An Asset-Heavy Model, A Return-Light Result: FRP Holdings Sell Thesis (Rating Downgrade)

Core Viewpoint - FRP Holdings, Inc. (FRPH) has significantly underperformed in the stock market over the past five years, with a mere 11.11% increase in share price compared to over 110% total returns from broad market indices [1] Group 1 - Shareholders of FRP Holdings have faced five years of disappointment due to the company's poor stock performance [1] - While the overall market has seen substantial growth, FRP's share price has lagged considerably [1]