# FRP HOLDINGS, INC. (FRPH) Informational only - not investment advice. CIK: 0000844059 SIC: 6500 Real Estate SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Real Estate](/major-group/65/) > [SIC 6500 Real Estate](/industry/6500/) Latest 10-K filed: 2026-04-15 SEC page: https://www.sec.gov/edgar/browse/?CIK=844059 Filing source: https://www.sec.gov/Archives/edgar/data/844059/000084405926000037/frph-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-04-15 · accession 0000844059-26-000037 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000844059.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 42,846,000 USD | 2025 | verified | | Net income | 3,330,000 USD | 2025 | verified | | Assets | 735,145,000 USD | 2025 | verified | | Free cash flow | -21,460,000 USD | 2025 | computed | | Net margin | 7.77% | 2025 | computed | | Operating margin | 16.40% | 2025 | computed | | Revenue YoY | +2.57% | 2025 | computed | | ROE | 0.78% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | FRPH | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 7.8% | 8.9% | 47 | 20 | | Operating margin | 16.4% | 10.4% | 56 | 10 | | Revenue growth | 2.6% | 8.9% | 28 | 19 | | FCF margin | -50.1% | -11.0% | 20 | 11 | | ROE | 0.8% | 5.5% | 26 | 20 | | ROA | 0.5% | 1.4% | 37 | 20 | | Liabilities / equity | 0.65 | 1.39 | 32 | 20 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6500 Real Estate, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 42846000 | USD | 2025 | 2026-04-15 | | Net income | 3330000 | USD | 2025 | 2026-04-15 | | Assets | 735145000 | USD | 2025 | 2026-04-15 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-15. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000844059.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 37,457,000 | | | 23,756,000 | 23,583,000 | 31,220,000 | 37,481,000 | 41,506,000 | 41,774,000 | 42,846,000 | | Net income | | 12,024,000 | 41,750,000 | 124,472,000 | 16,177,000 | 12,715,000 | 28,215,000 | 4,565,000 | 5,302,000 | 6,385,000 | 3,330,000 | | Operating income | | 16,383,000 | 1,041,000 | 1,962,000 | 5,756,000 | 5,134,000 | 2,274,000 | 7,996,000 | 11,700,000 | 11,704,000 | 7,028,000 | | Diluted EPS | | 1.22 | 4.16 | 12.32 | 1.63 | 1.32 | 3.00 | 0.24 | 0.28 | 0.34 | 0.18 | | Operating cash flow | | 19,490,000 | 21,059,000 | -37,186,000 | 47,023,000 | 18,613,000 | 22,242,000 | 22,338,000 | 32,971,000 | 28,986,000 | 29,677,000 | | Capital expenditures | | 27,554,000 | 3,296,000 | 7,294,000 | 10,434,000 | 17,544,000 | 16,530,000 | 27,615,000 | 11,217,000 | 51,194,000 | 51,137,000 | | Share buybacks | | 43,000 | 74,000 | 5,733,000 | 8,210,000 | 21,312,000 | 264,000 | 0.00 | 2,000,000 | 0.00 | 464,000 | | Assets | | 266,560,000 | 418,734,000 | 505,488,000 | 538,148,000 | 536,360,000 | 678,190,000 | 701,084,000 | 709,166,000 | 728,485,000 | 735,145,000 | | Liabilities | | 67,740,000 | 154,152,000 | 122,233,000 | 146,503,000 | 153,707,000 | 252,940,000 | 256,873,000 | 261,190,000 | 259,372,000 | 279,488,000 | | Stockholders' equity | | 198,820,000 | 243,530,000 | 364,607,000 | 374,888,000 | 367,654,000 | 396,423,000 | 407,145,000 | 414,520,000 | 423,103,000 | 428,513,000 | | Cash and cash equivalents | 419,000 | 0.00 | 4,524,000 | 22,547,000 | 26,607,000 | 73,909,000 | 161,521,000 | 177,497,000 | 157,555,000 | 148,620,000 | | | Free cash flow | | -8,064,000 | 17,763,000 | -44,480,000 | 36,589,000 | 1,069,000 | 5,712,000 | -5,277,000 | 21,754,000 | -22,208,000 | -21,460,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | 32.10% | | | 68.10% | 53.92% | 90.37% | 12.18% | 12.77% | 15.28% | 7.77% | | Operating margin | | 43.74% | | | 24.23% | 21.77% | 7.28% | 21.33% | 28.19% | 28.02% | 16.40% | | Return on equity | | 6.05% | 17.14% | 34.14% | 4.32% | 3.46% | 7.12% | 1.12% | 1.28% | 1.51% | 0.78% | | Return on assets | | 4.51% | 9.97% | 24.62% | 3.01% | 2.37% | 4.16% | 0.65% | 0.75% | 0.88% | 0.45% | | Liabilities / equity | | 0.34 | 0.63 | 0.34 | 0.39 | 0.42 | 0.64 | 0.63 | 0.63 | 0.61 | 0.65 | ## As-reported value updates 3 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/FRPH/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000844059.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.05 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.06 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.06 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 10,591,000 | 1,259,000 | 0.13 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 10,105,000 | 2,880,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 10,133,000 | 1,301,000 | 0.07 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 10,477,000 | 2,044,000 | 0.11 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 10,633,000 | 1,361,000 | 0.07 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 10,531,000 | 1,679,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 10,306,000 | 1,710,000 | 0.09 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 10,850,000 | 578,000 | 0.03 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 10,775,000 | 662,000 | 0.03 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 10,915,000 | 380,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 10,594,000 | -687,000 | -0.04 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 11,083,000 | -259,000 | -0.01 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from FRPH's latest 10-K: [/company/FRPH/business/](/company/FRPH/business/). ## Risk Factors Verbatim Item 1A Risk Factors from FRPH's latest 10-K: [/company/FRPH/risk-factors/](/company/FRPH/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/844059/000084405926000086/frph-20260630.htm Low-confidence quarantine: Item 2 boundaries were not detected after HTML sanitization. Confidence: low Filing date: 2026-08-06 Report date: 2026-06-30 _Quarantined: low-confidence Item 2 boundaries; no quarterly MD&A text emitted._ ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/844059/000084405926000037/frph-20251231.htm Complete FY 2025 MD&A: /company/FRPH/mda/fy2025/ Extracted from a later financial-section MD&A body after the formal Item 7 span was a short reference. Confidence: high Filing date: 2026-04-15 Report date: 2025-12-31 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion includes a non-GAAP financial measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission to supplement the financial results as reported in accordance with GAAP. The non-GAAP financial measure discussed is pro-rata net operating income (NOI). The Company uses this metric to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance. This measure is not, and should not be viewed as, a substitute for GAAP financial measures. Refer to “Non-GAAP Financial Measure” below in this annual report 40     Table of contents for a more detailed discussion, including reconciliations of this non-GAAP financial measure to its most directly comparable GAAP financial measure. Executive Overview FRP Holdings, Inc. (“FRP” or the “Company”) is a real estate development, asset management and operating company business. Our properties are located in the Mid-Atlantic and southeastern United States and consist of: Residential/mixed-use apartments in Washington, D.C., Greenville, SC, and Florida; Warehouse or office properties in Maryland, New Jersey and Florida either existing or under development; Mining royalty lands, some of which will have second lives as development properties; Properties held for sale. We believe our present capital structure, liquidity and land provide us with years of opportunities to increase recurring revenue and long-term value for our shareholders. We intend to focus on our core business activity of real estate development, asset management and operations. We are developing a broad range of asset types that we believe will provide acceptable rates of return, grow recurring revenues and support future growth. Capital commitments will be funded with cash proceeds from completed projects, existing cash, owned-land, partner capital and financing arrangements. Timing of projects may be subject to delays caused by factors beyond our control. Reportable Segments We conduct all of our business in the following four reportable segments: (1) multifamily (2) industrial and commercial (3) mining royalty lands and (4) development. For more information regarding our reportable segments, see Note 10. Business Segments of our consolidated financial statements included in this annual report. Multifamily Segment. As of December 31, 2025 the Multifamily segment included six stabilized joint ventures which own and manage apartment buildings and any associated retail. These assets create revenue and cash flows through tenant rental payments and reimbursements for building operating costs. The Company’s residential units typically lease for 12 – 15 month lease terms. If no notice to move out or renew is made, then the leases go month-to-month until notification of termination or renewal is received. Renewal terms are typically 9 – 12 months. The Company also leases retail spaces at apartment/mixed-use properties. The retail leases are typically 10 - 15 year leases with options to renew for another five years. Retail leases at these properties also include percentage rents which collect on average 3-6% of annual sales when a tenant exceeds a breakpoint stipulated by each individual lease. All base rent revenue is recognized on a straight-line basis. The major cash outlays incurred in this segment are for property taxes, full service maintenance, property management, utilities and marketing. Industrial and Commercial Segment. The Industrial and Commercial segment owns, leases and manages commercial properties. These assets create revenue and cash flows through tenant rental payments, lease management fees and reimbursements for building operating costs. The Company’s industrial warehouses typically lease for terms ranging from 3 – 10 years often with one or two renewal options. All base rent revenue is recognized on a straight-lined basis. All of the commercial warehouse leases are triple net and common area maintenance costs (CAM Revenue) are billed monthly, and insurance and real estate taxes are billed annually. Office leases are also recognized on a straight- 41     Table of contents lined basis. The major cash outlays incurred in this segment are for operating expenses, real estate taxes, building repairs, lease commissions and other lease closing costs, construction of tenant improvements, capital to acquire existing operating buildings and closing costs related thereto and personnel costs of our property management team. Management focuses on several factors to measure our success on a comparative basis in this segment. The major factors we focus on are (1) net operating income growth, (2) growth in occupancy, (3) average annual occupancy rate (defined as the occupied square feet at the end of each month during a fiscal year divided by the number of months to date in that fiscal year as a percentage of the average number of square feet in the portfolio over that same time period), (4) tenant retention success rate (as a percentage of total square feet to be renewed), (5) building and refurbishing assets to meet Class A and Class B institutional grade classifications, and (6) reducing complexities and deferred capital expenditures to maximize sale price. Mining Royalty Lands Segment. Our Mining Royalty Lands segment owns several properties comprising approximately 16,640 acres currently under lease for mining rents or royalties (excluding the 4,280 acres owned by our Brooksville joint venture with Vulcan Materials). Other than one location in Virginia, all of these properties are located in Florida and Georgia. The Company leases land under long-term leases that grant the lessee the right to mine and sell sand and stone deposits from our property in exchange for royalty payments. A typical lease has an option to extend the lease for additional terms. The typical lease in this segment requires the tenant to pay us a royalty based on the number of tons of mined materials sold from our property during a given fiscal year multiplied by a percentage of the average annual sales price per ton sold. As a result of this royalty payment structure, we do not bear the cost risks associated with the mining operations, however, we are subject to the cyclical nature of the construction markets in these states as both volumes and prices tend to fluctuate through those cycles. In certain locations, typically where the sand and stone deposits on our property have been depleted but the tenant still has a need for the leased land, we collect a minimum annual rental amount. In the year ended December 31, 2025, aggregate royalty tons sold were 9.04 million. The major expenses in this segment are comprised of collection and accounting for royalties, management’s oversight of the mining leases, land entitlement for post-mining uses and property taxes at our non-leased locations and at our Grandin location which, unlike our other leased mining locations, are not entirely paid by the tenant. As such, our costs in this business are very low as a percentage of revenue, are relatively stable and are not affected by increases in production at our locations. Our current mining tenants are Vulcan Materials, Martin Marietta, Cemex, Quikrete and The Concrete Company. In late 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. Development Segment. Through our Development segment, we own and are continuously monitoring for their “highest and best use” several parcels of land that are in various stages of development. Our overall strategy in this segment is to convert all our non-income producing lands into income production through (i) an orderly process of constructing new commercial and residential buildings for us to own and operate or (ii) a sale to, or joint venture with, third parties. Additionally, our Development segment will purchase land or form joint ventures on new developments of land not previously owned by the Company. 42     Table of contents Revenues in this segment are generated from management fee revenues from our joint venture partners and interim property rents. The significant cash outlays incurred in this segment are for land acquisition costs, entitlement costs, property taxes, design and permitting, and the personnel costs of our in-house management team (included in general and administrative expenses) and horizontal and vertical construction costs. Joint ventures where FRP is not the primary beneficiary (including those in the Multifamily Segment) are reflected in the line “Investment in joint ventures” on the balance sheet and “Equity in loss of joint ventures” on the income statement. The following table summarizes the Company’s investments in unconsolidated joint ventures (in thousands): [[GREPCENT_TABLE]] [["","FRP Ownership","","The Company's Total Investment in Partnership","","The Company's Share of Assets of the Partnership","","The Company's Share of Debt of the Partnership","","The Company's Share of Profit (Loss) of the Partnership"],["As of December 31, 2025"],["Brooksville Quarry, LLC","50.00","%","","$","7,530","","","7,202","","","\u2014","","","(45)"],["BC FRP Realty, LLC","50.00","%","","5,013","","","11,880","","","6,866","","","387"],["Buzzard Point Sponsor, LLC","50.00","%","","2,569","","","2,569","","","\u2014","","","\u2014"],["Bryant Street Partnerships","72.08","%","","59,334","","","134,196","","","78,389","","","(5,662)"],["Lending ventures","\u2014","%","","14,803","","","\u2014","","","\u2014","","","\u2014"],["Industrial Partnerships","9.63","%","","8,477","","","11,551","","","4,510","","","\u2014"],["Greenville Woven","64.85","%","","12,231","","","13,957","","","1,142","","","\u2014"],["Estero Partnership","16.00","%","","7,008","","","10,797","","","1,318","","","\u2014"],["The Verge Partnership","61.37","%","","34,226","","","74,991","","","42,037","","","(2,615)"],["Greenville Partnerships","40.00","%","","1,062","","","35,815","","","32,042","","","(1,170)"],["Total","","","$","152,253","","","302,958","","","166,304","","","(9,105)"]] [[/GREPCENT_TABLE]] 43     Table of contents The major classes of assets, liabilities and equity of the Company’s unconsolidated joint ventures as of December 31, 2025 are summarized in the following two tables (in thousands): [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/FRPH/mda/fy2025/ All MD&A years: /company/FRPH/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/FRPH/mda/fy2024/): filed 2025-03-18; accession 0000844059-25-000009 (https://www.sec.gov/Archives/edgar/data/844059/000084405925000009/frph-20241231.htm) - [FY 2023 MD&A](/company/FRPH/mda/fy2023/): filed 2024-03-26; accession 0000844059-24-000018 (https://www.sec.gov/Archives/edgar/data/844059/000084405924000018/frph10k23.htm) - [FY 2022 MD&A](/company/FRPH/mda/fy2022/): filed 2023-03-23; accession 0000844059-23-000014 (https://www.sec.gov/Archives/edgar/data/844059/000084405923000014/frph10k22.htm) - [FY 2021 MD&A](/company/FRPH/mda/fy2021/): filed 2022-03-30; accession 0000844059-22-000007 (https://www.sec.gov/Archives/edgar/data/844059/000084405922000007/frph10k21.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6500 Real Estate) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Housing & construction](/thread/housing-construction/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/FRPH.md · JSON record: /company/FRPH.json · verified financials: /company/FRPH/financials.json / /company/FRPH/financials.csv · machine TOC for the whole site: /llms.txt