FRP Holdings Files Form 12b-25 for Late 10-K Filing
FRP Holdings announced that it has filed a Form 12b-25, Notification of Late Filing, with the SEC in connection with its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The Company requires additional time to finalize its consolidated financial statements and related disclosures, and the auditor requires additional time to complete the audit of the Company's consolidated financial statements as of and for the year ended December 31, 2025. The Company anticipates that it will file its Form 10-K within the fifteen-day grace period provided by Rule 12b-25 under the SEC of 1934, as amended. This delay in filing is not the result of any disagreements with the Company's independent auditors on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. The Company will announce the date and time of the rescheduled earnings release and call once the filing date of its Form 10-K is confirmed. For the Q4, the Company expects to report a $1.3M decrease in net income versus the Q4 of 2024: $400.000 vs $1.7M due to expenses related to the Altman Logistics platform acquisition for $500.000, increased general and administrative expenses due to the Altman new hires, underperformance at Dock and Maren, industrial vacancies and added depreciation at Chelsea partially offset by higher mining royalties and improved results in Equity in Loss of Joint Ventures. For the full year, the Company expects to report a $3.1M decrease in Net Income, $3.3M vs $6.4M, primarily due to $2.5M of expenses related to acquiring the Altman Logistics platform.
