The 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 $1,016,000 in Other liabilities on the consolidated balance sheets as of June 30, 2026 and “Equity in loss of joint ventures” on the consolidated statement of income (loss). 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.


	FRP Ownership		The Company's Total Investment		Total Assets of The Partnership	Profit (Loss) Of the Partnership	The Company's Share of Profit (Loss) of the Partnership

As of June 30, 2026
Brooksville Quarry, LLC	50.00	%	$	7,502	14,393	(50)	(25)
BC FRP Realty, LLC	50.00	%	5,228		23,772	354	177
Buzzard Point Sponsor, LLC	50.00	%	2,738		5,476	—	—
Bryant Street Partnerships	72.10	%	56,628		182,630	(4,030)	(3,155)
Industrial Partnerships	9.63	%	8,323		127,968	(1,618)	(159)
Lending ventures			19,693		16,430	—	—
Estero Partnership	16.00	%	11,580		90,216	—	—
The Verge Partnership	61.37	%	32,838		120,187	(2,261)	(1,388)
Greenville Partnerships	58.94	%	12,756		123,328	(1,211)	(484)
Total			$	157,286	704,400	(8,816)	(5,034)

The major classes of assets, liabilities and equity of the Company’s Investments in unconsolidated Joint Ventures as of June 30, 2026 are summarized in the following two tables (in thousands):


	As of June 30, 2026
	Buzzard Point Sponsor, LLC		Bryant Street Partnerships	Estero Partnership	Verge Partnership	Greenville Partnerships	Total Multifamily JV’s

Investments in real estate, net	$	—	171,313	84,692	117,838	120,189	$	494,032
Cash and restricted cash	—		3,298	5,289	1,704	2,897	13,188
Unrealized rents & receivables	—		6,983	235	592	84	7,894
Deferred costs	5,476		1,036	0	53	158	6,723
Total Assets	$	5,476	182,630	90,216	120,187	123,328	$	521,837

Secured notes payable	$	—	108,414	8,235	68,626	91,330	$	276,605
Other liabilities	—		2,555	7,112	1,635	8,676	19,978
Capital – FRP	2,738		54,029	11,665	30,564	11,901	110,897
Capital – Third Parties	2,738		17,632	63,204	19,362	11,421	114,357
Total Liabilities and Capital	$	5,476	182,630	90,216	120,187	123,328	$	521,837



	Industrial Partnerships		Brooksville Quarry, LLC	BC FRP Realty, LLC	Lending Ventures	Multifamily JV’s	Grand Total

Investments in real estate, net	$	126,452	14,347	21,705	16,430	494,032	$	672,966
Cash and restricted cash	1,449		41	1,363	—	13,188	16,041
Unrealized rents & receivables	—		—	539	—	7,894	8,433
Deferred costs	67		5	165	—	6,723	6,960
Total Assets	$	127,968	14,393	23,772	16,430	521,837	$	704,400

Secured notes payable	$	57,669	—	13,429	(3,263)	276,605	$	344,440
Other liabilities	4,948		43	249	—	19,978	25,218
Capital – FRP	7,086		7,502	5,047	19,693	110,897	150,225
Capital – Third Parties	58,265		6,848	5,047	—	114,357	184,517
Total Liabilities and Capital	$	127,968	14,393	23,772	16,430	521,837	$	704,400

The Company’s capital recorded by the unconsolidated Joint Ventures is $7,061,000 less than the Investment in Joint Ventures reported in the Company’s consolidated balance sheet due primarily to capitalized interest.

The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of December 31, 2025 are summarized in the following two tables (in thousands):


	As of December 31, 2025
	Buzzard Point Sponsor, LLC		Bryant Street Partnership	Estero Partnership	Verge Partnership	Greenville Partnership	Total Multifamily JV’s

Investments in real estate, net	$	—	174,479	59,843	119,954	107,656	$	461,932
Cash and restricted cash	—		3,643	7,406	1,728	3,109	15,886
Unrealized rents & receivables	—		6,783	235	374	92	7,484
Deferred costs	5,138		1,284	—	138	201	6,761
Total Assets	$	5,138	186,189	67,484	122,194	111,058	$	492,063

Secured notes payable	$	—	108,760	8,235	68,498	81,865	$	267,358
Other liabilities	—		2,363	3,331	1,509	4,660	11,863
Capital – FRP	2,569		56,735	6,828	31,952	12,385	110,469
Capital – Third Parties	2,569		18,331	49,090	20,235	12,148	102,373
Total Liabilities and Capital	$	5,138	186,189	67,484	122,194	111,058	$	492,063


			As of December 31, 2025
	Industrial Partnerships		Brooksville Quarry, LLC		BC FRP Realty, LLC	Lending Ventures	Multifamily JV’s	Grand Total

Investments in real estate, net	$	119,215	14,350		21,539	11,318	461,932	$	628,354
Cash and restricted cash	760		53		1,347	—	15,886	18,046
Unrealized rents & receivables	—		—		548	—	7,484	8,032
Deferred costs	—		1		325	—	6,761	7,087
Total Assets	$	119,975	$	14,404	23,759	11,318	492,063	$	661,519

Secured notes payable	$	46,843	—		13,731	(3,484)	267,358	$	324,448
Other liabilities	6,163		—		288	—	11,863	18,314
Capital – FRP	7,239		7,530		4,870	14,802	110,469	144,910
Capital - Third Parties	59,730		6,874		4,870	—	102,373	173,847
Total Liabilities and Capital	$	119,975	$	14,404	23,759	11,318	492,063	$	661,519

The amount of consolidated retained earnings (accumulated deficit) for these joint ventures was $(41,329,000) and $(37,478,000) as of June 30, 2026 and December 31, 2025, respectively.


	Bryant Street Partnerships Total JV		Bryant Street Partnerships Total JV		Bryant Street Partnerships Company Share		Bryant Street Partnerships Company Share
	Six months ended		Six months ended		Six months ended		Six months ended
	June 30,		June 30,		June 30,		June 30,
	2026		2025		2026		2025

Lease revenue	7,826		8,185		5,641		5,900

Depreciation and amortization	3,511		3,474		2,531		2,504
Operating expenses	3,242		3,016		2,341		2,177
Property taxes	601		667		432		480
Cost of operations	7,354		7,157		5,304		5,161

Total operating profit	472		1,028		337		739
Interest expense	(4,502)		(4,465)		(3,492)		(3,465)

Net loss before tax	$	(4,030)	$	(3,437)	$	(3,155)	$	(2,726)


	Greenville Partnerships Total JV		Greenville Partnerships Total JV		Greenville Partnerships Company Share		Greenville Partnerships Company Share
	Six months ended		Six months ended		Six months ended		Six months ended
	June 30,		June 30,		June 30,		June 30,
	2026		2025		2026		2025

Lease revenue	5,384		5,256		2,154		2,102

Depreciation and amortization	1,758		1,757		703		703
Operating expenses	1,438		1,406		576		562
Property taxes	1,038		980		415		392
Cost of operations	4,234		4,143		1,694		1,657

Total operating profit	1,150		1,113		460		445
Interest expense	(2,361)		(2,612)		(944)		(1,045)

Net loss before tax	$	(1,211)	$	(1,499)	$	(484)	$	(600)


	The Verge Partnership Total JV		The Verge Partnership Total JV		The Verge Partnership Company Share		The Verge Partnership Company Share
	Six months ended		Six months ended		Six months ended		Six months ended
	June 30,		June 30,		June 30,		June 30,
	2026		2025		2026		2025

Lease revenue	4,281		4,535		2,627		2,783

Depreciation and amortization	2,118		2,137		1,300		1,312
Operating expenses	1,560		1,510		957		926
Property taxes	679		663		417		407
Cost of operations	4,357		4,310		2,674		2,645

Total operating profit/(loss)	(76)		225		(47)		138
Interest expense	(2,185)		(2,209)		(1,341)		(1,355)

Net loss before tax	$	(2,261)	$	(1,984)	$	(1,388)	$	(1,217)