The Company will recognize the transactions in the period in which the compensation is realized or realizable.\n\n16\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\n(8) Concentrations.\n\nThe mining royalty lands segment has a total of five tenants currently leasing mining locations and one lessee that accounted for 26.9% of the Company’s consolidated revenues during the three months ended March 31, 2026, and $715,000 of accounts receivable at March 31, 2026. 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.\n\n(9) Fair Value Measurements.\n\nFair 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.\n\nThe 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 March 31, 2026, the carrying amount and fair value of such other long-term debt was $180,070,000 and $148,485,000, respectively. At December 31, 2025, the carrying amount and fair value of such other long-term debt was $180,070,000 and $148,736,000, respectively.\n\n(10) Investments in Joint Ventures.\n\nThe 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” along 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.\n\nThe following table summarizes the Company’s investments in unconsolidated joint ventures (in thousands):\n\nFRP\nOwnership The Company's Total\nInvestmentTotal Assets of\nThe PartnershipProfit (Loss)\nOf the Partnership The\nCompany's\nShare of Profit\n(Loss) of the\nPartnership\n\nAs of March 31, 2026\n\nBrooksville Quarry, LLC50.00%$7,517 14,400 (24)(12)\n\nBC FRP Realty, LLC50.00%5,103 23,738 144 72 \n\nBuzzard Point Sponsor, LLC50.00%2,678 5,356 — — \n\nBryant Street Partnerships72.10%57,873 183,718 (2,176)(1,693)\n\nIndustrial Partnerships9.63%8,428 119,975 (387)(39)\n\nLending ventures16,575 13,200 — — \n\nEstero Partnership16.00%9,371 75,795 — — \n\nThe Verge Partnership61.37%33,529 120,877 (1,135)(697)\n\nGreenville Partnerships58.47%13,070 115,144 (615)(246)\n\nTotal$154,144 672,203 (4,193)(2,615)\n\n17\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\nThe 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):\n\nAs of March 31, 2026\n\nBuzzard Point\nSponsor, LLCBryant Street\nPartnershipsEstero\nPartnershipVerge\nPartnershipGreenville\nPartnershipsTotal Multifamily\nJV’s\n\nInvestments in real estate, net$0 172,986 70,448 118,898 112,715 $475,047 \n\nCash and restricted cash0 2,521 5,111 1,463 2,172 11,267 \n\nUnrealized rents & receivables0 7,042 236 420 116 7,814 \n\nDeferred costs5,356 1,169 0 96 141 6,762 \n\nTotal Assets$5,356 183,718 75,795 120,877 115,144 $500,890 \n\n      \n\nSecured notes payable$0 108,576 8,235 68,562 86,371 $271,744 \n\nOther liabilities0 1,927 5,280 1,263 4,855 13,325 \n\nCapital – FRP2,678 55,274 9,509 31,255 12,139 110,855 \n\nCapital – Third Parties2,678 17,941 52,771 19,797 11,779 104,966 \n\nTotal Liabilities and Capital$5,356 183,718 75,795 120,877 115,144 $500,890 \n\nIndustrial PartnershipsBrooksville\nQuarry, LLCBC FRP\nRealty, LLCLending\nVenturesMultifamily\nJV’sGrand\nTotal\n\nInvestments in real estate, net$119,215 14,349 21,633 13,200 475,047 $643,444 \n\nCash and restricted cash760 44 1,409 0 11,267 13,480 \n\nUnrealized rents & receivables0 0 451 0 7,814 8,265 \n\nDeferred costs0 7 245 0 6,762 7,014 \n\nTotal Assets$119,975 14,400 23,738 13,200 500,890 $672,203 \n\n    \n\nSecured notes payable$46,843 0 13,580 (3,375)271,744 $328,792 \n\nOther liabilities6,163 21 274 0 13,325 19,783 \n\nCapital – FRP7,239 7,517 4,942 16,575 110,855 147,128 \n\nCapital – Third Parties59,730 6,862 4,942 0 104,966 176,500 \n\nTotal Liabilities and Capital$119,975 14,400 23,738 13,200 500,890 $672,203 \n\nThe 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.\n\n18\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\nThe 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):\n\nAs of December 31, 2025\n\nBuzzard Point\nSponsor, LLCBryant Street\nPartnershipEstero\nPartnershipVerge\nPartnershipGreenville\nPartnershipTotal Multifamily\nJV’s\n\nInvestments in real estate, net$0 174,479 59,843 119,954 107,656 $461,932 \n\nCash and restricted cash0 3,643 7,406 1,728 3,109 15,886 \n\nUnrealized rents & receivables0 6,783 235 374 92 7,484 \n\nDeferred costs5,138 1,284 0 138 201 6,761 \n\nTotal Assets$5,138 186,189 67,484 122,194 111,058 $492,063 \n\nSecured notes payable$0 108,760 8,235 68,498 81,865 $267,358 \n\nOther liabilities0 2,363 3,331 1,509 4,660 11,863 \n\nCapital – FRP2,569 56,735 6,828 31,952 12,385 110,469 \n\nCapital – Third Parties2,569 18,331 49,090 20,235 12,148 102,373 \n\nTotal Liabilities and Capital$5,138 186,189 67,484 122,194 111,058 $492,063 \n\nAs of December 31, 2025\n\nIndustrial PartnershipsBrooksville\nQuarry, LLCBC FRP\nRealty, LLCLending\nVentures Multifamily\nJV’sGrand\nTotal\n\nInvestments in real estate, net$119,215 $14,350 21,539 11,318 461,932 $628,354 \n\nCash and restricted cash760 53 1,347 0 15,886 18,046 \n\nUnrealized rents & receivables0 0 548 0 7,484 8,032 \n\nDeferred costs0 1 325 0 6,761 7,087 \n\nTotal Assets$119,975 $14,404 23,759 11,318 492,063 $661,519 \n\nSecured notes payable$46,843 $0 13,731 (3,484)267,358 $324,448 \n\nOther liabilities6,163 0 288 0 11,863 18,314 \n\nCapital – FRP7,239 7,530 4,870 14,802 110,469 144,910 \n\nCapital - Third Parties59,730 6,874 4,870 0 102,373 173,847 \n\nTotal Liabilities and Capital$119,975 $14,404 23,759 11,318 492,063 $661,519 \n\nThe amount of consolidated retained earnings (accumulated deficit) for these joint ventures was $(39,478,000) and $(37,478,000) as of March 31, 2026 and December 31, 2025, respectively.\n\n19\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\nThe income statements of the Bryant Street Partnerships are as follows (in thousands):\n\nBryant Street\nPartnerships\nTotal JVBryant Street\nPartnerships\nTotal JVBryant Street\nPartnerships\nCompany Share Bryant Street\nPartnerships\nCompany Share\n\nThree months endedThree months endedThree months endedThree months ended\n\nMarch 31,March 31,March 31,March 31,\n\n2026202520262025\n\nLease revenue3,836 4,042 2,765 2,914 \n\nDepreciation and amortization1,767 1,659 1,274 1,196 \n\nOperating expenses1,622 1,453 1,171 1,049 \n\nProperty taxes282 317 203 228 \n\nCost of operations3,671 3,429 2,648 2,473 \n\nTotal operating profit165 613 117 441 \n\nInterest expense(2,341)(2,307)(1,810)(1,697)\n\nNet loss before tax$(2,176)$(1,694)$(1,693)$(1,256)\n\nInterest expense for the three months ended March 31, 2026 and 2025 for the the Company share includes $124,000 loan guarantee expense.\n\nThe income statements of the Greenville Partnerships are as follows (in thousands):\n\nGreenville\nPartnerships\nTotal JVGreenville\nPartnerships\nTotal JVGreenville\nPartnerships\nCompany Share Greenville\nPartnerships\nCompany Share\n\nThree months endedThree months endedThree months endedThree months ended\n\nMarch 31,March 31,March 31,March 31,\n\n2026202520262025\n\nLease revenue2,695 2,599 1,078 1,040 \n\nDepreciation and amortization879 878 352 352 \n\nOperating expenses728 676 291 270 \n\nProperty taxes525 491 210 196 \n\nCost of operations2,132 2,045 853 818 \n\nTotal operating profit563 554 225 222 \n\nInterest expense(1,178)(1,216)(471)(487)\n\nNet loss before tax$(615)$(662)$(246)$(265)\n\n20\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)\n\nThe income statements of The Verge Partnership are as follows (in thousands):\n\nThe Verge\nPartnership\nTotal JVThe Verge\nPartnership\nTotal JVThe Verge\nPartnership\nCompany Share The Verge\nPartnership\nCompany Share\n\nThree months endedThree months endedThree months endedThree months ended\n\nMarch 31,March 31,March 31,March 31,\n\n2026202520262025\n\nLease revenue2,180 2,273 1,338 1,395 \n\nDepreciation and amortization1,059 1,053 650 646 \n\nOperating expenses835 751 512 461 \n\nProperty taxes334 326 205 200 \n\nCost of operations2,228 2,130 1,367 1,307 \n\nTotal operating profit/(loss)(48)143 (29)88 \n\nInterest expense(1,087)(1,070)(668)(657)\n\nNet loss before tax$(1,135)$(927)$(697)$(569)\n\n(11) Subsequent Events.\n\nNone.\n\n21\n\n[Table of Contents](#if70e202bc16341cd97d08b06df73fbe1_7)"}