FRP Holdings is a small Florida-based real estate company operating across four segments: industrial and commercial property leasing, mining royalty land leasing, multifamily apartment development and management, and new real estate development. FRP owns roughly 807,000 square feet of warehouse and light industrial properties in Maryland, leased to logistics and distribution tenants on a triple-net basis. The company also owns approximately 16,640 acres of land in Florida and Georgia leased to mining operators who pay royalties to extract aggregates — a capital-light, high-margin business where Vulcan Materials is the largest single customer. FRP's multifamily segment owns and manages roughly 1,827 apartment units across Washington D.C. and Greenville, SC, largely through joint ventures. The development segment is FRP's primary growth engine, with a pipeline of approximately $441M in project costs spanning industrial and multifamily projects, expected to generate roughly $30M of incremental NOI at stabilization. FRP's October 2025 acquisition of Altman Logistics added roughly 1.6M sq ft of industrial development pipeline and a team with experience raising institutional capital, which FRP intends to use to grow its industrial platform beyond what its own balance sheet could support. FRP earns income through three mechanisms: lease and royalty income from in-service assets, joint venture income from multifamily and industrial partnerships, and development gains and fees from merchant build activity.