FRP Holdings, Inc
(NASDAQ:FRPH)

FRP Holdings, Inc. operates as a real-estate investment and development company in the United States. The company operates through four segments: Asset Management, Mining Royalty Lands, Development, and Stabilized Joint Venture. The Asset Management segment owns, leases, and manages commercial prope...

Website: http://www.frpholdings.com

Founded: 2014

Full Time Employees: 12

Sector: Real Estate

Industry: Real Estate Services

Real Estate

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31

revenues:
lease revenue	6,713,000	6,853,000	7,086,000	7,241,000	7,072,000	7,072,000	7,434,000	7,246,000	7,170,000	7,206,000	7,509,000	7,432,000	6,832,000	6,948,000	6,823,000	6,745,000	6,282,000	6,132,000	6,224,000	5,861,000	3,538,000	3,591,000	3,447,000	3,598,000	3,581,000	3,730,000	3,485,000
mining royalty and rents	3,717,000	3,848,000	3,689,000	3,609,000	3,234,000	3,459,000	3,199,000	3,231,000	2,963,000																			2,102,000	2,033,000	1,750,000	1,763,000	1,809,000	1,739,000
joint venture management fee revenue	164,000
total revenues	10,594,000	10,915,000	10,775,000	10,850,000	10,306,000	10,531,000	10,633,000	10,477,000	10,133,000	10,105,000	10,591,000	10,696,000	10,114,000	9,852,000	9,294,000	9,628,000	8,707,000	8,399,000	8,473,000	8,495,000	5,853,000	6,098,000	5,849,000	5,783,000	5,883,000	6,363,000	5,714,000	5,742,000	5,553,000	12,622,000	12,054,000	9,360,000	9,322,000
yoy	2.79%	3.65%	1.34%	3.56%	1.71%	4.22%	0.40%	-2.05%	0.19%	2.57%	13.96%	11.09%	16.16%	17.30%	9.69%	13.34%	48.76%	37.73%	44.86%	46.90%	-0.51%	-4.16%	2.36%	0.71%	5.94%	-49.59%	-52.60%	-38.65%	-40.43%
qoq	-2.94%	1.30%	-0.69%	5.28%	-2.14%	-0.96%	1.49%	3.39%	0.28%	-4.59%	-0.98%	5.75%	2.66%	6.00%	-3.47%	10.58%	3.67%	-0.87%	-0.26%	45.14%	-4.02%	4.26%	1.14%	-1.70%	-7.54%	11.36%	-0.49%	3.40%	-56.01%	4.71%	28.78%	0.41%
cost of operations:
depreciation/depletion/amortization	2,842,000	2,039,500	2,825,000	2,726,000	2,607,000	1,907,250	2,551,000	2,543,000
operating expenses	2,130,000	2,554,000	3,304,000	2,580,000	1,859,000	1,741,000	1,860,000	1,702,000	1,867,000	1,790,000	2,012,000	1,822,000	1,740,000	1,749,000	1,967,000	1,541,000	1,808,000	2,427,000	1,557,000	1,394,000	841,000	892,000	781,000	925,000	952,000	910,000	882,000	983,000	1,103,000	2,043,000	1,879,000	1,002,000	1,001,000
property taxes	1,025,000	1,012,000	955,000	1,002,000	938,000	920,000	850,000	860,000	807,000	905,000	919,000	879,000	947,000	1,022,000	1,034,000	1,041,000	1,028,000	987,000	986,000	1,000,000	778,000	706,000	646,000	737,000	740,000	713,000	753,000	663,000	611,000	1,473,000	1,401,000	1,129,000	1,062,000
general and administrative	4,085,000	2,865,000	2,328,000	2,885,000	2,577,000	2,393,000	2,289,000	2,552,000	2,042,000
total cost of operations	10,082,000	9,232,000	9,412,000	9,193,000	7,981,000	7,612,000	7,550,000	7,657,000	7,251,000	6,922,000	7,695,000	7,929,000	7,260,000	7,135,000	7,445,000	7,562,000	7,343,000	8,140,000	7,741,000	8,654,000	4,411,000	4,517,000	4,645,000	4,989,000	4,525,000	4,256,000	4,359,000	4,074,000	6,009,000	9,764,000	9,226,000	5,374,000	5,918,000
total operating profit	512,000	1,683,000	1,363,000	1,657,000	2,325,000	2,919,000	3,083,000	2,820,000	2,882,000	3,183,000	2,896,000	2,767,000	2,854,000	2,717,000	1,849,000	2,066,000	1,364,000	259,000	732,000	-159,000	1,442,000	1,581,000	1,204,000	794,000	1,358,000	2,107,000	1,355,000	1,668,000	-456,000	2,858,000	2,828,000	3,986,000	3,404,000
net investment income	1,688,000	1,546,000	2,369,000	2,348,000	2,561,000	2,317,000	2,304,000	3,708,000	2,783,000	2,690,000	2,700,000	3,125,000	2,382,000	801,500	1,188,000	1,120,000	898,000
interest expense	-708,000	-709,000	-739,000	-824,000	-695,000	-668,000	-742,000	-829,000	-911,000	-812,750	-1,116,000	-1,129,000	-1,006,000	-830,000	-738,000	-739,000	-738,000	-446,250	-414,000	-446,000	-925,000	-46,000	-45,000	-51,000	-129,000	-272,000	-588,000	-768,000	-807,000	-1,243,000	-1,251,000	-371,000	-248,000
equity in loss of joint ventures	-2,615,000	-2,470,000	-2,225,000	-2,379,000	-2,031,000	-2,777,000	-2,839,000	-2,724,000	-3,019,000	-2,646,250	-2,913,000	-4,047,000	-3,625,000	-473,000	-1,878,000	-1,766,000	-1,604,000	-999,250	-1,244,000	-1,118,000	-1,635,000	-1,788,000	-1,343,000	-642,000	-746,000	-272,000	-264,000	-13,000	-11,000	-12,000	-12,000	-806,000	-771,000
income before income taxes	-1,123,000	50,000	768,000	802,000	2,160,000	1,973,000	1,806,000	2,975,000	1,735,000	3,503,000	1,566,000	714,000	615,000	3,681,000	562,000	681,000	653,000	12,885,750	17,000	130,000	51,396,000							2,538,000	-1,058,000	1,608,000	61,761,000	2,809,000	2,385,000
provision for income taxes	-202,000	-89,000	203,000	178,000	526,000	286,000	427,000	916,000	400,000	618,000	467,000	222,000	209,000	1,004,000	178,000	99,000
net income	-921,000	139,000	565,000	624,000	1,634,000	1,687,000	1,379,000	2,059,000	1,335,000	2,885,000	1,099,000	492,000	406,000	2,677,000	384,000	582,000	404,000	-949,000	-113,000	281,000	40,875,000	5,271,000	3,977,000	1,499,000	1,889,000	9,728,000	1,727,000	1,952,000	119,586,000	1,029,000	45,184,000	1,713,000	1,443,000
yoy	-156.36%	-91.76%	-59.03%	-69.69%	22.40%	-41.53%	25.48%	318.50%	228.82%	7.77%	186.20%	-15.46%	0.50%	-382.09%	-439.82%	107.12%	-99.01%	-118.00%	-102.84%	-81.25%	2063.84%	-45.82%	130.28%	-23.21%	-98.42%	845.38%	-96.18%	13.95%	8187.32%
qoq	-762.59%	-75.40%	-9.46%	-61.81%	-3.14%	22.34%	-33.03%	54.23%	-53.73%	162.51%	123.37%	21.18%	-84.83%	597.14%	-34.02%	44.06%	-142.57%	739.82%	-140.21%	-99.31%	675.47%	32.54%	165.31%	-20.65%	-80.58%	463.29%	-11.53%	-98.37%	11521.57%	-97.72%	2537.71%	18.71%
net income margin %	-8.69%	1.27%	5.24%	5.75%	15.85%	16.02%	12.97%	19.65%	13.17%	28.55%	10.38%	4.60%	4.01%	27.17%	4.13%	6.04%	4.64%	-11.30%	-1.33%	3.31%	698.36%	86.44%	67.99%	25.92%	32.11%	152.88%	30.22%	34.00%	2153.54%	8.15%	374.85%	18.30%	15.48%
income attributable to noncontrolling interest	-234,000	-31,750	-97,000	46,000	-76,000	16,750	18,000	15,000	34,000																		-171,000		-396,000		19,793,000
net income attributable to the company	-687,000	380,000	662,000	578,000	1,710,000	1,679,000	1,361,000	2,044,000	1,301,000	2,880,000	1,259,000	598,000	565,000	2,756,000	480,000	657,000	672,000	-592,000	352,000	82,000	28,373,000	5,455,000	4,149,000	1,618,000	2,001,000	9,825,000	1,898,000	2,224,000	119,982,000	1,560,000	25,391,000
earnings per common share:
net income attributable to the company-
basic	-40	20	30	30	90	90	70	110	70	300	130	60	60	300	50	70	70	770	40	10	3,040	570	430	170	200	990	190	220	11,960
diluted	-40	20	30	30	90	90	70	110	70	300	130	60	60	290	50	70	70	767.5	40	10	3,030	570	430	160	200	990	190	220	11,870
number of shares (in thousands) used in computing:
-basic earnings per common share	19,016,000	4,000	18,976,000	18,966,000	18,947,000	5,000	18,887,000	18,879,000	18,859,000	-3,000	9,423,000	9,432,000	9,416,000	4,000	9,397,000	9,384,000	9,366,000	3,000	9,363,000	9,353,000	9,341,000	9,517,000	9,620,000	9,803,000	9,843,000	9,915,000	9,952,000	10,062,000	10,033,000	10,015,000	10,004,000	9,965,000	9,931,000
-diluted earnings per common share	19,034,000	-8,000	19,026,000	19,016,000	19,012,000	3,000	18,972,000	18,948,000	18,944,000	-2,000	9,460,000	9,466,000	9,456,000	12,000	9,433,000	9,424,000	9,417,000	7,000	9,399,000	9,390,000	9,376,000	9,545,000	9,649,000	9,833,000	9,886,000	9,960,000	9,996,000	10,135,000	10,109,000	10,085,000	10,066,000	10,038,000	10,001,000
earnings per common share :
number of shares (in thousands) used in computing :
gain on sale of real estate										1,750	-1,000	-2,000	10,000		141,000		733,000			805,000		5,732,000	3,589,000	8,000
depreciation, depletion and amortization									2,535,000	2,406,000	2,816,000	2,819,000	2,780,000	2,707,000	2,744,000	2,868,000	2,898,000	3,110,000	3,796,000	4,388,000	1,443,000	1,438,000	1,500,000	1,468,000	1,431,000	1,472,000	1,487,000	1,821,000	2,131,000	4,283,000	4,769,000	2,202,000	2,059,000
mining lands lease revenue										2,407,000	3,082,000	3,264,000	3,282,000	1,944,750	2,471,000	2,883,000	2,425,000	1,799,500	2,249,000	2,634,000	2,315,000	2,507,000	2,402,000	2,185,000	2,302,000	2,633,000	2,229,000
management company indirect										1,031,000	1,059,000	1,040,000	839,000	871,000	966,000	805,000	774,000	1,031,000	745,000	822,000	570,000	844,000	692,000	672,000	670,000	610,000	592,000	550,000	455,000	539,000	560,000	475,000	469,000
corporate expenses										790,000	889,000	1,369,000	954,000	786,000	734,000	1,307,000	835,000	585,000	657,000	1,050,000	779,000	637,000	1,026,000	1,187,000	732,000	551,000	645,000	522,000	1,709,000	1,426,000	617,000	566,000	1,327,000
loss attributable to noncontrolling interest										-106,250	-160,000	-106,000	-159,000									-184,000	-172,000	-119,000	-112,000	-97,000				-531,000
gain on remeasurement of investment in real estate partnership																					51,139,000										60,196,000
gain attributable to noncontrolling interest														-79,000	-96,000	-75,000	-268,000	-357,000	-465,000	199,000	12,502,000							-272,000
benefit from income taxes																	249,000	-219,000	130,000	-151,000	10,521,000	2,022,000	1,538,000	601,000	726,000	1,131,000	672,000	508,000	-179,000	579,000	16,577,000	1,096,000	942,000
net investment income, including realized gains of 0, 55, 0 and 297, respectively																		841,500	943,000
net investment income, including realized gains of 0, 134, 0 and 242, respectively																				1,048,000
net investment income, including realized gains of 0 and 108																					1,375,000
net investment income, including realized gains of 55, 144, 297 and 591, respectively																						1,814,000
income from continuing operations before income taxes																						7,293,000	5,515,000	2,100,000	2,628,000	4,083,000	2,313,000
income from continuing operations																						5,271,000	3,977,000	1,499,000	1,902,000	2,952,000	1,641,000	2,030,000	-879,000
income from discontinued operations																									-13,000	6,776,000		-78,000	120,465,000
income from continuing operations-
basic																						550	410	150	190	300	160	200	-90
diluted																						550	410	150	190	300	160	200	-90
discontinued operations-
basic																										680	10	-10	12,010
diluted																										680	10	-10	11,920
net investment income, including realized gains of 134, 328, 242 and 447, respectively																							2,110,000
net investment income, including realized gains of 108 and 119																								1,991,000
income from discontinued operations, net of tax																											86,000
environmental remediation																												-465,000
net investment income, including realized gains of 144, 0, 591 and 0, respectively																									2,019,000
gain on real estate investments																									126,000	536,000
net investment income, including realized gains of 328, 0, 447 and 0, respectively																										1,984,000
net investment income, including realized gains of 119 and 0																											1,810,000
rental revenue																												3,440,000	3,350,000	9,165,000	8,738,000	6,222,000	6,283,000
revenue – reimbursements																												200,000	170,000	1,707,000	1,553,000	1,329,000	1,300,000
interest income																												1,654,000	216,000	5,000
gain on remeasurement of investment in real
estate partnership
loss on investment land sold																												-3,000
earnings per common share:
basic																														160	2,540	170	150
diluted																														150	2,520	170	140
environmental remediation expense
gain on investment land sold
comprehensive income																																1,713,000	1,443,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2013-06-30	2013-03-31

real estate investments at cost:
land	182,887,000	182,936,000	180,121,000	168,927,000	168,927,000	168,943,000	168,958,000	141,602,000	141,602,000	141,602,000	141,578,000	141,578,000	141,578,000	141,579,000	141,564,000	135,139,000	123,400,000	123,397,000	123,397,000	121,057,000	121,074,000	80,494,000	81,679,000	84,348,000	84,383,000	84,383,000	85,072,000	83,721,000	83,709,000	127,700,000	127,744,000	99,417,000	99,417,000
buildings and improvements	310,168,000	309,132,000	308,807,000	308,561,000	284,248,000	283,421,000	283,104,000	282,977,000	282,780,000	282,631,000	282,379,000	282,070,000	281,193,000	270,579,000	268,132,000	268,156,000	266,642,000	265,278,000	255,366,000	255,646,000	255,429,000	141,146,000	147,819,000	147,781,000	145,690,000	144,779,000	149,505,000	146,632,000	146,580,000	334,850,000	332,694,000	208,375,000	196,821,000
projects under construction	57,354,000	45,032,000	29,548,000	16,167,000	34,600,000	32,770,000	29,414,000	22,568,000	16,730,000	10,845,000	4,689,000	2,667,000	2,663,000	12,208,000	13,295,000	11,149,000	10,821,000	8,668,000	13,799,000	11,378,000	8,352,000	2,442,000	888,000	625,000	1,461,000	2,508,000	7,086,000	6,131,000	2,028,000	9,443,000	5,959,000	6,917,000	14,100,000
total investments in properties	550,409,000	537,100,000	518,476,000	493,655,000	487,775,000	485,134,000	481,476,000	447,147,000	441,112,000	435,078,000	428,646,000	426,315,000	425,434,000	424,366,000	422,991,000	414,444,000	400,863,000	397,343,000	392,562,000	388,081,000	384,855,000	224,082,000	230,386,000	232,754,000	231,534,000	231,670,000	241,663,000	236,484,000	232,317,000	471,993,000	466,397,000	314,709,000	310,338,000
less accumulated depreciation and depletion	91,412,000	88,558,000	85,746,000	82,916,000	80,244,000	77,695,000	75,183,000	72,734,000	70,241,000	67,758,000	65,444,000	62,720,000	59,940,000	57,208,000	54,523,000	51,889,000	49,240,000	46,678,000	44,266,000	41,971,000	39,528,000	33,684,000	32,634,000	31,727,000	28,871,000	27,472,000	29,847,000	29,772,000	28,446,000	97,838,000	91,788,000	85,935,000	84,109,000	113,400,000	112,985,000
net investments in properties	458,997,000	448,542,000	432,730,000	410,739,000	407,531,000	407,439,000	406,293,000	374,413,000	370,871,000	367,320,000	363,202,000	363,595,000	365,494,000	367,158,000	368,468,000	362,555,000	351,623,000	350,665,000	348,296,000	346,110,000	345,327,000	190,398,000	197,752,000	201,027,000	202,663,000	204,198,000	211,816,000	206,712,000	203,871,000	374,155,000	374,609,000	228,774,000	226,229,000
real estate held for investment, at cost	12,741,000	12,626,000	12,484,000	12,312,000	12,182,000	11,722,000	11,290,000	11,111,000	10,832,000	10,662,000	10,510,000	10,392,000	10,298,000	10,182,000	10,079,000	9,969,000	9,829,000	9,722,000	9,559,000	9,429,000	9,309,000	9,101,000	8,788,000	8,571,000	8,283,000	7,167,000	7,167,000	7,176,000	7,176,000	7,176,000	7,176,000	7,176,000	7,176,000	4,223,000	4,125,000
investments in joint ventures	155,065,000	153,084,000	143,298,000	139,098,000	148,302,000	153,899,000	157,272,000	161,391,000	164,271,000	166,066,000	154,025,000	152,587,000	144,677,000	140,525,000	147,703,000	139,655,000	143,005,000	145,443,000	145,975,000	144,938,000	143,900,000	167,586,000	159,779,000	161,924,000	103,822,000	94,937,000	94,294,000	25,090,000	22,616,000	13,422,000	13,345,000	21,557,000	22,232,000
net real estate investments	626,803,000	614,252,000	588,512,000	562,149,000	568,015,000	573,060,000	574,855,000	546,915,000	545,974,000	544,048,000	527,737,000	526,574,000	520,469,000	517,865,000	526,250,000	512,179,000	504,457,000	505,830,000	503,830,000	500,477,000	498,536,000	367,085,000	366,319,000	371,522,000	314,768,000	306,302,000	313,277,000	238,978,000	233,663,000	394,753,000	395,130,000	257,507,000	255,637,000
cash, cash equivalents and restricted cash including 10,889 and 11,394 of restricted cash at march 31, 2026 and december 31, 2025, respectively	107,859,000
accounts receivable	1,950,000	1,874,000	1,560,000	1,586,000	1,285,000	1,352,000	1,826,000	1,827,000	1,397,000	1,046,000	1,683,000	1,472,000	1,333,000	1,166,000	1,530,000	1,423,000	1,105,000	793,000	991,000	1,076,000	1,531,000	923,000	1,323,000	838,000	919,000	783,000	688,000	738,000	648,000	907,000	1,033,000	789,000	586,000
federal and state income taxes receivable	1,279,000	1,071,000	961,000	778,000						337,000							767,000	1,103,000	2,082,000	3,681,000	4,509,000				27,189,000	27,206,000	8,349,000	2,022,000		2,377,000	1,852,000	2,926,000	2,608,000		587,000
unrealized rents	1,299,000	1,264,000	1,262,000	1,264,000	1,271,000	1,380,000	1,395,000	1,905,000	1,770,000	1,640,000	1,452,000	1,299,000	937,000	856,000	830,000	806,000	720,000	620,000	580,000	445,000	532,000	530,000	657,000	657,000	548,000	459,000	665,000	594,000	595,000	4,805,000	4,299,000	4,370,000	4,412,000	4,603,000	4,434,000
deferred costs	3,637,000	3,768,000	2,509,000	1,942,000	2,294,000	2,136,000	2,569,000	2,188,000	2,798,000	3,091,000	3,028,000	2,620,000	2,410,000	2,343,000	2,469,000	2,065,000	2,212,000	2,726,000	3,047,000	4,092,000	5,866,000	921,000	791,000	967,000	1,079,000	645,000	990,000	942,000	1,228,000	7,729,000	10,781,000	5,436,000	5,989,000
goodwill	6,893,000	6,893,000																																1,087,000	1,087,000
other assets	669,000	662,000	637,000	630,000	624,000	622,000	611,000	601,000	595,000	589,000	583,000	571,000	566,000	560,000	546,000	540,000	535,000	528,000	525,000	514,000	509,000	499,000	488,000	484,000	474,000	463,000	459,000	451,000	178,000	183,000	181,000	182,000	179,000	5,267,000	4,709,000
total assets	750,389,000	735,145,000	731,260,000	722,782,000	717,123,000	728,485,000	726,918,000	711,856,000	705,673,000	709,166,000	701,157,000	699,896,000	699,599,000	701,084,000	676,990,000	677,040,000	674,867,000	678,190,000	678,753,000	681,252,000	680,031,000	536,130,000	534,117,000	534,699,000	536,297,000	535,147,000	506,123,000	507,259,000	549,944,000	417,984,000	416,092,000	271,210,000	269,517,000	283,517,000	278,304,000
liabilities:
notes payable	203,916,000
accounts payable and accrued liabilities	17,122,000	12,148,000	9,365,000	6,739,000	3,251,000	6,026,000	6,060,000	7,303,000	3,829,000	8,333,000	3,689,000	3,153,000	3,169,000	5,971,000	4,720,000	4,815,000	3,810,000	6,137,000	3,706,000	4,976,000	3,478,000	3,052,000	2,155,000	1,653,000	1,488,000	2,044,000	1,851,000	2,829,000	3,072,000	4,411,000	4,825,000	3,213,000	4,000,000
other liabilities	2,407,000	2,317,000	1,487,000	1,487,000	1,487,000	1,487,000	1,487,000	1,487,000	1,487,000	1,487,000	1,886,000	1,886,000	1,886,000	1,886,000	1,886,000	1,886,000	1,886,000	1,886,000	1,886,000	1,886,000	1,886,000	1,886,000	1,886,000	1,886,000	1,978,000									4,159,000	3,936,000
deferred revenue	3,401,000	3,356,000	2,973,000	2,842,000	2,602,000	2,437,000	2,392,000	762,000	920,000	925,000	1,029,000	891,000	201,000	259,000	346,000	223,000	324,000	369,000	470,000	461,000	527,000	609,000	627,000	713,000	831,000	858,000	831,000	32,000	26,000	591,000	1,397,000	200,000	648,000
deferred income taxes	66,901,000	66,900,000	67,655,000	67,655,000	67,655,000	67,688,000	68,356,000	68,356,000	69,456,000	69,456,000	67,903,000	67,903,000	68,013,000	67,960,000	64,180,000	64,180,000	64,047,000	64,047,000	65,379,000	65,379,000	66,420,000	52,532,000	50,212,000	50,397,000	51,104,000	50,439,000	27,981,000	23,795,000	21,254,000	25,982,000	36,075,000	20,447,000	19,547,000	208,000	119,000
deferred compensation	1,546,000	1,524,000	1,508,000	1,494,000	1,479,000	1,465,000	1,451,000	1,436,000	1,423,000	1,409,000	1,395,000	1,381,000	1,357,000	1,354,000	1,310,000	1,307,000	1,305,000	1,302,000	1,247,000	1,245,000	1,244,000	1,240,000	1,430,000	1,433,000	1,439,000	1,446,000	1,448,000	1,452,000	1,455,000	1,459,000	1,485,000	1,484,000	1,484,000
tenant security deposits	699,000	689,000	738,000	780,000	784,000	805,000	801,000	877,000	885,000	875,000	889,000	873,000	881,000	868,000	887,000	811,000	819,000	790,000	764,000	686,000	520,000	314,000	362,000	366,000	334,000	252,000	244,000	53,000	47,000	875,000	940,000	906,000	955,000
total liabilities	295,992,000	279,488,000	269,064,000	261,368,000	256,627,000	259,372,000	259,815,000	260,708,000	256,802,000	261,190,000	256,163,000	254,904,000	254,414,000	256,873,000	252,305,000	252,103,000	250,637,000	252,940,000	251,823,000	252,967,000	252,396,000	148,824,000	148,316,000	145,807,000	146,083,000	144,146,000	121,521,000	118,888,000	163,565,000	152,586,000	161,874,000	66,724,000	68,425,000
commitments and contingencies
equity:
common stock	1,917,000	1,911,000	1,911,000	1,911,000	1,909,000	1,905,000	1,903,000	1,903,000	1,900,000	948,000	948,000	950,000	950,000	946,000	945,000	945,000	943,000	941,000	941,000	941,000	939,000	948,000	956,000	977,000	982,000	986,000	993,000	1,008,000	1,005,000	1,001,000	1,001,000	1,000,000	994,000
capital in excess of par value	71,730,000	71,368,000	70,558,000	70,196,000	69,237,000	68,876,000	68,313,000	67,980,000	67,023,000	67,655,000	67,168,000	67,028,000	66,281,000	65,158,000	59,148,000	58,872,000	57,812,000	57,617,000	57,512,000	57,360,000	56,474,000	56,690,000	57,107,000	57,818,000	57,627,000	57,562,000	57,824,000	58,030,000	57,324,000	55,678,000	55,341,000	55,211,000	53,536,000	43,956,000	43,750,000
retained earnings	354,523,000	355,210,000	355,217,000	354,555,000	353,977,000	352,267,000	350,588,000	349,227,000	347,183,000	345,882,000	343,002,000	342,610,000	342,882,000	342,317,000	339,561,000	339,081,000	338,424,000	337,752,000	338,344,000	337,992,000	337,910,000	313,103,000	310,486,000	313,968,000	313,262,000	313,373,000	306,704,000	310,620,000	308,397,000	188,415,000	173,652,000	148,261,000	146,548,000	140,405,000	137,403,000
accumulated other comprehensive income	8,000	24,000	32,000	40,000	47,000	55,000	80,000	22,000	27,000	35,000		-712,000	-902,000	-1,276,000	-1,420,000	-1,096,000	-737,000	113,000	193,000	268,000	433,000	996,000	1,194,000	-203,000	1,161,000	1,210,000	859,000	-375,000	38,000	38,000	14,000	14,000	14,000	32,000	32,000
total shareholders’ equity	428,178,000	428,513,000	427,718,000	426,702,000	425,170,000	423,103,000	420,884,000	419,132,000	416,133,000	414,520,000	410,790,000	409,876,000	409,211,000	407,145,000	398,234,000	397,802,000	396,442,000	396,423,000	396,990,000	396,561,000	395,756,000	371,737,000	369,743,000	372,560,000	373,032,000	373,131,000	366,380,000	369,283,000	366,764,000	245,132,000	230,008,000	204,486,000	201,092,000
noncontrolling interests	26,219,000	27,144,000	34,478,000	34,712,000	35,326,000	46,010,000	46,219,000			33,456,000				37,066,000
total equity	454,397,000	455,657,000	462,196,000	461,414,000	460,496,000	469,113,000	467,103,000	451,148,000	448,871,000	447,976,000	444,994,000	444,992,000	445,185,000	444,211,000	424,685,000	424,937,000	424,230,000	425,250,000	426,930,000	428,285,000	427,635,000	387,306,000	385,801,000	388,892,000	390,214,000	391,001,000	384,602,000	388,371,000	386,379,000	265,398,000	254,218,000
total liabilities and equity	750,389,000	735,145,000	731,260,000	722,782,000	717,123,000	728,485,000	726,918,000	711,856,000	705,673,000	709,166,000	701,157,000	699,896,000	699,599,000	701,084,000	676,990,000	677,040,000	674,867,000	678,190,000
cash, cash equivalents and restricted cash including 11,394 and 1,315 of restricted cash at december 31, 2025 and 2024, respectively		105,361,000
secured notes payable		192,554,000	185,338,000	180,371,000	178,250,000	178,853,000	178,816,000	178,779,000	178,742,000	178,705,000	178,668,000	178,631,000	178,594,000	178,557,000	178,520,000	178,483,000	178,446,000	178,409,000	178,371,000	178,334,000	178,321,000	89,027,000	88,993,000	88,959,000	88,891,000	88,857,000	88,823,000
federal and state income taxes payable					1,119,000	611,000	452,000	1,708,000	60,000		704,000	186,000	313,000	18,000	456,000	398,000						164,000	2,651,000	400,000					728,000					748,000
cash and cash equivalents			134,853,000	153,167,000	142,932,000	148,620,000	144,681,000	156,929,000	152,484,000	157,555,000	166,028,000	166,537,000	173,299,000	177,497,000	144,783,000	159,262,000	164,523,000	161,521,000	162,881,000	138,154,000	116,843,000	46,289,000	30,742,000	11,375,000	69,246,000	56,169,000	29,641,000	34,782,000	32,849,000	6,961,000	2,630,000		106,000	742,000	4,527,000
cash held in escrow			966,000	1,266,000	702,000	1,315,000	981,000	1,491,000	655,000	860,000	646,000	823,000	585,000	797,000	582,000	765,000	548,000	752,000	502,000	684,000	534,000	15,259,000	3,739,000	189,000	6,734,000	20,066,000	185,000	34,270,000	278,573,000	269,000	186,000
noncontrolling interest								32,016,000	32,738,000		34,204,000	35,116,000	35,974,000
assets:
accumulated other comprehensive loss											-328,000
investments available for sale at fair value																		4,317,000	4,315,000	32,129,000	51,171,000	104,624,000	130,058,000	148,667,000	115,308,000	122,183,000	148,778,000
noncontrolling interest mrp															26,451,000	27,135,000	27,788,000	28,827,000	29,940,000	31,724,000	31,879,000	15,569,000	16,058,000	16,332,000	17,182,000	17,870,000	18,222,000	19,088,000	19,615,000	20,266,000	24,210,000
total liabilities and shareholders’ equity																			678,753,000	681,252,000	680,031,000	536,130,000	534,117,000	534,699,000	536,297,000	535,147,000	506,123,000	507,259,000	549,944,000	417,984,000	416,092,000	271,210,000	269,517,000
assets of discontinued operations																									32,000	871,000	3,091,000	3,194,000	2,210,000
liabilities of discontinued operations																									18,000	158,000	243,000	1,872,000	46,456,000
environmental remediation liability																										92,000	100,000	100,000	1,807,000	2,037,000	2,037,000	2,037,000	2,037,000
investments available for sale																												191,288,000
secured notes payable, current portion																														4,248,000	4,674,000	4,673,000	4,599,000
secured notes payable, less current portion																												88,755,000	88,720,000	112,983,000	103,999,000	27,234,000	28,385,000
lines of credit payable																															6,440,000	6,355,000	6,765,000
bank overdraft																																171,000
deferred lease intangible																															2,000	4,000	5,000
4
current assets:
accounts receivable (net of allowance for
doubtful accounts of 173 and 129, respectively)																																		7,705,000
real estate tax refund receivable																																		1,604,000	2,352,000
inventory of parts and supplies																																		951,000	1,013,000
prepaid tires on equipment																																		1,764,000	1,707,000
prepaid taxes and licenses																																		265,000	903,000
prepaid insurance																																		785,000	1,469,000
prepaid expenses, other																																		97,000	110,000
real estate held for sale, at cost																																		7,138,000	7,050,000
total current assets																																		21,259,000	26,726,000
property, plant and equipment, at cost																																		347,115,000	342,671,000
net property, plant and equipment																																		233,715,000	229,686,000
investment in joint ventures																																		13,363,000
liabilities and shareholders' equity
current liabilities:
accounts payable																																		5,527,000	3,660,000
accrued payroll and benefits																																		5,174,000	4,372,000
accrued insurance																																		1,721,000	1,916,000
accrued liabilities, other																																		1,002,000	1,075,000
long-term debt due within one year																																		4,557,000	5,375,000
total current liabilities																																		18,729,000	16,517,000
long-term debt, less current portion																																		53,998,000	54,419,000
shareholders' equity:
preferred stock, no par value;
5,000,000 shares authorized; none issued
25,000,000 shares authorized,
9,552,220 and 9,440,620 shares issued
and outstanding, respectively																																		955,000	954,000
total shareholders' equity																																		185,348,000	182,139,000
total liabilities and shareholders' equity																																		283,517,000	278,304,000
see accompanying notes
doubtful accounts of 156 and 129, respectively)																																			7,008,000
investment in joint venture																																			7,537,000
9,544,720 and 9,440,620 shares issued

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-09-30	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-09-30	2023-06-30	2023-03-31	2022-09-30

cash flows from operating activities:
net income	-921,000	2,823,000	2,258,000	1,634,000	4,773,000	3,394,000	1,335,000	1,997,000	898,000	406,000	1,370,000
adjustments to reconcile net income to net cash from operating activities:
depreciation, depletion and amortization	3,027,000	8,627,000	5,622,000	2,716,000	7,840,000	5,210,000	2,596,000	8,557,000	5,724,000	2,842,000	8,696,000
deferred income taxes	1,000	-33,000	-33,000	-33,000	-1,100,000	-1,100,000		-57,000	-57,000	53,000	133,000
equity in loss of joint ventures	2,615,000	6,635,000	4,410,000	2,031,000	8,582,000	5,743,000	3,019,000	10,585,000	7,672,000	3,625,000	5,248,000
stock-based compensation	368,000	1,688,000	1,326,000	365,000	1,613,000	1,280,000	320,000	1,472,000	1,201,000	324,000	1,302,000
net changes in operating assets and liabilities:
accounts receivable	-76,000	-208,000	-234,000	67,000	-780,000	-781,000	-351,000	-517,000	-306,000	-167,000	-737,000
deferred costs and other assets	-187,000	-543,000	106,000	-168,000	552,000	455,000	75,000	-538,000	-278,000	170,000	-2,160,000
accounts payable and accrued liabilities	5,019,000	3,875,000	1,118,000	-2,610,000	-806,000	-1,193,000	-4,509,000	-1,512,000	-2,186,000	-2,860,000	-1,440,000
income taxes payable and receivable	-208,000	-1,572,000	-1,389,000	508,000	789,000	2,045,000	397,000	686,000	168,000	295,000	1,559,000
other long-term liabilities	32,000	-24,000	4,000	-7,000	-32,000	29,000	24,000	62,000	32,000	16,000	105,000
net cash from operating activities	9,670,000	21,252,000	13,172,000	4,503,000	21,404,000	15,082,000	2,906,000	20,721,000	12,853,000	4,687,000	13,175,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0
free cash flows	9,670,000	21,252,000	13,172,000	4,503,000	21,404,000	15,082,000	2,906,000	20,721,000	12,853,000	4,687,000	13,175,000
cash flows from investing activities:
investments in properties	-13,424,000	-34,154,000	-9,161,000	-3,100,000	-47,089,000	-12,518,000	-6,205,000	-4,634,000	-2,185,000	-1,206,000	-26,137,000
investments in joint ventures	-8,370,000	-15,227,000	-6,096,000	-1,215,000	-14,219,000	-14,847,000	-7,771,000	-31,648,000	-26,634,000	-12,766,000	-20,838,000
return of capital from investments in joint ventures	3,863,000	19,190,000	16,485,000	4,780,000	14,428,000	13,777,000	6,546,000	7,559,000	6,897,000	4,988,000	13,327,000
net cash from investing activities	-17,931,000	-29,826,000	1,293,000	1,078,000	-46,974,000	-14,219,000	-7,225,000	-28,556,000	-21,931,000	-8,755,000	-28,209,000
cash flows from financing activities:
proceeds from long-term debt	11,450,000	7,591,000	2,729,000	718,000
debt issue costs		-1,379,000	-1,379,000	-1,379,000
distributions to noncontrolling interests	-821,000	-12,613,000	-11,556,000
contributions from noncontrolling interests	130,000	1,208,000	288,000
net cash from financing activities	10,759,000	-5,193,000	-9,918,000	-11,269,000	12,696,000	-1,489,000	-752,000	-3,634,000	-1,882,000	-130,000	-1,704,000
net increase in cash, cash equivalents, and restricted cash	2,498,000
cash, cash equivalents and restricted cash at beginning of year	105,361,000
cash, cash equivalents and restricted cash at end of the year	107,859,000
supplemental disclosure of cash flow information:
cash paid during the period for:
interest	663,000	2,124,000	1,424,000	650,000	2,459,000	1,725,000	903,000	3,248,000	2,133,000	1,004,000	2,212,000
income taxes, federal	4,000
income taxes, state
gain on sale of equipment and property		-16,000	-16,000		-27,000			-14,000	-15,000	-17,000	-901,000
logistics platform business combination, net of cash acquired
proceeds from sale of assets
contribution from noncontrolling interest
distribution to noncontrolling interests				-10,736,000	-2,406,000
repurchase of company stock								-2,000,000	-1,000,000
exercise of employee stock options								803,000	803,000	803,000	233,000
net (decrease) in cash, cash equivalents, and restricted cash
supplemental disclosures of cash flow information:
cash paid during the year for:
interest, net of amounts capitalized
noncash items:
profits interest equity grant associated with business combination
proceeds from the equipment and property		16,000
cash held in escrow		349,000	49,000	613,000	-121,000	-631,000	205,000	151,000	-26,000	212,000	170,000
net decrease in cash and cash equivalents		-13,767,000		-5,688,000	-12,874,000	-626,000	-5,071,000	-11,469,000	-10,960,000
cash and cash equivalents at beginning of year		148,620,000	148,620,000	148,620,000	157,555,000	157,555,000	157,555,000	177,497,000	177,497,000	177,497,000	161,521,000
cash and cash equivalents at end of the period		134,853,000	153,167,000	142,932,000	144,681,000	156,929,000	152,484,000	166,028,000	166,537,000	173,299,000	144,783,000
income taxes		2,471,000	2,087,000	15,000	2,067,000	366,000		622,000	530,000		-1,734,000
proceeds from the sale of assets			16,000		27,000			16,000	17,000	17,000	952,000
net increase in cash and cash equivalents			4,547,000							-4,198,000	-16,738,000
contributions from noncontrolling interest				128,000	15,102,000
proceeds from sales of investments available for sale											4,317,000
cash and cash equivalents at end of the year
distribution to noncontrolling interest						-1,489,000	-752,000	-2,437,000	-1,685,000	-933,000	-1,937,000
adjustments to reconcile net income to net cash from continuing operating activities:
gain on remeasurement of invest in real estate partnership
realized loss on available for sale investments
deferred debt issuance cost write-off
purchases of investments available for sale
cash at consolidation of real estate partnership
repayment of long-term debt
contribution from partner
cash paid (received) during the period for:
adjustments to reconcile net income to net cash from continuing operating   activities:
income from discontinued operations
realized (gain) loss on available for sale investments
net cash from operating activities of continuing operations
net cash from operating activities of discontinued operations
net cash from investment activities of continuing operations
net cash from investing activities of discontinued operations
net cash from financing activities of continuing operations
net cash from financing activities of discontinued operations
interest, net of capitalized amounts
income taxes (refunded) paid
realized gain on available for sale investments
adjustments to reconcile net income to
net cash from continuing operating activities:
net cash from investing activities of continuing operations
gain on remeasurement of investment in real estate partnership
gain on sale of equipment
income from discontinued operations, net of tax
net cash provided (used in) by investing activities of discontinued operations
decrease in bank overdrafts
payment on revolving credit facility
cash and cash equivalents at beginning of period
adjustments to reconcile net income to net cash
provided by operating activities:
proceeds from borrowing on revolving credit facility
loss on sale of equipment and property
increase in bank overdrafts
provided by continuing operating activities:
inventory of parts and supplies
prepaid expenses and other current assets
other assets
long-term insurance liabilities and other long-term
liabilities
net cash from operating activities of
continuing operations
discontinued operations
purchase of transportation group property and equipment
investments in developed property rentals segment
investments in mining royalty land
investment in joint venture
proceeds from the sale of property, plant and equipment
excess tax benefits from exercises of stock options
and vesting of restricted stock
equity in loss of joint venture

FRP Holdings, Inc(NASDAQ:FRPH)

FRP Holdings, Inc
(NASDAQ:FRPH)